RSBU | One stop solution for your business needs in Singapore
Under the Singapore Companies Act, every company incorporated in Singapore is required to file annual financial, management and tax reports with the Singapore Revenue and Registration Authority.
RSBU provides a full range of services for the preparation of the required financial, management and tax reporting in Singapore, as well as the preparation and filing of all mandatory reports to the Principal Registrar (ACRA) and the Singapore Revenue Authority (IRAS).
RSBU launched in Singapore in 2013 and over the years has helped thousands of companies with their legal and business needs.
info@rsbu.org
info@rsbu.org
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MONTHLY REPORTING
FROM
100$
/month
Add to cart
ANNUAL REPORTING
FROM
880$
/year
Our services:
Annual or monthly reporting:
We can offer you services on a monthly or annual basis, whichever suits your business needs better. The cost of annual and monthly reporting services depends on the number of transactions, company turnover and other factors. For your convenience we have prepared for you a comparative table of our packages:
MONTHLY REPORTING
ANNUAL REPORTING
Cost of services
The cost of accounting services will depend on the type of accounting (monthly/annual), the number of transactions, as well as additional surcharges for company turnover, loans, real estate/equipment on the balance sheet, and the number of employees, as well as whether the company is a VAT payer.
At the end of the fiscal year, your company is required to prepare and file the following types of reports by the legal deadlines:
Statement of presumptive taxable income (ECI)
Department:
Deadline:
IRAS
3 months after the end of the fiscal year
Learn more
150$
Annual General Meeting (AGM)
Department:
Deadline:
ACRA
6 months after the end of the fiscal year
Learn more
120$
Annual report (AR)
Department:
Deadline:
ACRA
6 months after the end of the fiscal year
Learn more
150$
Corporate Income Tax Return (Form C/CS)
Department:
Deadline:
IRAS
November 30 (every year)
Learn more
500$
Filing of these reports is mandatory for all companies registered in Singapore, including companies with no financial activities, companies without a bank account in Singapore, and companies with a director and shareholder in the same person.
Corporate Income Tax Return (Form C/CS)
Statement of presumptive taxable income (ECI)
Annual General Meeting (AGM)
Annual report (AR)
Important!
Failure to file, as well as late filing of the required Company Reports in Singapore is fraught with danger:
Penalties
Litigation with the Principal Registrar (ACRA) and the Internal Revenue Authority of Singapore (IRAS).
Bringing officers and directors of the company to administrative responsibility
Litigation with the Principal Registrar (ACRA) and the Internal Revenue Authority of Singapore (IRAS).
Bringing officers and directors of the company to administrative responsibility
Closure of the company
Inclusion of officers and directors of the Company in international "black" lists
Inclusion of officers and directors of the Company in international "black" lists
Be sure to keep all information about payments made.
This is a necessary part of the preparation of financial statements for your company, which is the basis of all official reports.
If your company routinely has a large number of accounting transactions on a regular basis, we strongly recommend that you keep your accounting records on a monthly basis.
This will not only give you the ability to monitor the financial position of the company, but also allow you to easily prepare all the mandatory financial statements at the end of the financial year of the company.
This will not only give you the ability to monitor the financial position of the company, but also allow you to easily prepare all the mandatory financial statements at the end of the financial year of the company.
Control over the timely filing of mandatory reports
for your company lies with the Corporate Secretary of the Company.
Therefore, we recommend using only qualified corporate secretaries, as this will save you and your company from unnecessary fines and violations of the law.
for your company lies with the Corporate Secretary of the Company.
Therefore, we recommend using only qualified corporate secretaries, as this will save you and your company from unnecessary fines and violations of the law.
Recommendations:
In case you have an inactive company or the number of financial transactions is relatively small, it is possible to keep accounting records on an annual basis.
Do you need help?
If you have any additional questions, we will be happy to answer them!
We have dealt with this topic in more detail in our videos:
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On the Singapore market
Since 2013
Full range of business services in Singapore
Data for a group of companies
Customers
Why us?
Testimonials from our customers
We have been cooperating with RSBS since the creation of our company, namely since 2017. This is a team of professionals who can be trusted with tasks of various complexity, from company registration to assistance in some aspects of business. I am grateful and glad for our partnership!
Dmitry Malakhovsky
Director & Co-Founder, Ecoway Technologies Pte.Ltd.
Anastasia Oleinik
Prima Music Pte Ltd
RASA expresses its sincere gratitude to RSBU. Our cooperation began in 2019 with the registration of the company and continues to the present day.
During the period of our cooperation, RSBU representatives have shown high professionalism and efficiency in performing the designated tasks. We receive constant support in the ongoing financial and organizational processes of the company. We are very satisfied with our cooperation with RSBU and we certainly recommend this company as your reliable and trusted partner.
During the period of our cooperation, RSBU representatives have shown high professionalism and efficiency in performing the designated tasks. We receive constant support in the ongoing financial and organizational processes of the company. We are very satisfied with our cooperation with RSBU and we certainly recommend this company as your reliable and trusted partner.
Tatiana Meshkova
I used the services of RSBU in order to open my own company in Singapore. Good service. The consultants actively answer questions and respond quickly if problems arise. Especially valuable is the fact that even after successfully opening a company, the consultants give advice on documentation and doing business in Asia.
I recommend it!
I recommend it!
RASA Pte Ltd
We have been cooperating with RSBS since the creation of our company, namely since 2017. This is a team of professionals who can be trusted with tasks of various complexity, from company registration to assistance in some aspects of business. I am grateful and glad for our partnership!
Dmitry Malakhovsky
Director & Co-Founder, Ecoway Technologies Pte.Ltd.
Anastasia Oleinik
Prima Music Pte Ltd
RASA expresses its sincere gratitude to RSBU. Our cooperation began in 2019 with the registration of the company and continues to the present day.
During the period of our cooperation, RSBU representatives have shown high professionalism and efficiency in performing the designated tasks. We receive constant support in the ongoing financial and organizational processes of the company. We are very satisfied with our cooperation with RSBU and we certainly recommend this company as your reliable and trusted partner.
During the period of our cooperation, RSBU representatives have shown high professionalism and efficiency in performing the designated tasks. We receive constant support in the ongoing financial and organizational processes of the company. We are very satisfied with our cooperation with RSBU and we certainly recommend this company as your reliable and trusted partner.
Tatiana Meshkova
I used the services of RSBU in order to open my own company in Singapore. Good service. The consultants actively answer questions and respond quickly if problems arise. Especially valuable is the fact that even after successfully opening a company, the consultants give advice on documentation and doing business in Asia.
I recommend it!
I recommend it!
Сотрудничаем с РСБС с момента создания нашей компании, а именно с 2017 года. Это команда профессионалов, которым можно доверить задачи разной сложности, начиная от регистрации компании и заканчивая помощью в некоторых аспектах деятельности. Благодарен и рад нашему партнерству!
Малаховский Дмитрий
Директор & Соучредитель
Ecoway Technologies Pte.Ltd.
Ecoway Technologies Pte.Ltd.
RASA Pte Ltd
Seafood International Trade Pte Ltd would like to thank RSBU for their long-term and fruitful cooperation. We have been customers of RSBU since its incorporation and RSBU has established itself as a task-oriented and result-oriented company.
Olga
Seafood International Trade Pte. Ltd.
Maxim R.
Wowlink Pte. Ltd.
Working with RSBU leaves only positive impressions in the memory. The team stays in touch even during holidays and off hours.
Our business is quite specific, requiring licensing, legal expertise and we get help from RSBU on all these matters. What to say about the basic needs of opening a company and accounts, everything is at the highest level here.
Our business is quite specific, requiring licensing, legal expertise and we get help from RSBU on all these matters. What to say about the basic needs of opening a company and accounts, everything is at the highest level here.
Vitaly Isayev
We registered a Private Limited Company in 2020 with RSBU. The RSBU team worked perfectly, the documents were prepared professionally, the registration of the company and the opening of the bank account went smoothly.
RSBU also provided our company with a nominee director, an official address, and helped us keep the books. We are very pleased with the quality of service, responsiveness and professionalism of the RSBU staff. You can see that the company and team are constantly improving and enhancing the quality of services provided. Thank you very much for your work!
RSBU also provided our company with a nominee director, an official address, and helped us keep the books. We are very pleased with the quality of service, responsiveness and professionalism of the RSBU staff. You can see that the company and team are constantly improving and enhancing the quality of services provided. Thank you very much for your work!
Сотрудничаем с РСБС с момента создания нашей компании, а именно с 2017 года. Это команда профессионалов, которым можно доверить задачи разной сложности, начиная от регистрации компании и заканчивая помощью в некоторых аспектах деятельности. Благодарен и рад нашему партнерству!
Малаховский Дмитрий
Директор & Соучредитель
Ecoway Technologies Pte.Ltd.
Ecoway Technologies Pte.Ltd.
Spacefox Pte Ltd.
Seafood International Trade Pte Ltd would like to thank RSBU for their long-term and fruitful cooperation. We have been customers of RSBU since its incorporation and RSBU has established itself as a task-oriented and result-oriented company.
Olga
Seafood International Trade Pte. Ltd.
Maxim R.
Wowlink Pte. Ltd.
Working with RSBU leaves only positive impressions in the memory. The team stays in touch even during holidays and off hours.
Our business is quite specific, requiring licensing, legal expertise and we get help from RSBU on all these matters. What to say about the basic needs of opening a company and accounts, everything is at the highest level here.
Our business is quite specific, requiring licensing, legal expertise and we get help from RSBU on all these matters. What to say about the basic needs of opening a company and accounts, everything is at the highest level here.
Vitaly Isayev
We registered a Private Limited Company in 2020 with RSBU. The RSBU team worked perfectly, the documents were prepared professionally, the registration of the company and the opening of the bank account went smoothly.
RSBU also provided our company with a nominee director, an official address, and helped us keep the books. We are very pleased with the quality of service, responsiveness and professionalism of the RSBU staff. You can see that the company and team are constantly improving and enhancing the quality of services provided. Thank you very much for your work!
RSBU also provided our company with a nominee director, an official address, and helped us keep the books. We are very pleased with the quality of service, responsiveness and professionalism of the RSBU staff. You can see that the company and team are constantly improving and enhancing the quality of services provided. Thank you very much for your work!
Сотрудничаем с РСБС с момента создания нашей компании, а именно с 2017 года. Это команда профессионалов, которым можно доверить задачи разной сложности, начиная от регистрации компании и заканчивая помощью в некоторых аспектах деятельности. Благодарен и рад нашему партнерству!
Малаховский Дмитрий
Директор & Соучредитель
Ecoway Technologies Pte.Ltd.
Ecoway Technologies Pte.Ltd.
Spacefox Pte Ltd.
Frequently Asked Questions (FAQ)
Reporting is done once a year.
Even dormant or dormant companies (including Companies without a bank account in Singapore) are required to hold an Annual Meeting of Shareholders and file Reports within the above time limits.
Record keeping requires:
- Bank statements for the financial period. It is recommended that you download bank statements monthly in two formats - PDF and Excel - for easy record keeping. Remember, the ability to download bank statements in online banking is limited to six months. Keep your statements up to date!
- Invoices to Pay.
- Contracts are preferable for transactions over 10,000 SGD.
Directors of the Company who breach statutory obligations under the Companies Act may be liable to penalties of $700 per director.
In addition, the Company will be fined between $350 and $900.
In addition, the Company will be fined between $350 and $900.
Section 205B/205C of the Companies Act:
The Company must appoint an auditor within 3 months of the date of incorporation if the Company is NOT exempt from audit requirements.
The Company must appoint an auditor within 3 months of the date of incorporation if the Company is NOT exempt from audit requirements.
As a reminder, the Company is exempt from an audit if 2 of the following 3 conditions are met for 2 consecutive fiscal years:
- The company's total revenue for the fiscal year is less than SGD 10 million.
- Company assets are less than SGD 10 million.
- Number of employees is less than 50.
Section 201 of the Companies Act:
The financial statements of the Company presented at the Annual General Meeting shall be prepared not later than 6 months prior to the date of the Annual Meeting of Stockholders.
The financial statements of the Company presented at the Annual General Meeting shall be prepared not later than 6 months prior to the date of the Annual Meeting of Stockholders.
The Annual General Meeting (AGM) is a way for your company to present its financial statements to shareholders and members. Based on which shareholders can ask questions about the state of your business.
All companies registered in Singapore are required to hold an annual AGM.
Read more.
All companies registered in Singapore are required to hold an annual AGM.
Read more.
Section 175 of the Companies Act:
Every company incorporated in Singapore is required to hold its first Annual General Meeting within 18 months from the date of incorporation and within six months from the date of the end of the financial year.
Read more.
Every company incorporated in Singapore is required to hold its first Annual General Meeting within 18 months from the date of incorporation and within six months from the date of the end of the financial year.
Read more.
Section 175 of the Companies Act:
If your company is listed on a stock exchange, you must hold an annual meeting of shareholders within four months after the end of your company's fiscal year and file the annual report within five months after the end of your company's fiscal year.
If your company is unlisted, you must hold your annual shareholders meeting within six months of the end of your company's fiscal year and file your annual report within seven months of the end of your company's fiscal year.
Read more.
If your company is listed on a stock exchange, you must hold an annual meeting of shareholders within four months after the end of your company's fiscal year and file the annual report within five months after the end of your company's fiscal year.
If your company is unlisted, you must hold your annual shareholders meeting within six months of the end of your company's fiscal year and file your annual report within seven months of the end of your company's fiscal year.
Read more.
Beginning August 31, 2018, private companies may be exempt from the AGM if they send their financial statements to their members within five months of the end of the fiscal year.
The AGM exemption is subject to the following safeguards:
Private inactive qualifying companies* that are exempt from preparing financial statements are not required to hold annual meetings, subject to the safeguards described above.
* A Private Inactive Qualifying Company is a private company that is inactive, is not publicly listed (and is also not a subsidiary of a listed company); and has total assets of less than or equal to SGD 500,000 (consolidated value if it is the ultimate parent company).
Read more.
The AGM exemption is subject to the following safeguards:
- A member wishing to request an AGM must notify the company at least 14 days before the end of the sixth month following the end of the fiscal year.
- The directors are required to hold an AGM within 6 months of the end of the fiscal year if any shareholder/board member so requests.
- Private companies must hold a general meeting to present the company's financial statements if any member or auditor requests it no later than 14 days after the financial statements are mailed. The directors must, within 14 days of the date of the request, hold a general meeting and present the financial statements
Private inactive qualifying companies* that are exempt from preparing financial statements are not required to hold annual meetings, subject to the safeguards described above.
* A Private Inactive Qualifying Company is a private company that is inactive, is not publicly listed (and is also not a subsidiary of a listed company); and has total assets of less than or equal to SGD 500,000 (consolidated value if it is the ultimate parent company).
Read more.
Directors who fail to comply with AGM requirements may be held liable in court.
Possible consequences could include disqualification or removal of a director.
In addition, ACRA may impose fines on companies that fail to hold mandatory AGMs.
Separately, late filing fines are levied for each annual report filed late.
Read more.
Possible consequences could include disqualification or removal of a director.
In addition, ACRA may impose fines on companies that fail to hold mandatory AGMs.
Separately, late filing fines are levied for each annual report filed late.
Read more.
Section 197 of the Companies Act:
The Directors of the Company are required to file the Company's Annual Returns with the Accounting and Corporate Regulatory Authority of Singapore (ACRA) within 1 month after the Annual Meeting of Shareholders.
The Directors of the Company are required to file the Company's Annual Returns with the Accounting and Corporate Regulatory Authority of Singapore (ACRA) within 1 month after the Annual Meeting of Shareholders.
Letter of Consent (LOC)
is an official work permit from the Singapore Ministry of Labor for Dependant Pass holders who are owners of a business registered in Singapore, and LTVP/LTVP+ who are spouses or unmarried children of Singapore citizens and permanent residents.
is an official work permit from the Singapore Ministry of Labor for Dependant Pass holders who are owners of a business registered in Singapore, and LTVP/LTVP+ who are spouses or unmarried children of Singapore citizens and permanent residents.
Employment Pass (EP) - is a Singapore work visa intended for highly qualified foreign professionals and executives working in Singapore with appropriate qualifications and a salary of at least SGD 4,500 (~3,355 USD) per month for all companies and at least SGD 5,000 (~3,650 USD) for the financial sector.
Singapore is one of the largest financial centers in the world. There are more than 200 banks, including 111 commercial banks providing a wide range of banking services.
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Singapore
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