A Singapore company is required to file taxes once a year, not monthly. That means there is no need to do monthly accounting. Within 18 months after the company registration, a shareholder annual meeting (AGM) must be held, along with the preparation of financial statements and submission to the Accounting and Corporate Regulatory Authority (ACRA), and the tax return to the Inland Revenue Authority of Singapore (IRAS), collectively known as the annual return and audit.
                                            

                                                
Personal income tax for the previous year must be filed between March 1 and April 15 each year. Even if the annual income is below S$20,000, it must still be filed, though no tax payment is required unless the tax authority explicitly states otherwise.
                                            

                                                
Companies in Singapore that engage in business must maintain accounts. Companies can choose to do it themselves or outsource to a service provider like us. Auditing must be done by a certified accountant or auditor. We offer audit services through our professionals. Companies with revenue under S$5 million are not required to conduct an audit.
                                            

                                                
ECI stands for Estimated Chargeable Income. It refers to estimated tax, which must be filed with the tax authority within 3 months after the company's financial year-end. After the tax authority receives the return, it issues an assessment notice within one month. Clients must pay the tax within a month after receiving the notice. The income estimate does not need to be exact. In the following year when filing corporate taxes, the tax authority compares the pre-paid tax and adjusts accordingly.
                                            

                                                
There will be a fine, which ranges from S$200 to S$1,000. If the fine remains unpaid, the company may face legal action. New companies are generally given some leniency in the first tax year if they are late in filing taxes. The tax authority may extend the deadline by one month, and if the filing is completed within the grace period, no fine will be imposed.
                                            

                                                
The first three years of tax-exempt profits for newly established companies are up to S$100,000. If profits are between S$100,000 and S$300,000, the corporate tax rate is 8.5%. Companies with profits exceeding S$300,000 are taxed at 17%.