According to the “Doing Business 2018” report by the World Bank, Singapore remains a leading business destination. When setting up a business in Singapore, the entrepreneurs will need to know and manage the various components of business operations, such as accounting and taxation. To this end, it might be easier for the them to rely on the help of professional audit and accounting services firm in Singapore which has experts available to guide, advise and handle such matters.
Given this, here are the reasons why you should consider AM Corporate Services for your accounting and taxation needs.
What are the accounting services available?
At this year’s Singapore Accountancy and Audit Convention, it was noted that there will be new regulatory changes ahead. These changes will address the Enhanced Auditor Reporting which has the key audit matters or KAMs that reveal the most pertinent points in the audit of financial statements, the review of the Accountants Act, as well as the financial reporting of Singapore companies that are listed on the Singapore Stock Exchange. Under this context, it is important for companies to stay up-to-date on the latest accounting standards and be in compliance with them. Understanding the latest accounting standards is important, as it impacts the company in many ways, from daily operations to lucrativeness.
Here, at AM Corporate Services, we understand that your company might wish to outsource your accounting department to free up resources, such as time and personnel. We will ensure that all your company’s needs, from the accounting basics to financial statements and financial reporting, are met.
In terms of accounting basics, our team of experts are here to ensure a smooth accounting experience. This involves help in the setup of proper accounting systems, policies and procedures aligned with local accounting and regulatory requirements. This also includes the preparation of accounting-related administrative services such as sales and receipt cycle, payment cycle and ageing reports.
In terms of financial statements, as an experienced audit firm in Singapore we ensure that compilation of the full set of financial statements is in XBRL format, and that such financial statements are in compliance with the Financial Reporting Standards. In terms of financial reporting, we prepare the group consolidation and the annual report. We will also work with auditors to organise the year-end accounting schedules for audit and tax purposes. Specific to the Singapore context is the Goods and Services Tax (GST). At AM Corporate Services, we can help your company to register or deregister for GST and also provide you with GST consultancy, computation and quarterly submission.
What are the tax services available?
In late November this year, Singapore Prime Minister Lee Hsien Loong said that the country will be increasing its taxes, owing to a rise in government spending on infrastructure and social services.
Planning ahead, AM Corporate Services is here to guide and advise your company on how best to navigate the Singapore tax framework and manage your tax requirements. Our team of tax professionals identify and apply tax strategies which are best suited for your entity. We deliver a host of services ranging from the areas of personal tax, business tax and tax management.
In terms of personal tax, our team is here to prepare personal tax filings, arrange for the returns of employees’ remuneration and tax clearance. In terms of corporate tax, our tax professionals can advise on tax planning, tax compliance and risk management. We will secure tax incentives and exemptions best suited to your company’s needs. We are also readily available to represent your company in case of any tax disputes with the tax authorities. In addition, should there have been any past tax errors or negligence, we will work with the local tax authority namely the Inland Revenue Authority of Singapore to apply for voluntary disclosure. In terms of GST, we offer advice on the planning and auditing of GST.
Why AM Corporate Services is your professional services firm of choice?
Established in 2002, AM Corporate Services offer the full spectrum of corporate services to clients. Our expertise spans from corporate accounting services in Singapore, business setup, accounting, bookkeeping, payroll, immigration to other related services. Complementing our services are audit assurance, tax advisory, insolvency and management consultancy which are provided by our associate S C Mohan PAC. You can read more about our range of services here.
Over the years, we have built and maintained a diversified clientele from different sectors such as law, telecommunications, sports, logistics, beauty, manufacturing, investment, construction and education. We are proud to serve companies of various sizes ranging from sole-proprietorship firms, small and medium enterprises, partnership firms to multinational companies.
Contact AM Corporate Services today for a bespoke session on how we can help your company on your tax and accounting services needs in Singapore.