Accounting
To be a successful business, it is vital that companies have access to reliable financial information on a timely basis. We take care of your accounts so that you can concentrate on what is important to you – Building your business and generating profits!
Our services include:
- Setting up computerised accounting system
- Preparation of monthly, quarterly and yearly management reports
- Prepare financial statements under XBRL format (an ACRA requirement)
- Bank and other account reconciliation and audit schedules
- Cash Flow Management & Forecasting
- Process the payment of employee expense claims and vendor invoices
- Secondment of staff to assist in accounting work to relieve clients when faced with unexpected staff turnover or staff leave problems
Payroll
We assist companies to process the payroll for their staff.
Our payroll services include:
- Computation of net salary, overtime, CPF and other deductions
- Preparation of monthly payroll report and computerised pay slips
- Prepare year-end IR8A and IR8S (hardcopy or electronic)
- Prepare IR21 and other payroll related forms - NS MUP, GML, CPF Joint Application, CPF Refunds
- Manage staff leave records
Goods & Services Tax
We assist companies in Good & Services Tax (“GST”) reporting by providing the necessary advice, preparation of the supporting schedules and reports as well as liaise with the IRAS officer on GST matters.
Our GST reporting services include:
- GST voluntary and compulsory registration
- GST return preparation and submission
- GST review and consultation
- Major Exporter Scheme (MES) application, review and consultation
Auditing & Assurance
Our affiliated CPA firm provides auditing services and assurance service for a wide range of industries for small and medium-size enterprise, multinational corporations and subsidiaries of local and overseas listed companies including:
- Statutory audit
Our assurance approach does not focus simply on the financial statements of an organization, but also on the organization's business operations. At all times, we are mindful of the auditor's key role as the guardian of shareholders’ interest - Internal audit
Internal audit is a key driver of effective management control, proactive risk management, good corporate governance and ongoing process improvement. Our comprehensive ranges of internal audit solutions include:- Helping organizations develop and implement risk based internal audit methodologies
- Helping firms carry out risk assessment evaluation and testing
- Advising on the establishment of robust internal control system
- Providing specialized additional resource to in-house internal audit departments
- Liaising with external auditors in relation to their annual statutory audit procedures
- Special audits
A special audit review entails a comprehensive and objective examination of the business underlying the numbers. It assists management to identify and focus on key areas and issues and provides insights and comfort to them as well as to outside interests.
Compilation
Small exempt private companies ("EPC") with turnover of not more than S$5 million can opt for audit exemptions. However, they are still required to prepare a full set of financial statements (compilation report) in accordance to the Singapore Financial Reporting Standards (“FRS”) for Annual General Meeting and for with Accounting and Corporate Regulatory Authority (“ACRA”).
Your company may be exempted for audit if:
- Your company is a Private Exempt Company ("EPC"), which means no corporate shareholder in the company and the number of shareholders in the company is not more than 20.
- Your company's annual revenue does not exceed $5 million
- No request for audit by shareholders who represent 5% or more of a company's ordinary shares, or
- No request for audit by banks or other creditors/financial Companies
A compilation report will give you the comfort that the information is compiled with professional competence and due care. It is also sufficient for income tax filing purpose. However, a Compilation Engagement is not as "Stringent" as an audit. The fee for a Compilation Engagement is lower than the audit fee.
Income Tax
All business decisions today have tax implications, and it is important for a company to manage their income tax requirement efficiently. Our tax professionals will keep you abreast of developments that may affect your business.Our full range of tax services include:
- Corporate tax filing and compliance
- Partnership and personal tax filing
- Tax Planning for corporate and individual
- Tax structuring and Planning
- Optimizing use of tax incentives and exemptions
- Apply for PIC Cash Payout
The following detail are extract from IRAS website, for more information kindly visit IRAS official website www.iras.gov.sg
Personal Tax
Generally, overseas income received in Singapore on or after 1 January 2004 is not taxable. These include overseas income paid into a Singapore bank accounts. As such, there is no necessity to declare the overseas income in the personal income tax return.
After Year 2007, all dividend income (listed and private limited company) and interest income from approved banks and financial institutions are tax exempt.
Our services include:
- Personal income tax filing and compliance
- Tax advisory and planning
- Tax efficient structuring of employment packages
Tax rates for resident individuals From YA 2017
| Chargeable Income | Rate (%) | Gross Tax Payable S$ |
|---|---|---|
| First S$20,000 | 0 | 0 |
| Next S$10,000 | 2 | 200 |
| First S$30,000 | - | 200 |
| Next S$10,000 | 3.5 | 350 |
| First S$40,000 | - | 550 |
| Next S$40,000 | 7 | 2,800 |
| First S$80,000 | - | 3,350 |
| Next S$40,000 | 11.5 | 4,600 |
| First S$120,000 | - | 7,950 |
| Next S$40,000 | 15 | 6,000 |
| First S$160,000 | - | 13,950 |
| Next S$40,000 | 18 | 7,200 |
| First S$200,000 | - | 21,150 |
| Next S$40,000 | 19 | 7,600 |
| First S$240,000 | - | 28,750 |
| Next S$40,000 | 19.5 | 7,800 |
| First S$280,000 | - | 36,550 |
| Next S$40,000 | 20 | 8,000 |
| First S$320,000 | - | 44,550 |
| Above $320,000 | 22 |
NEW: Personal Income Tax Rebate of 20% of tax payable will be granted to all individual tax residents for YA 2017 (i.e. for income earned in 2016). The rebate will be capped at $500 per taxpayer.
Click HERE for resident individuals tax rates from YA 2013 to YA 2016.
Corporate Tax
A Company is taxed at a flat rate of 17% on its chargeable income after tax exemption.
Our services include:
- Corporate tax filing and compliance
- Singapore tax structuring and planning
- Optimizing use of tax incentive and exemptions
- Negotiation of tax incentives and dispute with tax authorities
Tax Exemption Scheme for New Start Up Companies
From Year of Assessment (Y/A) 2005, normal chargeable income (excluding Singapore franked dividends) of up to S$100,000 for each of a qualifying company's first three consecutive Years of Assessment is granted tax exemption. With effect from Y/A 2008, the cap has been increased to S$300,000 and the exempt amount is computed as follows:
- 100% tax exemption on the first S$100,000;
- 50% tax exemption on the next S$200,000.
Partial Tax Exemption
Companies that do not qualify for the tax exemption scheme for new start up companies will enjoy a partial tax exemption on their normal chargeable income (excluding Singapore franked dividends). From Y/A 2008, the exempt amount computed based on a company's first S$300,000 normal chargeable income is as follows:
- 75% tax exemption on the first S$10,000;
- 50% tax exemption on the next S$290,000.
Click HERE for more information.
Withholding Tax (FOR PAYMENT TO NON-RESIDENTS OR NON-RESIDENT COMPANIES)
When a person makes payments of the following nature to a non-resident company, he has to withhold tax. The amount of tax withhold (i.e. withholding tax rate) is dependent on the nature of payment.
Nature of payment which attracts withholding tax include:
- Interest, commission, fee in connection with any loan or indebtedness
- Royalty or other payments for the use of or the right to use any movable property
- Payment for the use of or the right to use scientific, technical, industrial or commercial knowledge or information or for the rendering of assistance or service in connection with the application or use of such knowledge or information
- Management fees
- Rent or other payments for the use of any movable property
- Payment for the purchase of real property from a non-resident property trader
- Director fees paid to a non-resident director
Rate of withholding tax
Varies from 10% to 15% depending on the nature of payment and also whether the there is a Double Taxation Agreement concluded between Singapore and country in which the recipient of such payment is currently residing. For director fees, the withholding tax rate is 18% (Y/A 2008).
Penalty for non-compliance
Maximum is 20% of the withholding tax outstanding for each Year of Assessment.
Click HERE for more information.
Productivity and Innovation Credit (PIC) scheme
Business can enjoy 400% tax deductions/ allowances and/or 60% cash payout for investment in innovation and productivity improvements under the Productivity and Innovation Credit (PIC) scheme. The tax benefits under PIC are available from Years of Assessment (YAs) 2011 to 2018, for investment in any of the six qualifying activities.
The productivity improvement activities covered under PIC are:
- Acquisition and leasing of PIC Information Technology (IT) and Automation Equipment
- Training of employees;
- Acquisition and In-licensing of Intellectual Property Rights;
- Registration of patents, trademarks, designs and plant varieties;
- Research and development activities; and
- Design projects approved by Design Singapore Council.
Our services include:
- Consultation and advisory on eligibility of PIC claim
- Preparation and submission of PIC application
Click HERE for more information.
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Corporate Secretarial
A Company secretary is required for every private limited company and is essential for meeting all statutory filing compliance.
Our company secretary services include:
- Incorporation of Singapore, Malaysia and offshore companies
- Maintains proper registers and minute book
- Filing statutory forms with the Accounting and Corporate Regulatory Authority (“ACRA”)
- Preparing minutes of company’s AGM, Board of Directors’ and shareholders’ resolutions, and file all required documents to ACRA.
- XBRL filing
- General advisory on corporate matters
- Striking off and liquidation
- Conversion from a sole proprietorship/ partnership to a local Company.
- Registered Address
- Nominee Directorships
Incorporation
Different types of company registration
YCS provides a comprehensive range of services relating to business formation, including:
- Incorporating of a private limited company
- Incorporating of a limited liability partnership (LLP)
- Registration of a branch in Singapore
- Registration of Singapore Representative Office
Our work does not end with business setup. We support every stage of a business development from company incorporation to regional expansion. We provide one-stop solutions to business.
Benefits of Incorporating a Private limited company
Private limited company is the most preferred and common business form in Singapore. The majority of companies in Singapore are registered as companies limited by shares. The reasons are:
- Separate legal entity
- A private limited company is a legal entity on its own separate from its owners. Therefore, company’s directors and shareholders are not liable for company’s debts
- Ease of entry
- The company’s share can be 100% owned by a foreign individual or company
- No controls or restrictions on repatriation of profits to investors
- Only requirements is that the company has at least one local director (Singaporean Citizen, Permanent Resident or EntryPass Holder) and a local company secretary, of at least 18 years in age without prior bankruptcy record
- Tax advantage
- Enjoys special tax exemptions on first S$ 100,000 taxable income for first three years from incorporation
- Low flat tax rate of 17% on taxable income
- Zero taxes on capital gains and dividends income
Click HERE to set up your company.
Nominee Director Service
A private limited company requires at least one individual director who has to be an ordinary resident of Singapore ie being one of the following:
- Singapore citizen OR
- Singapore permanent resident OR
- Singapore employment/dependant pass holder.
If you do not have a local Singapore resident director to meet the requirement of the Singapore Companies Act, you can engage our Nominee Director Service at a very affordable rate. Our nominee directors are degree graduates, qualified professionals and have absolutely good reputation to facilitate the company incorporation without a hitch.
We will provide you with a local Nominee Director for your company provided the followings conditions are met:
- The service is offered for statutory compliance only. The Nominee Director will not be involved in any management, financial, or operational matters of the company.
- You must appoint one or more individuals (normally the company shareholders) to be the directors that are responsible for running the company operations.
- You must satisfy our initial and ongoing requirements.
- Execute our Nominee Director Indemnity Agreement.
We will also require a refundable security deposit for the provision of the Nominee Director Service. The service can be terminated any time at your convenience. You, however, must appoint a new Singapore resident director to meet the statutory requirement.
BUSINESS CONSULTING & ADVISORY
Running your own business is extremely exciting and challenging. However, it can easily turn into a nerve-wracking experience. To optimise your profitability potential, strategic business planning is essential to a company.
Our key business consulting and advisory services include:
- Pre-Incorporation Consultancy
- Work permits, S passes, employment passes application
- Applications for various Government Grants and Incentives
- General business advisory
