Seeking solutions for your accounting needs is critical for any business in any country. Choosing the right accountant can be the most important decision you can make in the process. In the end, a good accountant is a valuable financial consultant and a trusted advisor. By entrusting your finance and administration functions to us, you can mitigate these risks and deal with other challenges more efficiently. We provide accounting service which effectively manage both your internal and external accounting processes and your reporting needs. We serve as your single point of contact that provides you with clarity of exactly where your accounting stands at all times. Our team of professionals provides you with services in local bookkeeping, full consolidated account preparation and reporting, international management reporting in any major GAAP. Our services include:

Accounting System Setup

• Reviewing of the specific requirements of the accounting system
• Sourcing for suitable accounting software
• Initial setup of corporate chart of accounts
• Implementation of system
• Data verification of transactions
• Training of all personnel involve in the new accounting system

Cashier Service

• Payment procedure set-up
• Petty Cash/payments service
• Overseas remittance service
• Bank Reconciliation

Invoicing Service
A tax invoice is the primary evidence to support an input tax claim in Singapore. It must contain the information on what is being sold and the respective GST charged. The tax invoices issued and received must be retain for at least five years. Tax invoices are not required to be submitted when filling for GST returns. We assist clients by helping them to create a customized tax invoice template that suits their business operations. We also assist them issue invoices if they have no internal staff to perform this function and wish to outsource to us.

Book-keeping
Bookkeeping is required by law for most countries. Some businesses find it hard to manage due to various reasons, for eg. different sets of accounting standards used in different countries, business owners being too busy to handle the book-keeping and having difficulties finding the right person with the right skill set. Outsourcing the bookkeeping has become an increasing trend in the current business environment because outsourcing lets you have access to the skills of professional accountant. We are committed to personalized approach in assisting you. You can outsource your book-keeping and accounting requirements to our team of professionals and focus on your core business activities. We are specialized in;

• Transaction coding & ledger posting
• Trial Balance sheet preparation
• Financial Statement preparation
• General Ledger Maintenance
• Account Receivable
• Account Payable

Tax Filling
We will assist clients to comply with the following tax filings based on the taxation laws of Singapore

• Filing of Estimated Chargeable Income (ECI)
• Filing of Annual Return with ACRA
• Filing of Annual Tax Return with IRAS
• Tax exemptions / benefits application
• GST registration & periodic GST filings
• Filing of yearly individual income tax (IIT)

Group Reporting
At the end of the month, after the local subsidiary’s accounts have been adopted, the financial statement entries will need to be adjusted towards the parent company’s policies, be it U.S. GAAP, PRC standards, and other International Financial Reporting Standards for consolidation purpose. We assist our clients to carry out the group reporting for submission to their parent company.

Annual Return Filling
All locally incorporated companies are required to hold their Annual General Meeting (AGM) and file their annual returns under S175, S197 and S201 of the Companies Act.

At the AGM, directors shall present a true and fair view of the company’s accounts to their shareholders. The Companies Act does not prescribe the minimum level of qualifications for the person preparing the accounts. However, it will be the responsibility of the directors to appoint individuals with the required level of expertise for preparation of such accounts.

XBRL Services – LE YU is able to provide XBRL services to ACRA for annual return requirements.

Timing to hold the AGM and file annual return:

	Requirements	Companies Act
Annual General Meeting (AGM)	1. A company is required to hold its first AGM within 18 months after its incorporation. 2. Subsequent AGMs must be held every calendar year and the interval between AGMs should not be more than 15 months.	Section 175
Filing Annual Return	The Annual Return must be filed with the Registrar within one month after the AGM.	Section 197
Audited / Unaudited Accounts	For a public company listed or quoted on a securities exchange in Singapore: Accounts presented at the AGM shall be made up to a date not more than 4 months before the AGM. In the case of any other company: Accounts presented at the AGM shall be made up to a date not more than 6 months before the AGM.	Section 201

Requirements for Audited / Unaudited Accounts:

Filing Requirements	Definition	Solvent – able to meet its debts when they fall due	Insolvent – not able to meet its debts when they fall due
Small Exempt Private Company (‘EPC’)	EPC with annual revenue up to S$5 million or less for financial years with effect from 1 June 2004 (S$2.5 million or less for financial years between 15 May 2003 and before 1 June 2004)	• need not audit accounts • need not attach accounts; to complete an online declaration of solvency instead	• need not audit accounts • must file accounts
Normal EPC	EPC with annual revenue more than S$5 million for financial years with effect from 1 June 2004 (or more than S$2.5 million for financial years with effect from 15 May 2004 but before 1 June 2004)	• must audit accounts • need not attach accounts; to complete an online declaration of solvency instead	• must audit accounts • must file accounts
Dormant EPC	EPC that do not have any accounting transactions* (no business activities) for the financial year concerned or have not commenced business since incorporation.	• need not audit accounts • need not attach accounts; to complete an online declaration of solvency instead	• need not audit accounts • must file accounts
Private Company (Non EPC)	A company limited by shares with at most 50 shareholders	Active • must audit accounts• must file accounts

Dormant*
• need not audit accounts

• must file accounts Private Company

• A company limited by shares where the number of shareholders can be more than 50

• A company limited by guarantee

• Listed company on SGX

Active
• must audit accounts• must file accountsDormant*
• need not audit accounts

 

• must file accounts

Note: There will be certain penalties for Late Lodgement of Annual Return for Local Company / Annual Filing for Foreign Company

Our Annual Return Filing service include:
1) For companies which are required to file accounts in their annual return Annual General Meeting (AGM)

• Annual Return Filling
• Income Statement
• Balance Sheet Statement of Changes in Equity
• Cash Flow Statement
• All notes to the Financial Statements

2) For companies which are not required to file their accounts in their annual return

• The appropriate on-line declaration will appear in the transaction if the correct company type has been selected.

Annual Audit Assistance
Companies in Singapore are required to prepare an audited report if the company has a corporate shareholder, sales turnover exceeding SGD$ 5 million or has more than 20 shareholders. Company that do not meet those requirements will need to prepare an unaudited report which is commonly known as directors’ report. We recommend our affiliated firm to provide this service for your company. We may also provide audit assistance services to assist you to prepare the necessary schedules and information that facilitates your auditor’s work.

We will assist you to set up the entire process flow including below:

• Payroll process – Initial set-up of system
• Employee personal file and payroll record
• CPF account registration the new company

Hiring/Termination registration
In the event of any new hiring or termination, we will assist the company to register the new employee or termination records with the relevant authorities eg. Ministry of Manpower (MOM), Inland Revenue Authority of Singapore (IRAS), etc.

Salary Calculation/Pay Slips Distribution / CPF Submission & Filling
We can take charge to handle your monthly payroll routine work for all your local and expatriate staff:

• Payroll calculation and distribution in SGD
• Process gross and net salary for Central Provident Fund (CPF) filing and payment every month
• Personnel File maintenance
• Pay slips to staff
• Process statutory claims such as national services, maternity, childcare, IR21 and other related forms

Employment Pass / Dependent pass
We provide below value added services for the staff of your company:

• Employment pass application for employee
• Renewal, transfer or cancellation for employee
• Dependent pass application for family member (Children under 21 years old and spouse)
• Renewal, transfer or cancellation for family member

Payroll and Related Yearly maintenance

• Payroll file maintenance
• Preparation and submission of year-end tax forms (FormIR8A) and relevant appendices
• Payroll report for management review

Members’ voluntary winding up
A company may decide to wind up its affairs voluntarily if the directors believe that the company will not be able to pay its debts, in full, within 12 months after the commencement of the winding up. We will assist the company to appoint a liquidator, or provisional liquidator, to wind up its affairs and process the necessary notifications required under the Companies Act.

Creditors’ voluntary winding up
A company may decide to opt for a “creditors’ voluntary winding up” if its directors believe that it cannot, by reason of its liabilities, continue its business. We will assist the company to appoint a liquidator, or provisional liquidator, to wind up its affairs and process the necessary notifications required under the Companies Act.

Compulsory winding up
A company may be wound up under an Order of the Court under certain circumstances e.g. the company is unable to pay its debts. The Court may appoint a liquidator to wind up the affairs of the company. Where no liquidator is appointed by the Court, the Official Receiver shall be the liquidator of the company.

We will assist to de-register the certificates / licenses and get certain approval from ACRA.

With our assistance, all the company’s bank accounts shall be closed. In addition, some companies in particular sectors may have other specialized registrations and those should be closed off as well.