Singapore is one of Asia’s leading business and financial centres, with a transparent, well-administered tax system and a generous startup tax exemption scheme that benefits new businesses significantly. IRAS compliance requirements and GST obligations make professional tax support valuable for Singapore entrepreneurs. These are the top tax and accounting firms serving Singapore small businesses.
★ HL Recommended
WAN Consultants
Singapore accounting and tax firm offering small business tax planning, IRAS compliance, and financial consulting for entrepreneurs and growing businesses in Singapore.
Great for: Singapore small businesses needing IRAS compliance and proactive tax planning
Accountant SG
Singapore accounting firm providing business tax preparation, GST compliance, and financial reporting for local entrepreneurs and SMEs across Singapore.
Great for: Entrepreneurs wanting comprehensive Singapore tax compliance and GST support
Timcole
Singapore corporate secretarial, accounting, and tax firm serving small and mid-size businesses with IRAS compliance, bookkeeping, and business advisory services.
Great for: Growing businesses needing corporate secretary, accounting, and tax in one place
Singapore’s corporate tax rate is 17% on chargeable income, one of the more competitive rates in Asia. However, newly incorporated companies benefit from the Startup Tax Exemption (SUTE) scheme: for the first three years of assessment, qualifying companies can exempt 75% of the first SGD 100,000 and 50% of the next SGD 100,000 of chargeable income. After the first three years, a partial tax exemption continues. GST in Singapore is 9% (effective January 2024), with registration required when taxable turnover exceeds SGD 1 million annually. Singapore has an extensive network of over 90 double taxation agreements, reducing withholding tax on cross-border income. Corporate tax returns (Form C-S or Form C) are due annually by 30 November.
Singapore’s GST rate increase from 8% to 9% in January 2024 required many businesses to update their systems and pricing. The startup tax exemption scheme is highly valuable but requires the company to qualify as a new startup (not more than three assessment years from incorporation, principal activities not investment holding or developing and licensing IP). Transfer pricing documentation is increasingly scrutinised by IRAS for related-party transactions. Singapore’s status as a regional hub means many businesses have cross-border income, requiring understanding of the relevant double taxation agreements. The Productivity and Innovation Credit (PIC) scheme has been replaced by newer incentives, and staying current with IRAS’s changing support programs requires professional guidance.
Cloud accounting software like Xero and QuickBooks Online is widely used by Singapore businesses for bookkeeping and GST return preparation through IRAS MyTax Portal. However, corporate income tax filings (Form C-S/C), transfer pricing documentation, and strategic tax planning require professional accounting expertise.
Many Singapore entrepreneurs use Xero and the IRAS myTax Portal for early bookkeeping and GST returns, then engage a local accountant for corporate tax returns, startup exemption claims, and strategic planning as the business scales.
Singapore accountants serve businesses across the island-state and across the Southeast Asia region including Malaysia, Indonesia, Thailand, Vietnam, and the Philippines.
For help finding the right tax professional in Singapore, Hustler’s Library is here to point you in the right direction.
Singapore’s Startup Tax Exemption (SUTE) scheme provides significant relief for newly incorporated companies. For the first three years of tax assessment, qualifying companies can exempt 75% of the first SGD 100,000 of chargeable income and 50% of the next SGD 100,000. This means an effective tax rate well below 17% in the early years. To qualify, the company must be incorporated in Singapore, be a tax resident in Singapore, and have no more than 20 shareholders with at least one individual holding at least 10% of shares. Investment holding companies and property development businesses are excluded. An accountant can confirm your eligibility and ensure the exemption is correctly claimed on your Form C-S.
Singapore GST is 9% (from January 2024) and applies to most goods and services supplied locally. Businesses must register for GST when taxable turnover exceeds SGD 1 million in any calendar year or when there are reasonable grounds to expect taxable turnover will exceed SGD 1 million. Voluntary registration is available for businesses below the threshold and can be beneficial for businesses with significant GST on purchases. Registered businesses file GST returns (Form F5) quarterly through the IRAS myTax Portal. A Singapore accountant can advise on whether and when to register and set up GST tracking in your accounting system.
Singapore companies file annual corporate income tax returns with IRAS. Companies with annual revenue below SGD 5 million and simple tax affairs can use Form C-S (simplified). Companies with more complex affairs use Form C. Returns are due by 30 November each year (paper) or 15 December (e-filing through myTax Portal). Companies must also file Estimated Chargeable Income (ECI) within three months of their financial year end. Failure to file on time results in penalties. An accountant manages the full corporate tax cycle from bookkeeping to IRAS submission and can handle any IRAS queries that arise.
Singapore has one of the world’s most extensive networks of double taxation agreements (DTAs), covering over 90 countries. DTAs reduce or eliminate withholding tax on dividends, interest, royalties, and other cross-border payments between treaty countries. They also allocate taxing rights between Singapore and the other jurisdiction, preventing the same income from being taxed twice. Singapore’s DTA network is a significant advantage for businesses with cross-border operations in Asia-Pacific, Europe, and the Americas. A Singapore tax adviser can identify which treaties apply to your business and how to structure transactions to maximise treaty benefits.
IRAS requires Singapore businesses to ensure related-party transactions are conducted at arm’s length. Businesses with related-party transactions exceeding SGD 15 million in a financial year must prepare contemporaneous transfer pricing documentation. The documentation must include a group file describing the global group and a local file covering Singapore-specific related-party transactions. IRAS has the power to make transfer pricing adjustments if related-party transactions are not at arm’s length, increasing taxable income. Businesses with significant related-party transactions should engage a Singapore tax adviser to prepare compliant documentation and develop defensible transfer pricing policies.
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