Every industry has its own perks and complications when it comes to bookkeeping and accounting. We advise what tax exemptions and tax reliefs your company is entitled to, and we organise your reports exactly the way needed to comply.
- Our accountants are certified by ISCA
- License No. 19S9930
- Pioneers of Cloud Community Network
Preparing financial statements yourself is a pain in the neck
Filling out the reports is a lot of manual work
There’s no way to check if you’ve done it right
The filing deadlines always come at a bad time
Your time would be much more valuable spent on something else
Out of 5 Unaudited financial statements prepared by entrepreneurs, 4 turned out to be incorrect
We do affordable online accounting for busy founders
An expert who has your back
A chartered Accountant will review your books, help receive reliefs and exemptions, compile reports and file them on time
No manual labor
We’ll take over your invoices, receipts, and bank statements in any format. We then sort, match them, and prepare reports
We charge a flat fee that covers financial statements, tax filing, and management reports. Bookkeeping is included, too, so you don’t have to deal with it
Don’t take our word for it, try yourself. It’s free
You can test-drive Osome straight away: upload docs effortlessly, ask us anything in a chat, explore dashboard with daily cashflow, and much more. See what exactly you’re getting before you decide.I want a free tour
We know how to do accounting and optimise tax for your business
Accounting for Software Industry
The economic rise of Singapore relied heavily on hi-tech products. Over the last 40 years, the country has become a world-renowned technology hub. This atmosphere fosters great ideas.
Accounting for Retail Industry
Offline shops have been in relative decline but Singaporeans aren’t buying less, they just buy online. Out of 5.6 million of Singapore’s population, 3.12 million shop online and 998,000 more users will be doing it by 2021.
Accounting for Real Estate Industry
Singapore economy attracts businesses and employees from around the world, so there is a high demand for both residential and commercial estate.
Accounting for Manufacture Industry
Singapore is the 4th largest global exporter of high tech products, with manufacturing contributing about 20% to the GDP. Key industry clusters include electronics, chemicals, biomedical sciences, logistics and transport engineering.
Accounting for Insurance Industry
Singapore is the largest banking and financial network in Southeast Asia. The life insurance market increased by 0.4% in 2019. With financial technology being developed, insurance companies can expand their direct life, general reinsurance, and captive insurance services.
Accounting for Hospitality Industry
Domestic tourism is giving a boost to the hospitality industry as locals look for a holiday. The Singapore government has also launched a S$45 million marketing push to help the tourism industry cope with the impact of the pandemic.
Accounting for Healthcare Industry
The aging population and emerging medical tourism drive healthcare demand in Singapore. New entrants may gain a considerable market share.
Accounting for Financial Industry
Fintech sector is one of the fastest growing industries. Due to the high concentration of financial institutions, the Singapore market welcomes cryptocurrency, blockchain, and mobile banking projects.
Accounting for Entertainment Industry
Singapore’s digital entertainment landscape is growing rapidly. Startups focus on content delivery with more than 7,000 media companies have set up in Singapore.
Accounting for Education Industry
Education is valued in Singapore: 54% of parents say they’d get into debt to fund their children’s studies. Also, the whole region craves online education services, which chimes with global trends.
Accounting for E-commerce Industry
Singapore’s e-commerce market revenue is expected to grow at 11.2% per year reaching US$5.086 billion by 2021. As locals practice social distance during the pandemic, more are turning to online shopping to avoid crowds.
Accounting for Construction Industry
Over the next three years, total construction demand is expected to be between $27 billion and $32 billion. The public sector is on the rise but there are a lot of private projects to join, too.
Accounting for Travel Industry
In 2017, 17.4 million international tourists visited Singapore. That’s three times more than the entire population of the city-state. All these travelers are craving high-quality services.
Accounting for Recruitment Industry
Singapore has a buoyant employment market. Companies turn to HR agencies to find suitable candidates both inside the country and overseas.
Accounting for Shipping Industry
Singapore is connected to more than 600 ports in over 120 countries. This makes a perfect location for the headquarters of a logistics company.
Accounting for Publishing Industry
Singaporeans are a nation of prolific readers. The city-state has one of the highest rates of literacy in the world.
Accounting for Food Industry
Singaporeans are known for their passionate love for food. National cuisines of other countries are always of high demand: in Singapore, there have been 39 Michelin-starred restaurants since 2018.
What you need to know about accounting in Singapore
1. What are the filing deadlines?
- Financial Year End (FYE)
👌 You can choose any date, like March 31st
basic deadline for filing your reports
- Estimated Chargeable Income (ECI)
👌 3 months after FYE
You file taxable income minus all tax-allowable expenses
- C-S/C, the Annual Tax Returns
👌 November 30th year after the FYE
You report your taxes following these standards
2. Can I see sample reports?
Here are the most common reports we assist our clients with. Feel free to use them to get an idea of what is expected from your business. Do note that these are just samples, so make sure you check if there are any new regulations or specific requirements for your industry.
3. The taxes you have and don’t have to pay
We list the key tax rates below and explain exemptions in the checklist:
- Corporate tax — 17%
and lower for SME eligible for SUTE or PTE exemptions
- Tax on dividends — Nil
As Singapore has a one-tier tax system
- Tax on capital gains — Nil
- GST — 0%
If your turnover is below S$1M
- GST — 7%
If your turnover is above S$1M or expected to grow to that level
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What accounting services do you have for small businesses?
We help small businesses in Singapore with all necessary accounting services. We prepare financial statements, ECI tax reports, XBRL (full and highlights) and handle daily bookkeeping. We can apply for GST registration and submit regular reports for GST-registered companies. If your case is special, let us know and our specialists will be happy to help with accounting for your company.
In what form should I submit my data?
Osome is an online accounting company. Send us your records in whichever format you have them. Drop your files in our app, store them in a cloud or e-mail to our experts — we’ll take care of the rest.
What do I have to report to the Accounting and Corporate Regulatory Authority (IRAS)?
All companies are required to submit two corporate income tax returns annually — Estimated Chargeable Income (ECI) within three months from financial year end and Corporate Income Tax Return (Form C/C-S) by 30th November or 15th December if via e-filing. Unless qualifying conditions are met for ECI waiver or company has been granted Waiver of Income Tax Return Submission by IRAS.
How does your accounting software work?
We have developed our own software. It connects to your bank and Xero,a bookkeeping platform. We recognise invoices and receipts, reconcile them with transactions, and update your documents and outstanding bank balance daily. We support single and multiple currencies, show actual list of all unpaid invoices and report to you if anything document is missing.
How is income assessed to tax?
Tax is assessed on income earned in the preceding financial year. For example, a tax return for the Year of Assessment (YA) 2019 would be to declare the income earned during the financial year 2018. This tax return is to be submitted by 30th Nov 2019 / e-filed by 15th Dec 2019.
How does accounting work?
Accounting tracks all your business activities and assets. Any time you spend, lose or make money, your bookkeeper adds it to the books. Your accountant then builds reports using these numbers. The government requests these reports to calculate how much tax you owe and whether you are exempted from some of it.
Why is accounting important?
First of all, you have an obligation to report your accounts to the government: that’s how your tax is calculated. Second, accounting is crucial for internal planning and management. Mistakes could be costly: the government punishes wrong reports with fines. Not to mention, you probably base your evaluations and plans on the same numbers. So, making sure your accounting is accurate is crucial.
What are the accounting standards in Singapore?
Singapore has its own system called Singapore Financial Reporting Standards (SFRS). It’s similar to IFRS and it’s accrual-based accounting. Which means transactions are recognised when they take place and not when the money is paid. Outsourced accounting services in Singapore must comply with SFRS requirements.
What is one transaction?
A transaction is any deposit into or withdrawal from the bank. This is assuming all payments and receipts are done through the company’s bank. An example can be payment to suppliers, salary payments, expenses reimbursement or customer transfer. Bank fees and charges will not be considered a transaction. Our accounting services prices are based on how many transactions your business has.
What is XBRL?
XBRL is the open international standard for digital business reporting, used around the world and it replaces older, paper-based reports with more useful, effective and accurate digital versions.