Our accountancy and bookkeeping services will free you from the day-to-day account maintenance through the following services: –
- Chart of accounts set-up
- Record the sales and purchase invoices
- Perform bank reconciliation
- Prepare GST report and help with GST Filing
- Posting of closing journal entries and other adjustment journal entries
At the end of the agreed reporting period (monthly, quarterly, or annually), the following reports will be furnished: –
- Income statement
- Balance sheet
- Detailed general ledger
- Any other accounting reports if requested such as aging reports, trial balance etc.
Where judgments, estimates and assumptions are involved such as determining the useful lives of fixed assets for depreciation purposes, management would need to provide us details of their judgments, assumptions and estimates including their basis so that we can record accordingly.
Compilation Of Unaudited Financial Statements
We will assist in the preparation of financial statements which includes the Director Statement, Statement of Financial Position, Statement of Comprehensive Income, Statement of Changes in Equity, Statement of Cash Flows and the Notes to the Accounts. This will be prepared in accordance with the Singapore Financial Reporting Standards.
A compilation engagement is not an audit/assurance engagement, and we will not verify the accuracy or completeness of the information provided by the management, or otherwise to gather evidence to express an audit opinion or review conclusion.
Under the filing requirements stipulated by Accounting & Corporate Regulatory Authority (“ACRA”), certain companies will need to prepare and upload their Audited/Un-audited Financial Statement (“FS”), in Extensible Business Reporting Language (“XBRL”) format. We will prepare such reports in XBRL format in accordance with the information that appears in the audited/unaudited financial statements.
Outsourcing payroll processing to a quality service provider will allow the company to focus on their core business activities, generate savings from reduced internal HR staff and ensure the payroll information is protected by strict data protection and confidentiality protocols. Our detailed list of services are as follows: –
- Set up employee personal database
- Prepare salary and CPF computation
- Generate payroll reports on monthly basis for management’s review
- Provide payslips to individual employees
- Prepare employee’s IR8A forms at end of calendar year
- Prepare IR21 for foreign employees leaving the country (if applicable)
We help company seamlessly set up business in Singapore through company incorporation with the local registrar and statutory compliance and reporting.
Incorporation can take place in the form of various vehicles:
- Private limited company
- Variable capital company (VCC)
- Limited partnership
- Business registration
Every Singapore company must appoint a company secretary. We offer the service for provision of a qualified resident company secretary, who is responsible for the Company’s statutory compliance.
Our corporate secretarial services include:
- Preparation of AGM documentations and assist on annual return filing obligations.
- Provide proper maintenance of statutory registers, minute books and corporate records.
- Prepare board and shareholders’ resolutions.
- Attendance at board and shareholder meetings and preparation of minutes of meetings.
- Timely filing to the statutory authorities of any corporate structure changes to the company.
- Keeping the company in-check and compliant with legal regulations.
Every Singapore incorporated company is required to have a registered office address in Singapore.
The registered address is a place where all communications and notices may be addressed and has to be open and accessible to the public for not less than 3 hours during ordinary business hours on each business day. The address must be a physical office address in Singapore and it cannot be a P.O. box address.
At Ascent, we offeryou registered office address in a prime location that you can use to register your business. The address can be used in the company’s official documents and letterheads. Our registered office address service includes reception of mails from government authorities, banksand other entities. We will assist with the scanning of the mails and disseminating them electronically to your account directly.
Every company that is registered in Singapore must have at least one resident director (i.e. the usual place of residence of the director is in Singapore), who is either a Singapore Citizen, Singapore Permanent Resident or a holderof an Employment Pass or Entrepreneur Pass.
Both residents and foreigners can be appointed as directors providedthey fulfill the following requirements:
- The individual is a natural person. Corporate directors are not permitted.
- The individual is at least 18 years old.
Directors owe statutory and fiduciary duties to the company and are expected to act in the way that best serves the company’s interest. They have broad powers of managing the business and determining the strategic directionof a company.
If you intend to incorporate a company in Singapore but do not fulfil the requirement of having a local resident director for the new company, Ascent can offer the nominee director service to the company. The nominee directoris appointed simply to satisfy the regulatory requirements and will not get involved in any management, financial or operational matters of the company. A nominee director agreement will be drawn up between the nominee director and the individual who wish to use the service.
There are two ways of closing a company in Singapore either by way of striking off or winding up (also known as deregistration). The requirements and procedures are different for each method of closure.
Striking off is the most common method of closing a company. A company director or company secretary may apply to the Accounting and Corporate Regulatory Authority (ACRA) to strike off the name of the company from the register. Application will be approved if there is reasonable ground to believe that the company is not carrying on business and meets the following criteria for striking off:
- The company has not commenced business since incorporation or has ceased business.
- The company has no outstanding debts owed to the Inland Revenue Authority of Singapore (IRAS), Central Provident Fund (CPF) Board and any other government agencies.
- The company is not involved in any legal proceedings (within or outside Singapore).
- The company is not subject to any ongoing or pending regulatory action or disciplinary proceeding.
- There are no outstanding charges in the charge register.
- The company has no existing assets and liabilitiesas at the date of application and no contingent asset and liabilities that may arise in the future.
The entire process of striking off will take at least 4 months. A struck off company can be restored within 6 years from the date of striking off by a court order.
Another common mode of closing a company is by way of members’ voluntary winding up. The company may choose to wind up the company if the directors believe that the company will be able to pay its debt in full within 12 months after the commencement of the winding up.Where a company is unable to pay its debts and wishes to be wound up, it may choose to do so by way of a creditors’ voluntary winding up. In both instances, a liquidator will need to be appointed to wind up its affairs and file the necessary returns with the relevant authorities.
Striking off a company is a simpler and straightforward process relative to the procedures of winding up a company. Should you require any further information or advice, please do not hesitate to contact us.