COMPLIANCE

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COMPLIANCE

We have a team of professionals who handle the taxation, accounting and auditing needs of businesses in Singapore. We offer timely and relevant knowledge and we consider your needs, immigration, tax and regulatory implications for each solution that we provide. Contact us and know more about our services on Accounting, Taxation, and Auditing.
As stated in the Singapore Companies Act, Singapore registered companies must keep a proper book of accounts which includes the Profit and Loss Account, Balance Sheet, Cash Flow Statement, and Equity Statement. The Accounts will be based on the financial documents submitted to us such as sales orders, expense notes, purchase orders, bank statements, etc. Financial statements for submission will be drafted according to the Financial Reporting Standards (FSR).

ACCOUNTING SERVICES

Our accounting group is experienced with Singapore’s tax regime and financial reporting framework. We provide the following services:

• Monthly Bookkeeping and payroll services
• Annual accounting, financial reporting and consolidation

As stated in the Singapore Companies Act, Singapore registered companies must keep a proper book of accounts which includes the Profit and Loss Account, Balance Sheet, Cash Flow Statement, and Equity Statement. The Accounts will be based on the financial documents submitted to us such as sales orders, expense notes, purchase orders, bank statements, etc. Financial statements for submission will be drafted according to the Financial Reporting Standards (FSR). Contact us now and we will give you an initial assessment of your needs.

GOODS AND SERVICES TAX (GST)

GST SERVICES

Enrich Consulting offers GST Registration and GST Filing Assistance to help your company satisfy the requirements in running a Singapore based business. Once you engage our services, we will do the following:

• We will register your company with the Inland Revenue Authority of Singapore (IRAS) and conduct routine follow ups.
• We will file your GST for you and advise you on the best filing cycle favorable for your company whether it is monthly, quarterly or biannually.

What is GST?

Goods and Service Tax (GST), similar to the Value Added Tax (VAT) in many countries, is a consumption tax on most domestic goods and services. Singapore’s GST is currently at 7%.
GST is exempted for the sale and lease of residential properties and most financial services. Export of goods and international services are not subject to GST. GST is collected by suppliers of domestic goods and services who are registered with the Comptroller of GST. For the import of goods, GST is collected by Singapore Customs at the point of importation into Singapore.
A supplier of goods and/or services, whose annual revenue exceeds or is likely to exceed S$1 million, is required to register with the Comptroller of GST. A supplier, whose revenue does not exceed S$1 million may voluntarily register with the Comptroller if it is beneficial to the business. The approval of such registrations is at the discretion of the Comptroller. Once voluntarily registered, the supplier must comply with the regulatory requirements and stay registered for a minimum of 2 years.
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Migration and Business setup process in Singapore may seem puzzling. We are here to give you the right solution.

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