Bookkeeping and Accounting Services

Our team of professionals are trained and well versed with the relevant accounting standards (both SME FRS and SFRS) and will assist you with the book-keeping and accounting services. The standard scope of our works includes:

  • Assist you with setting up customized and user-friendly accounting software that suits your business such as Xero, QuickBooks, MYOB and ERP software
  • Provision of periodic (monthly, quarterly, half-yearly or annually) book-keeping and accounting services
  • Customisation of management and analysis reports that suits your business.
  • Customisation of reports that suits your business and your needs
  • Handling of sensitive financial information from internal employees such as payroll and bank balances
  • Correspond with the relevant authorities such as IRAS, CPF Board and other statutory Board on your behalf

Preparation of Statutory Financial Statements

As Directors of the Company, you are responsible to maintain proper controls and keep proper accounting and other records to facilitate the preparation of true and fair financial statements for your Company as required under the Companies Act (the “Act”) and to be tabled at the Company’s Annual General Meeting (“AGM”).

The financial statements provide information about the results of operations (profitability), financial position (assets and liabilities) and cash flows of the Company. It is also required for the purposes of the preparation of the Company’s income tax return.

We will assist you with the preparation of statutory financial statements for the Company as required under the Act and in accordance with applicable Accounting Standards.

Preparation of Financial Statements in XBRL Format

In addition to the preparation of statutory financial statements, the Company is also required to prepare the financial statements in Extensible Business Reporting Language (“XBRL”) format for the purposes of filing requirements as stipulated by Accounting & Corporate Regulatory Authority (“ACRA”).

Some companies are required to file full set of financial statements in XBRL format (“Full XBRL”), while some others will only file key financial data in XBRL format (“Simplified XBRL”) and a full set of signed copy of the financial statements tabled at annual general meeting and/or circulated to members in PDF format.

We will assist you to prepare the financial statements in XBRL format but first, let us assist you in assessing on whether you need to file Full XBRL format or Simplified XBRL format.

Incorporation of a Singapore Company

We can assist with the following matters relating to the incorporation of a Singapore company:

  • Collate and review the required information and due diligence documents relating to the incorporation of a Singapore company.
  • Submit an application to Accounting and Corporate Regulatory Authority (“ACRA”) to reserve the company’s name.
  • Upon name approval by ACRA, prepare the requisite incorporation documents and submit the application to ACRA for the incorporation of the company.
  • Prepare standard first board resolutions and setting up statutory registers of members, directors, chief executive officers, auditors, secretary, directors’ and chief executive officer’s shareholdings, charges and share certificates, etc.

Incorporation of an Offshore Company

We can assist with the following matters relating to the incorporation of an offshore company:

  • Collate and review the required information and due diligence documents relating to the incorporation of an offshore company or purchase of a shelf offshore company.
  • Liaise with the registered agent.
  • Prepare standard first board resolutions and setting up statutory registers of members, directors, secretary and charges (if applicable) and share certificates, etc.

Corporate Secretarial Services

The scope of our standard corporate secretarial services are as follows:

  • Provision of a named individual secretary to comply with the requirement of the Singapore Companies Act. and provision of a named corporate secretary or acting as secretarial agent for the offshore company.
  • Maintenance of the statutory records of the Company including the resolutions/minutes passed by the Director(s) and Shareholder(s) and the statutory registers as required under the Singapore Companies Act. and as required by the respective offshore jurisdiction.
  • Advising the Company on the compliance requirements and the filing of the requisite returns with ACRA and liaising with the Registered Agent in the respective offshore jurisdiction.
  • Preparation of the documents for the Annual General Meeting of a Singapore incorporated Company.
  • Preparation of Director(s) and shareholder(s) resolution(s) pertaining to the routine secretarial matters of the Singapore Company and/or offshore companies.

Nominee Director / Shareholder Services

The scope of our standard nominee services are as follows:

  • Provision of a named Individual Resident Director to comply with the requirement of the Singapore Companies Act or provision of a named corporate Director/Shareholder for offshore company, if required.
  • Provision of a named individual/corporate shareholder, if required.
  • Execution of documents for the initial appointment, first board resolutions and documentations in relation to the adoption of financial statements, Annual General Meeting and filing of the tax return with IRAS (if applicable).

Registered Office Address Services

A Singapore incorporated company shall as from the date of its incorporation have a registered office within Singapore to which all communications and notices may be addressed and which shall be open and accessible to the public for not less than 3 hours during ordinary business hours on each business day.

Our registered office address services will include inter-alia:

  • Provision of registered office address.
  • Notify the person in charge of any official mails received at our office.

Correspondence Address/Hold Mail Services

We do provide the service of a correspondence address and hold mail services which include inter-alia:

  • Redirect all mails received to any physical or email address provided.
  • Hold the mails for collection or
  • Shred on a periodical basis.

Other Ad-hoc Services

We do provide other ad-hoc services including but not limited to the following:

  • Activation of Corp Pass Account and updating of users for Singapore incorporated company.
  • Arranging for notarization and certification of documents.
  • Applying for the striking off/liquidation of Singapore and offshore Company.
  • Application for certificates and search reports from ACRA or offshore Registered Agents.

Corporate Tax Services

Often, business owners are too occupied with their day-to-day business operations and leave the tax submission just before the filing deadline. As a result, they rush to prepare and file their tax return to meet the deadline and make an unnecessary mistake that results in fines and penalties imposed by IRAS.

Our role as tax agent is to assist our Clients to ensure that your corporate tax return is prepared in line with the nature of your business and ensure compliance at all times.

Our standard scope of work includes:

  • Preparation of tax computation using IRAS-approved tax software
  • Filing of income tax return (Form C/C-S)
  • Attending to queries/audit from IRAS and where necessary, represent the Company in the submission of objection and handles any tax dispute with IRAS
  • Application to IRAS for voluntary disclosures of past tax errors/negligence (if required)
  • Application for certificate of residency with IRAS
  • Withholding tax compliance (Form IR37)
  • Filing of tax clearance for foreign employees (Form IR21)
  • Application for specific tax exemption scheme (i.e. Section 13O, 13U and etc)
  • Provide routine tax advice for your Company

Goods and Services Tax (GST) Services

Goods and Services Tax (GST), also known as Value-Added Tax (VAT) in other countries, is a broad-based consumption tax levied on the import of goods (collected by Singapore Customs), as well as nearly all supplies of goods and service in Singapore.

Compliance of GST rules and regulations remain challenging to most businesses in Singapore. With the rapid advancement of technology, IRAS has stepped up its audit of routine areas as well as specific industries.

Finova has a dedicated team of specialist, who takes proactive approach to ensure that your GST tasks and compliance are in check.

We provide the following GST related services:

  • Application for GST registration
  • Application for exemption from GST registration
  • Review, preparation and filing of GST returns
  • Attending to queries/audit from IRAS on your behalf
  • Application to IRAS for voluntary disclosures of past tax errors/negligence
  • Assistance in Assisted Self-help Kits (ASK), a comprehensive self-assessment compliance package that aids businesses to review the correctness of their GST submissions
  • Application for GST de-registration

Tax Services for Individuals

Some of the common offences committed by individuals on their tax compliance (as highlighted by IRAS) are as follows:

  • Not filing income tax return
  • Wrong declaration of trade or business income
  • Incorrect relief claims
  • Wrongful claim of CPF contributions for self-employed, etc.

We can assist you with the followings:

  • Filing of Individual income tax return (Form B/B1)
  • Partnership income tax compliance (Form P)
  • Application to IRAS for voluntary disclosures of past tax errors / negligence
  • AAssistance to attending to queries/audit from IRAS and where necessary, represent you in submission of objection and handles any tax dispute with IRAS

Other Tax Services

Beyond routine tax or GST compliance services, we understand that you may require consultation regarding corporate/individual tax or GST ramification on specific transactions or issues concerning your Company or business.

We have assisted our clients in the following matters:

  • Successfully applied for tax exemption scheme under Section 13R for a Single-Family Office set up
  • Corrected past tax returns for individual client that resulted in tax refunds from IRAS
  • Provided support and guidance on GST audit and Income tax review conducted by IRAS on our clients’ tax records
  • Assisted our Clients on tax requirements for corporate amalgamation in accordance with Section 34C of the ITA
  • Carried out tax due diligence on a “target company” as instructed by our client (Buyer)
  • Carried out GST “ASK” review on behalf of our clients for the purposes of application to renew their Major Exporter Scheme (“MES”) status

Come and talk to us for non-obligatory consultation for us to understand your needs or concerns.

Recruitment and Staffing Services

Depending on your manpower needs, our team of experienced HR professionals and Employment Agency personnel will assist you in looking for the right talents for your business. Whether you are looking to recruit for a permanent position, temporary or contract position, our team will be able to assist you.

We leverage technology and our wide network to find suitable candidates that meet your specific needs.

Payroll Outsourcing

We help to ease your administrative burden with meticulous end-to-end payroll management, from regular monthly remuneration to commission schemes, so that you can focus on your core business and achieve more.

Our standard payroll outsourcing services include:

  • Monthly payroll processing, including maintaining payroll registers and managing employees’ database
  • Maintaining annual leave/medical leave records for employees in accordance with the employment contract(s) and relevant regulations in Singapore
  • Generating itemized pay slips as required under the Employment Act
  • Submission of monthly employees’ contribution details to CPF Board via CPF e-submission
  • Perform month-end and year end CPF reconciliation against the Company’s accounts (if required)
  • Prepare and generate the Return of Employee’s Remuneration (“IR8A”) and Details of Employer’s/Employee’s Contribution to CPF (“IR8S”) (where applicable) for all your employees in accordance with S68(2) of the Income Tax Act; and
  • Assist the Company in the submission of Employment Income under the Auto Inclusion Scheme (“AIS”) via IRAS e-submission by 1 March.

Work Pass Services

Foreign individuals who wish to work in Singapore must have a valid work pass (i.e. Employment Pass (“EP”), EntrePass, Personalised Employment Pass (“PEP”), S Pass, Work Permit (“WP”) or various other passes).

Not sure which work pass you should apply for yourself or your foreign employee?

Our team of experienced professionals are familiar with the specific requirements and procedures for all work pass application matters and will guide you and your foreign employees.

Setting Up Family Office

Family Office Models

Family offices are private wealth management advisory firms that serve ultra-high-net-worth (UHNW) investors. They are different from traditional wealth management shops in that they offer a total outsourced solution to managing the financial and investment side of an affluent individual or family. There are a wide range of family office models are in use today. Just as there are a number of key differences between single family offices, and multi-family offices that serve several unrelated families. But whatever the key differences may be, the common denominator is that the office serves only one family, which may include multiple generations or even family branches.

family diagram
magnifying glass


family diagram
magnifying glass


Tax Exposure in Singapore

Singapore follows a territorial basis of taxation. In other words, companies and individuals are taxed mainly on Singapore sourced income.

Singapore income tax is payable on income that is:

  • accrued in or derived from Singapore; or
  • received in Singapore from outside of Singapore.

Singapore’s corporate income tax is levied at a flat rate of 17%.

Regulatory Framework of a Family Office in Singapore

Fund management activities in Singapore are regulated by the Monetary Authority of Singapore (“MAS”) under the Securities and Futures Act (Cap. 289) (“SFA”). When a trust structure is involved, the trust business will be regulated by the MAS under the Trust Companies Act (Cap. 336).

Entities carrying out fund management activities must either:

  • Hold a Capital Markets Services (“CMS”) License for fund management as a Licensed Fund Management Company (“LFMC”);
  • Be registered as a Registered Fund Management Company (“RFMC”); or
  • Be expressly exempted from holding a CMS license*

* An entity that is in substance managing funds on behalf of a single family but does not fall neatly within the scope of existing class licensing exemptions may seek a licensing exemption from MAS under section 99(1)(h) of the SFA.

Financial Due Diligence

Financial due diligence helps you to understand the nature of a deal and the risks involved.

It is essentially, doing your “homework” before getting into a deal, whether as a “buyer” or preparing for financial due diligence as a “seller”. We have heard stories about undisclosed commitments or liabilities, actual assets value below what is stated in the accounts, actual revenue, profit lower than stated and many more.

Striking Off A Company

Before you proceed to submit your application for striking of your company, you need to ensure that you meet the following criteria:

  • The Company has ceased business or has not commenced business since incorporation
  • The Company has no outstanding liabilities or contingent liabilities (any government agency or third parties)
  • The Company is not involved in any legal proceeding (in or outside Singapore)
  • The Company is not subject to any ongoing or pending regulatory action or disciplinary proceedings
  • All / majority of the director(s) authorises you to submit the application for striking off

We will be able to assist you with this process.


We will respond to you as soon as we can.