Small accounting firms play important roles in Singapore business
Small accounting firms in Singapore provide a wide range of services for companies. These include accounting, financial advice, tax, valuation services, bookkeeping and many more. These services may even be more diverse to meet a wider base of clientele. Apart from doing the regular bookkeeping, payroll, filing returns for companies, accounting firms do much more than that. They also help foreigners to register new companies in Singapore.
How small accounting firm help foreigners to register companies in Singapore
If you are having challenges registering a new company in Singapore, if you do not know where to start, or what is needed, do not worry. You can use the services of accounting firms such as J Accounting Pte. Ltd. and they will take care of everything for you.
The compliance and administration matters of registering and incorporating businesses in Singapore can take a newcomer a long time. That is why accounting firms undertake this important duty and leave you to work on the business side of your company. If you are a foreigner looking to establish a company in Singapore, you will need all the help you can get so that you ensure compliance as well as staying within the law. You can have a peace of mind and not worry about getting yourself into trouble, such as late filing. Late lodgment with the authorities of Singapore such as ACRA and IRAS can result in fines and penalties incurred for both the company as well as officers of the company such as the Directors and Secretary.
Some duties that small accounting firms can do for your business
Assurance – This is an independent assessment of the accounts records, internal controls of a company, all financial statements, statutory audits, compilation reports, financial due diligence and the agreed upon procedures. Depending on what you need, the accounting firm can do this for you as their scope of work.
Tax services – If you run a business in Singapore, then you had better be sure that you are taxation compliant and that you are meeting your tax obligations on time. Tax planning, tax advisory, compliance procedures like GST registration, GST filing and many more including your personal and company tax matters are all covered by small accounting firms such as J Accounting Services.
Support services – Offering business support services is one of the main functions that many accounting firm offers. From offering help in administration services like accounting, processes management, payroll to taking your business towards compliance, you can learn your business fluently knowing that the administration and technical side is in good hands.
Duties like preparing accounts payable including admin and finance, CPF submitting, annual, yearly or monthly bookkeeping services, financial statements preparation and setting up books of accounts are all offered by majority of small accounting firm.
Registering a business in Singapore – This is another one of the main duties of small accounting firms in Singapore. The duties include incorporating private limited company, registering a limited liability partnership, sole proprietorship, offering nominee director, corporate secretarial service and many more business duties.
Professional assistance – If you intend to establish a business in Singapore in the near future, then you will require professional assistance through all the steps that you have to go through. You will need intelligent services that can help you set up the kind of business entity that will be most suitable for you. Small accounting firms offer these services and assistance. Because they are not big, that also means they are very cost-effective and they will partner with you into the future of your business as they handle all accounting, compliance and support matters for you.
You will need help if you are establishing a new company from scratch or if you are looking to change the Corporate Service Provider, the small accounting firm can help foreigners look to register new business in Singapore. Just make sure that the accounting firm you are engaging is registered as an agent with the Accounting and Corporate Regulatory Authority so that it can help you perform the ACRA filings without being your named company secretary. Look out for firms with a filing agent license approved by ACRA. J Accounting Services is one example of a firm who is a registered filing agent with ACRA, and can assist you with these.
