Incorporation of private limited companies in Singapore

Exes had been providing services for more than 20 years and our qualified staff will be able to assess your start-up needs and advise on the most appropriate company or business structure suitable for your businesses.

We will advise our clients how to kick-start their operations.

A private limited company is the most popular business type in Singapore. A company is a business entity registered under the Singapore Companies Act, Chapter 50. A company is a separate legal entity from its shareholder and director, has rights to own properties, has perpetual succession and can sue or be sued.

Find out more on other types of business entities or our Incorporation package

Ad Hoc Accounting

Exes has the resources to respond at short notice to attend to ad-hoc assignment as well as urgent accounting work. Some services we offer include:

  • Clear ‘messy’ accounts and backlog
  • Take over the accounting function on a short-term and temporary basis, normally when the company is in the process of restructuring or when the accounts department is under-staffed due to unforeseen circumstances
  • Prepare financial statements to meet deadlines imposed by ACRA, IRAS or financial institutions
  • Reconstruct accounts from incomplete record

Payroll Processing

Our dedicated and experienced team will ensure accurate and

  • Do monthly salary calculation, salary credit and generate payslip
  • Payroll Statutory Contribution (CPF, Foreign workers Levy, Ethnics contributions, e.g. CDAC, National Service)
  • Payroll Reporting (Tax Clearance for Foreigner, IR21) (Annual income tax report for all employee, IR8A)

Compilation of Unaudited Financial Report

The process of compiling and filing your financial report is a very tedious one, and we can help take the load off your shoulders. Even in the case* where your company is exempt from audit, you are still required to prepare a full set of financial statements including explanatory notes, accompanied by the directors’ report and the statement by directors, and prepared in compliance with the Financial Reporting Standards (“FRS”)

At Exes, we take efforts to keep up to date with changes to the FRS, ensuring that our clients are in compliance with the standards. You can be assured that any financial reports and statements are compiled with professional competence and due care.

Your company may be exempted from an audit if:

  • It is an Exempt Private Company (“EPC”), which means no corporate shareholder in the company and the number of shareholders in the company is not more than 20.
  • Annual revenue of the company does not exceed S$5 million for financial years starting on and after 1 June 2004.
  • Shareholders who represent 5% or more of a company’s ordinary shares do not request for an audit.

Preparation of Financial Statements in XBRL

The Accounting & Corporate Regulatory Authority (ACRA) requires Singapore incorporated companies to file their financial statements in XBRL (or eXtensible Business Reporting Language) format. XBRL is an open standard used in computers to present financial statements such that they can be retrieved from online records and transferred directly to users such as auditors, regulators, financial analysts for various purposes. Learn more about XBRL.

Directors of the companies are responsible of ensuring the correctness and accuracy of financial statements in XBRL format filed with ACRA. They are advised to check the information to be filed before authorising any parties to submit the information on behalf of the company to ACRA.

Companies can choose to get their staff to prepare the financial statements in XBRL format using ACRA’s Tools(BizFin). Alternatively, you can engage our services to assist in the preparation.

The Exes Advantage

Preparation of financial statements in XBRL requires some accounting knowledge and it is time-consuming. A company’s director will most often dedicate this task to a junior accounts personnel. The dilemma, however, is whether directors should spend extra time to check that: (1) the statements prepared in XBRL format and; (2) the XBRL filing, are both done correctly.

As such, outsourcing the preparation and filing to a professional accounting services firm like us will give directors the peace of mind in meeting the company’s compliance needs. This enables directors and business owners to focus on business-critical operations and core activities without having to worry about the processes behind this requirement.

To learn more about our taxation, payroll and general accounting outsourcing services in Singapore, please don’t hesitate to get in touch.