We file your accounting reports painlessly
Fever-free accounting services: we put together paperwork, check numbers, and file annual returns on time. Chartered Accountants answer fast and help optimise tax.
- FA20170653
- Xero Platinum Partner
- 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
No-tricks pricing
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 I want a free tourWhat you need to know about accounting in Singapore
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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
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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.
Management Report download sample
Tax sample report download sample
Unaudited Financial Statements download sample
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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
Accounting plans that match
the size of your business
You don’t measure your business by the number of transactions, so neither do we. Our accounting packages are tied to your revenues. Pick a monthly plan to receive regular financials, or an end-of-the-year catch-up accounting to submit neat reports. All our packages come as they are, no extra charges — simple and straightforward.
What’s your average monthly ?
Need more?
Additional services you may need
- Multicurrency accounting S$200/y
- Unaudited Financial Statements + Tax S$800
- Consolidated Unaudited report S$1,000
- Dormant Accounting S$300
- Full XBRL S$500
- GST Registration S$300
- Payroll, per person S$25/m
Read more about Osome Accounting Services
Multi-Сurrency Accounting
Multicurrency accounting records transactions in foreign currencies, adds them to financial statements and tax returns
GST Registration
You need to register for GST in Singapore if your company’s turnover is over S$1 million a year
XBRL
XBRL or Extensible Business Reporting Language is a standardised format for financial reporting
Cash Flow & Budgeting
You need to check a company’s cash flow statements to determine its financial performance
Financial Reporting
Financial reporting helps understand the financial standing of a company and the value of a company
Our clients know best
89% of customers recommend us
9,500+ clients worldwide
Here’s what our customers say
I've moved not just one business to Osome, but a number. If you’re a small business it’s the place to be — you’ll save time and sleep.
Tingsager Michael Tingsager Consulting Pte. Ltd.
Osome is a fantastic partner for the complex accounting needs of our venture-backed corporate structure. Extra credit for helping us with fundraising transactions!
Ajay Gopalakrishnan Digital Services Sg Six Pte. Ltd.
Osome is reasonably priced and very convenient. I ended up signing my documents while I was on the metro!
Randeep Sudan Multivertz Pte. Ltd.
Osome uncovered many issues that went unnoticed by our accountant. Amazing Osome staff now optimises our tax.
Stanislav Karpenko GIVE VISION Pte. Ltd.
Everything was so seamless, it even looked like a fraud 😀 I didn’t have to go anywhere, I just use the web and mobile app to sign the docs.
Ivan Zeljkovic Evans Media Pte. Ltd.
I’m actually surprised they kept all their promises! I found Osome on Friday and on Monday morning everything was ready.
John Lim Artac Pte. Ltd.
Many accountants I reached out to either never responded or charged extortionate amounts of money. I joined Osome and I'm incredibly happy I did.
Pawel Wargan freelancer
They use the Osome app to gently nudge me to send in paperwork, and they provide me with regular updates and reminders regarding finances and filing deadlines.
Dave Wallace DW4DAYS Pte. Ltd.
We know how to do accounting and optimise tax for your business
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.
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.
Q&A
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 aren’t based on the number of transactions but on your average monthly revenue.
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.
Can I switch from another accounting firm to Osome?
Absolutely. We make the transition seamless on your end. We’ll get in touch directly with your current accounting service provider, take over all your financial documents, and audit them to make sure your company is compliant. We check necessary reports. We offer up ongoing advice about relevant tax exemptions, helping you be smarter with your taxes. Now that your accounting is in good hands, you can focus on what you do best: running your business.
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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 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 email to our experts — we’ll take care of the rest.
What do I have to report to the Inland Revenue Authority of Singapore (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.
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What is ACRA?
ACRA stands for the Accounting and Corporate Regulatory Authority of Singapore. It’s responsible for regulating business registration of corporate entities, financial reporting, public accountants and corporate service providers in Singapore.
ACRA’s job is to promote enterprise by creating a good environment for businesses in Singapore to thrive, thereby making Singapore the preferred country to set up and grow businesses.
It’s also referred to as the Registrar of Companies (ROC). Don’t be surprised when you see these two terms - ACRA and ROC used interchangeably.
Who must register with ACRA?
All businesses carrying out any activity for profit on an ongoing basis must register their business with ACRA through BizFile+. There are exceptions.
You don’t have to register your business with ACRA if:
- You conduct your business using your full name as reflected in your NRIC, OR
- You conduct your business with one or more partners using their full names as reflected in their NRICs.
The exemption above often applies to freelancers.
How to register a company on the ACRA portal?
Step 1: Register Your Business Name
You would need to be at least 18 years old to register a company on BizFile+ - the ACRA portal. Once you get access to the BizFile ACRA Portal, the first thing to do is to register your business name. The application fee is S$15. Once it has been approved, the name will be reserved for 120 days. Within this period, you must register or incorporate your company, otherwise, the company name will not be reserved for you anymore.
Click eServices > Local Company > Start Local Company > Incorporation of Local Company
Step 2: Register Your Company
Within 120 days after ACRA approves your company name, you need to register your company on BizFile+.
Click eServices > Local Company > Start Local Company > Application for New Company Name
Step 3: Submit Information on Your Company
The BizFile ACRA Portal will display an e-form. Here, you will enter all the details about your company such as a registered business address, the value of your shares, the identities of your shareholders. You should also submit supporting documents such as your company constitution.
Step 4: Wait for Approval from ACRA
Once you submit your details, ACRA will review them in 1-3 business days. If your application is approved, you will get a notification email from ACRA with an official e-Certificate of Incorporation attached.
The whole process to register your company will cost you around $300.
What are the benefits of registering with ACRA?
When you register your business with ACRA, it puts you at an advantage. Here are some of them:
- Members of the public can search and verify the details of your business and its owners, thereby increasing the trust of potential clients, partners or customers.
- It will be easier for customers to identify, find, and transact with your business.
- You can participate in government tenders when your business is registered, and gain access to intellectual property or patents for new products and technology which could grow your operations or increase productivity.
- You can get access to government funding and grants, such as those given by Enterprise SG
- You can organise your finances and separate your personal and business finances, reducing your personal liabilities.
How to be exempted from ACRA registration?
Your business is exempted from registration if:
- You operate your business with your full name reflected on your NRIC.
- You conduct your business with one or more partners and all of you are using your full names as reflected on your NRICs.
If you run a company with part of your name and you add other words to describe your company to the name, for example, Sarah’s Pottery, you would need to register your business.
If you have doubts, feel free to drop us a question. Our corporate secretaries will be able to answer your questions based on their years of experience.
What is BizFile and BizFile+?
BizFile is an information storage portal for companies in Singapore to upload, store and retrieve business data. It was set up in 2004. Since then, ACRA requires companies to submit all due filings online via BizFile. In 2016, BizFile went through a major system upgrade and was renamed BizFile+.
Before 2004, a business owner had to personally go to the Registry of Companies to manually fill in and submit paperwork for any corporate-related tasks. This took up a busy entrepreneur’s time. For entrepreneurs, time is money.
Since 2016, BizFile+ has enabled a business owner to access more than 400 services online. BizFile+ has reduced the time for entrepreneurs to complete corporate administrative tasks such as submitting statutory documents, and retrieving and buying information on business entities registered with ACRA. It's also the tool that companies use to submit due filings online and perform other essential corporate tasks.
With the time saved from having to manually go down to ACRA to complete paperwork, business owners can get more done with BizFile+. Today, ACRA continues to make online data management simple, fast, and efficient.
Anyone can access and log in to BizFile+ through the ACRA Portal.
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