Annual Compliance Services
Helping you comply with regulations and providing accurate reporting of financial information
Compliance is a must for businesses
Compliance in accounting ensures that you treat your company’s financial matters according to the Singapore Financial Reporting Standards (International) and relevant regulations and legislation stipulated by authorities.
Compliance has to adhere from tax reporting to bookkeeping and also to year-end closing.
Our services will help to minimise your administrative tasks so that you can focus on growing your business. With experience in preparing accounts and returns for all types of business across various sectors, we can support all your accounting needs: from dealing with compliance issues to offering the latest strategic advice. Click here to chat with our team.
Companies have to comply with regulations stipulated in (mainly) the Companies Act every year in Singapore. Accounting and Corporate Regulatory Authority (ACRA) and the Inland Revenue Authority of Singapore (IRAS) enforce these regulations.
Helping you with administrative matters
Compliance with ACRA is to provide administrative updates of your company. Our team at TnB will help you deliver these updates, including updating your business address, filing annual returns, and filing financial statements.
Helping you with tax matters
Compliance with IRAS is associated with tax matters of your company. Our team at TnB are skilled in computing and filing both your estimated chargeable income (ECI) and your tax returns. Moreover, we are also competent in helping you prepare and be ready for IRAS investigations.
You may wish to check out our GST Submission and Tax Advisory services.
Helping you with bookkeeping
Companies must do bookkeeping monthly, quarterly or annually. Our Accounting & Bookkeeping services will ensure that your company’s records and accounts business transactions are properly maintained.
Click here to find out about our bookkeeping services.
XBRL Submission
All Singapore (SG) incorporated companies must file financial statements (FS) with ACRA, except those exempted. Some companies are required to file a complete set of FS in XBRL format. In contrast, others must file critical financial data in XBRL format, and a full copy of signed FS tabled at Annual General Meetings (AGMs) and/or disseminated to members a PDF copy of AGM FS. For companies that are sole proprietorships, partnerships, limited liability partnerships, or limited partnerships, filing FS with ACRA is required.
Companies have to take note of the following effective implementation date to file FS in XBRL with the updated filing requirements and data elements:
- The implementation date of the revised filing requirements and data elements take effect from 1 May 2021;
- Companies can choose to voluntarily apply the revised filing requirements and data elements from 16 May 2020 to 30 April 2021;
Companies that file their FS before 1 May 2021 can carry on preparing and filing FS using the current filing requirements and data elements.