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Corporate Services

Account

Corporate Secretary

Book-keeping

GST

FAQ (Frequently Asked Questions)
Account

What is the company tax rate?

For the first 3 years, you are liable to pay tax for net profit more than S$100,000 at 17% company tax rate. After 3 years, it will be 17% of the net profit.

How do I determine my financial year end?

All newly incorporated company must fix a financial year end (FYE). In Singapore you have the option of choosing your FYE within 18 months of your company’s incorporation date. However, is best that you keep your account within 12 months, so that you can fully utilize the 3 years tax exemption benefit from IRAS (Inland Revenue Authority Of Singapore).

What is financial report?

It is a formal record of a company financial information, such as; profit & loss, cash flow statement, balance sheet, etc. Also, director’s report & shareholding for the relevant accounting period.

What is Profit & Loss?

Profit & loss contained company sales/revenue/income. Expenses can be purchase of goods, transportation, salaries, utilities, etc.

What is Balance Sheet?

Balance sheet (company’s assets & liabilities) contained trade debtors, trade creditors, cash & bank balances, fixed assets, eg: office equipment, renovation, etc.

Corporate Secretary

How do we go about to appoint JJ & E as my company secretary?

An appointment will be fixed and all the directors in the company will have to visit JJ & E office, to sign on all necessary company resolution documents. Kindly bring along your NRIC/Passport copy.

When do I need to provide my Balance Sheet, Profit & Loss to JJ & E?

We encourage our clients to provide us the P&L and Balance Sheet at least 1-2 month before the AGM (Annual General Meeting) due date.

When is my company AGM (Annual General Meeting) due on?

It will be 6 months after your financial year end. After its due date, it will incur penalty from ACRA (Accounting and Corporate Regulatory Authority) at $300 per section.

Do my company require to file XBRL (eXtensible Business Reporting Language)?

XBRL is only compulsory for limited private company (company with corporate shareholder) or insolvent company. Otherwise, on top of our Annual package fee, you can file XBRL voluntarily with additional fee.

Why we have to do the e-stamping or stamp duty?

 This is the requirement from IRAS. You are require to pay stamp duty fee as long as there is a share transfer.

 

Book-keeping

Is JJ & E Company Secretary package fee include Book-keeping service?

No. However, you may wish to take up our Bookkeeping service from minimum fees of $50/-monthly depend on the work volumn.

Shall I do my book keeping yearly / quarterly / monthly?

If you have medium to large number of accounting transactions each month, we highly recommend that you perform monthly bookkeeping to keep your ledgers in order. If however, if your number of monthly financial transactions is relatively low in volumn, you can perform bookkeeping on a quarterly or annual basis.

 

GST

Do I have to register for GST?

GST is COMPULSORY and required to register within 30days when the turnover of your business is more than $1 million for the past 12 months OR you are currently making sales and you can reasonably expect the turnover of your business to be more than $1 million for the next 12 months.

What will happen if I do not file my GST on time or pay my GST tax?

IRAS will send a penalty letter to the company for 5% of late filing fee. If penalty is not paid within 60 days, additional of 2% of late filing fee + enforcement action(such as frozen your bank account until you pay, restrict you from leaving Singapore, etc.)will be imposed out.

What can I do if I have difficulty to pay GST tax?

You may request to pay the tax by instalments from IRAS. IRAS will review your business’ financial situation and advise accordingly and is subject to approval.

For non-GST register company, can I claim or charge GST?

No, you are not allowed to charge GST or claim GST if you are not GST register company.