Typically, from the time we receive all documents required to perform KYC (know-your-client) checks, we can have the company incorporated within 1 Hour.

For the Know Your Customer (KYC) process in Singapore, the following documents are typically required:

1. Identification Documents: Copies of passports or national identification cards of individuals involved in the company, such as directors, shareholders, and beneficial owners.

2. Proof of Address: Documents that verify the residential address of the individuals, such as utility bills, bank statements, or government-issued letters.

3.  Existing business documents: Information about your current activities and intended operations.

4. Certificates of Incumbency: This is a document typically issued by the company registrar in the country where your existing company is registered

5. Shareholding Structure: Details of the company’s shareholding structure, including the names, addresses, email addresses and mobile numbers, and shareholdings of the shareholders.

6. Business Proof: Supporting documents that demonstrate the nature of your existing company’s business, such as contracts, invoices, and financial statements.

7. Source of Funds: Information about the source of the company’s funds and capital, which may require bank statements, investor agreements, or audited financial statements.

8. Declaration of Beneficial Ownership: A declaration to identify the ultimate beneficial owners of the company, including individuals who ultimately have control or ownership.

Please note that the specific documentation requirements may vary based on factors such as the type of company, its activities, and the regulations imposed by authorities like ACRA (Accounting and Corporate Regulatory Authority) and relevant banks.

The documents typically required for opening a corporate bank account are as follows:

1. Completed Bank Account Application Form (the banks will guide you on this)
2.  Singapore Company’s Business Profile
3.  Copies of Passport/Identification of Directors, Signatories, and Ultimate Beneficial Owners
4. Proof of Residential Address for Directors, Signatories, and Ultimate Beneficial Owners
5. Board Resolution Authorizing Account Opening and Appointing Account Signatories
6. Business Plan or Overview of Planned Activities
7. Source of Funds Declaration

Ultimately, the exact list of documents would vary from one bank to another. TeamScailable will guide you on this process, depending on which bank you opt to go for.

It is not necessary to travel to Singapore for the bank account opening process as it can be done remotely. However, some banks may require signatories to visit a branch to complete the process, but certain banks offer alternative options such as video conferencing to complete the necessary procedures.

TeamScailable will advise you of the most current practices of your bank of choice, as these may change from time to time.

Traditional banks typically have physical branches and offer a wide range of banking services, including trade financing and personalized relationship management. Digital banks, on the other hand, operate primarily online and offer services through digital platforms, such as mobile apps and online banking portals. Digital banks often focus on providing convenient, user-friendly experiences and may have lower fees or different account features compared to traditional banks.

Besides Digital Banks, there are Digital Payment Service Providers such as Wise, that offer excellent remittance facilities and exchange rates, but typically do not offer traditional services such as trade financing/documentation.

We have a whole rate of leading edge, convenient and effective cloud accounting solutions to match all budgets. 

And the best part is that TeamScailable is conversant on all of these systems – meaning, we will take all the stresss of your hands!

Cloud accounting is generally considered safe. Cloud accounting providers prioritize the security of your financial data and take measures to protect it. Here are some aspects of cloud accounting security:

1. Encrypted Data: Cloud accounting platforms use encryption to protect your financial data. This means that your data is converted into a coded format that can only be accessed with the appropriate encryption key. It helps to prevent unauthorized access to your data.

2. Secure Data Centers: Cloud accounting providers store data in secure data centers with physical security measures, such as access controls, surveillance systems, and redundant power and cooling systems. These data centers are designed to protect your data from physical threats.

3. Redundant Data Backups: Cloud accounting systems frequently backup your data to multiple servers or data centers. This redundancy helps ensure that your data is not lost in case of any hardware or system failures.

4. User Authentication: Cloud accounting platforms employ user authentication mechanisms. This typically involves passwords, multi-factor authentication (MFA), or even biometric verification to ensure that only authorized individuals can access your financial data.

5. Regular Software Updates: Cloud accounting providers regularly update their software to address security vulnerabilities and protect against potential threats. These updates often include security patches and new security features.

6. Data Privacy Compliance: Reputable cloud accounting providers comply with data privacy regulations, such as the General Data Protection Regulation (GDPR), which sets standards for the protection of personal data. They have policies and procedures in place to safeguard your data and ensure compliance with applicable laws.

It’s important to note that while cloud accounting offers robust security measures, there is still a shared responsibility between the provider and the user. You should also take steps to secure your access to the cloud accounting platform, such as using strong passwords, enabling MFA, and regularly updating your login credentials.

A Singapore company is required to maintain proper accounting records as outlined by the Accounting and Corporate Regulatory Authority (ACRA) and the Inland Revenue Authority of Singapore (IRAS). The records to be kept include:

1. General Ledger: A record of all financial transactions, including income, expenses, assets, liabilities, and equity.

2. Source Documents: Invoices, receipts, contracts, bank statements, and other supporting documents that substantiate the financial transactions.

3. Financial Statements: These include the statement of financial position (balance sheet), statement of comprehensive income (profit and loss statement), statement of changes in equity, and cash flow statement.

4. Director’s Report: A report prepared by the company’s directors that provides an overview of the company’s activities, financial performance, and significant events during the financial year.

5. Minutes of Meetings: Minutes of board meetings, general meetings, and other important meetings of the company should be maintained.

The responsibility for ensuring proper accounting records lies with the directors and officers of the company. They must ensure that the records are accurate, complete, and able to provide a true and fair view of the company’s financial position.

Additionally, the accounting records should be kept in English and at the registered office address or any other place determined by the directors. They should be retained for a period of at least 5 years from the end of the financial year to which they relate.

It is advisable to engage the services of a professional accountant, bookkeeper, or corporate service provider to assist with maintaining accurate accounting records, ensuring compliance with statutory requirements, and filing necessary financial statements with ACRA and IRAS.

Your Singapore company needs to prepare financial statements. The financial statements include the statement of financial position (balance sheet), statement of comprehensive income (profit and loss statement), statement of changes in equity, and cash flow statement. These statements must be prepared annually and be approved at the Annual General Meeting, by the members of the company. 

Not all companies will need to have their financial statements independently audited. The requirement for audited financial statements depends on the size and type of your company. 

The small company audit exemption in Singapore allows certain qualifying companies to be exempt from having their financial statements audited. To qualify for the exemption, a company must meet specific criteria for each financial year:

Small company criteria (any 2 out of 3):
– Annual revenue of up to SGD 10 million
– Total assets of up to SGD 10 million
– Less than 50 employees

If a company qualifies as a small company, it can choose not to have its financial statements audited. However, if the company is part of a group, these thresholds must be met on a group-wide basis.

Other companies, including companies limited by guarantee, public companies, and companies that do not meet the criteria for exemption, are required to have their financial statements audited by an independent auditor. The audit aims to provide an objective and professional assessment of the company’s financial statements.

It is important to consult with a professional accountant or corporate service provider to determine whether your company qualifies for the audit exemption and to understand the specific financial reporting requirements based on your company’s circumstances.

1. General Ledger: A record of all financial transactions, including income, expenses, assets, liabilities, and equity.

2. Source Documents: Invoices, receipts, contracts, bank statements, and other supporting documents that substantiate the financial transactions.

3. Financial Statements: These include the statement of financial position (balance sheet), statement of comprehensive income (profit and loss statement), statement of changes in equity, and cash flow statement.

4. Director’s Report: A report prepared by the company’s directors that provides an overview of the company’s activities, financial performance, and significant events during the financial year.

5. Minutes of Meetings: Minutes of board meetings, general meetings, and other important meetings of the company should be maintained.

The responsibility for ensuring proper accounting records lies with the directors and officers of the company. They must ensure that the records are accurate, complete, and able to provide a true and fair view of the company’s financial position.

Additionally, the accounting records should be kept in English and at the registered office address or any other place determined by the directors. They should be retained for a period of at least 5 years from the end of the financial year to which they relate.

It is advisable to engage the services of a professional accountant, bookkeeper, or corporate service provider to assist with maintaining accurate accounting records, ensuring compliance with statutory requirements, and filing necessary financial statements with ACRA and IRAS.

Your company will need to file various returns for each financial year completed.

Estimated Chargeable Income (ECI): Within 3 months from the company’s financial year end.

Final Tax Returns (Form C/C-S): For companies with a financial year ending between 1 January to 31 December, the deadline is usually 30 November in the next calendar year.

Singapore allows various deductible expenses for corporate tax purposes, including employee salaries and benefits, rental and utility costs, professional fees, advertising expenses, travel, entertainment and research and development expenses. However, certain expenses like private expenses, capital expenses, and non-deductible provisions are not allowed.

Singapore operates on a one-tier corporate tax system, where dividend income received by a shareholder from a Singapore-registered company is tax-exempt. This means that dividends received by individuals or corporate shareholders, from a Singapore company are not subject to further tax.

Singapore has implemented a tax exemption scheme for certain dividends received from overseas subsidiaries. Under the exemption scheme, eligible dividends received by a Singapore tax resident company are exempt from tax in Singapore, provided certain conditions are met. It’s important to consult with TeamScailable or refer to the latest guidelines from the Inland Revenue Authority of Singapore (IRAS) to understand the specific requirements and eligibility criteria for the dividend exemption scheme.

Singapore generally does not impose capital gains tax on the sale of assets, including shares, unless they are specifically taxed under specific rules, such as those related to property or trading investments. This makes Singapore an attractive jurisdiction for capital gains.

The current GST rate in Singapore is 8% (9% from Jan 2024). GST is a consumption tax applied to most goods and services provided by GST-registered businesses in Singapore. Businesses with an annual turnover of more than SGD 1 million are required to register for GST and file periodic GST returns. 

There are certain types of activities that are considered Out of Scope trading or Zero-Rated. TeamScailable will be happy to explain in greater detail.