Ian & Son

As a professional accounting firm, we emphasize the significance of bookkeeping and the value it brings. Our goal is to offer top-notch bookkeeping services to support the growth of your business. Rest assured, we prepare your accounts in compliance with the SFRS. With a primary focus on bookkeeping and accounting for SMEs, we utilize cloud-based software such as QuickBooks and Xero. This enables you to conveniently access and manage your business from anywhere in the world.

When establishing a business in Singapore, it is important to carefully choose the most suitable business structure for its operations. In addition to business planning and pre-incorporation tasks, one must consider options such as sole proprietorship, partnership, company, limited liability partnership, and limited partnership. ACRA provides a helpful comparison table to distinguish between these different business structures.

When businesses in Singapore reach a certain stage, it is common for them to hire employees as part of their growth. This necessitates the management of payroll in order to run the company smoothly. Proper payroll management is crucial for meeting regulations and fostering a positive relationship with employees. However, many companies struggle with the financial, legal, and operational aspects of payroll due to a lack of resources in their human resources department.

At I&S, our main focus is providing professional corporate secretarial services, ensuring reliability and cost efficiency. Typically, our corporate secretarial services are engaged alongside our incorporation services, allowing our team to offer guidance and handle all corporate matters and documentation.

Companies that are GST registered must pay a second mandatory tax, which involves submitting the Good and Services tax on a quarterly basis. There are two types of companies that can apply for GST registration: those that are required to register and those that choose to register voluntarily. A qualified tax consultant can offer tax advisory services to help you understand the requirements. Mandatory GST registration is necessary if your annual turnover exceeds $1 million, and your tax consultant can provide information on the obligations, timing, and rectification of late registration. For voluntary registration, the tax consultant can provide guidance based on your business structure to help you make a decision.

Companies that are GST registered must pay a second mandatory tax, which involves submitting the Good and Services tax on a quarterly basis. There are two types of companies that can apply for GST registration: those that are required to register and those that choose to register voluntarily. A qualified tax consultant can offer tax advisory services to help you understand the requirements. Mandatory GST registration is necessary if your annual turnover exceeds $1 million, and your tax consultant can provide information on the obligations, timing, and rectification of late registration. For voluntary registration, the tax consultant can provide guidance based on your business structure to help you make a decision.

The initial compulsory tax for all companies is the Corporate Income Tax, which must be filed. The current rate is 17%, effective since 2010. Previously, the rates were 18% from 2008 to 2009 and 20% from 2005 to 2007. Companies also receive tax rebates on their taxable income. For further information, consult a specialized tax accountant or directly contact IRAS.

The initial compulsory tax for all companies is the Corporate Income Tax, which must be filed. The current rate is 17%, effective since 2010. Previously, the rates were 18% from 2008 to 2009 and 20% from 2005 to 2007. Companies also receive tax rebates on their taxable income. For further information, consult a specialized tax accountant or directly contact IRAS.