Accounting

Accounting | Bestar

Singapore Accounting Guide 2026

The Essential Guide to Accounting in Singapore (2026): Compliance, Tax, and Strategy

For any business owner, accounting in Singapore is more than just balancing books—it is a critical pillar of regulatory compliance. With the Accounting and Corporate Regulatory Authority (ACRA) and the Inland Revenue Authority of Singapore (IRAS) enforcing strict digital filing mandates in 2026, staying informed is no longer optional.

In this guide, we break down everything you need to know to keep your company in good standing and optimize your financial health.

1. Key Statutory Requirements for Singapore Companies

Every Singapore-incorporated company must fulfill annual obligations to remain compliant. Failure to do so can result in penalties of up to $5,000 per charge or even court summons for directors.

• Financial Year End (FYE): You must determine your company’s FYE (e.g., 31 Dec or 31 March).

  
  

• Annual General Meeting (AGM): Private non-listed companies must hold an AGM within 6 months of their FYE (unless exempted).

  
  

• Annual Returns (AR): Must be filed with ACRA within 7 months of the FYE.

  
  

• XBRL Filing: Many companies are required to file their financial statements in eXtensible Business Reporting Language (XBRL) format for greater transparency.

2. Singapore Corporate Tax Deadlines for 2026

Singapore’s corporate tax rate is a flat 17%, but the real advantage lies in the various tax exemptions for start-ups and partial tax exemptions available for SMEs.

Important Dates to Bookmark:

Filing Type	Description	Deadline
ECI Filing	Estimated Chargeable Income	Within 3 months of FYE
Form C-S / C	Final Corporate Tax Return	30 November 2025
GST Returns	For GST-registered businesses	Within 1 month of the end of the accounting period

Pro-Tip: For the Year of Assessment (YA) 2026, IRAS has made digital filing mandatory. Paper forms are no longer accepted.

3. Accounting Services vs. In-House: Which is Right for You?

Many SMEs struggle with the decision to hire a full-time accountant or outsource to an accounting firm in Singapore.

• Outsourced Accounting:

  
  

  • Cost-Effective: Often 40–60% cheaper than a full-time salary + CPF.

  • Expertise: Instant access to a team familiar with the latest SFRS (Singapore Financial Reporting Standards).

  • Scalability: Services can grow with your business volume.

    
    

• In-House Accounting:

  
  

  • Direct Control: Immediate access to data and daily oversight.

  • Customization: Deeply integrated with your specific internal workflows.

4. Best Practices for Digital Record Keeping

As Singapore pushes towards a "Smart Nation," leveraging technology is the best way to stay ahead.

1. Adopt IRAS-Approved Software: Use cloud accounting tools like Xero or QuickBooks that are integrated with the Auto-Inclusion Scheme (AIS) for payroll and E-invoicing (InvoiceNow).

   
   

2. Maintain Records for 5 Years: Even if a company has ceased operations, you are legally required to keep records for at least five years.

   
   

3. Automate for Accuracy: Automation reduces human error in GST calculations and ensures you never miss a 30 November deadline.

Conclusion

Navigating the landscape of accounting in Singapore requires a proactive approach to ACRA and IRAS regulations. By leveraging digital tools and understanding your tax obligations, you can focus on what matters most: growing your business.

Would you like a customized compliance calendar based on your specific Financial Year End (FYE)?

Bestar Singapore: Your One-Stop Partner for Accounting, Tax, and Compliance

In the fast-paced business environment of 2026, navigating the regulatory landscape in Singapore requires more than just basic bookkeeping. Bestar is a premier accounting firm in Singapore that bridges the gap between digital convenience and expert-led advisory.

Whether you are a local SME or a multinational corporation looking to enter the Asian market, Bestar provides the strategic financial oversight necessary to thrive.

Why Choose Bestar for Your Singapore Business?

While many firms offer automated solutions, Bestar distinguishes itself through personalized, high-value consulting that algorithms cannot replicate.

• ACRA & IRAS Specialists: As Registered Filing Agents with ACRA, Bestar ensures your company stays ahead of mandatory digital filing requirements and tax deadlines.

  
  

• Global Reach, Local Expertise: As a member of the Bestar International global network, Bestar provides seamless cross-border support for businesses expanding into Malaysia, Hong Kong, and beyond.

  
  

• Scalable Solutions: From a "Startup Bundle" for new entrepreneurs to complex M&A and valuation services for mature SMEs, Bestar’s services grow with your business.

Comprehensive Corporate Services

Bestar provides a "Pandora’s Box" of one-stop business solutions, ensuring that every aspect of your corporate governance is handled under one roof.

1. Accounting & Bookkeeping

Bestar’s team of ISCA-registered accountants uses cloud-based tools like Xero and QuickBooks to provide real-time financial monitoring.

• Monthly, quarterly, or yearly accounts compilation.

• XBRL filing for ACRA compliance.

• Consolidated financial statements for multi-entity groups (FRS 110).

2. Tax Advisory & Compliance

Maximize your tax efficiency with expert guidance on Singapore’s tiered tax system.

• Corporate Tax (Form C-S/C) and ECI filing.

• GST registration and quarterly reporting.

• Tax planning for the Start-up Tax Exemption (SUTE) scheme.

3. Audit & Assurance

Unlike basic digital platforms, Bestar offers full statutory audit services, helping you build trust with investors, banks, and regulators.

• Internal audits to identify operational risks.

• Due diligence for mergers and acquisitions.

4. Corporate Secretarial & Incorporation

Starting a business is seamless with Bestar’s 24/7 support.

• Company incorporation in as little as 24 hours.

• Registered office address and nominee director services.

• Work Pass & Visa applications (Employment Pass, EntrePass).

The Bestar Edge: Strategic Business Growth

Beyond compliance, Bestar acts as a strategic partner. By analyzing your financial data, their consultants help you identify cost-saving opportunities and revenue drivers. Our "boutique" approach means you get a dedicated point of contact—no chatbots, just expert human advice.

Bestar at a Glance

Feature	Bestar Advantage
Availability	24/7 responsiveness for entrepreneurs
Transparency	No hidden fees; clear, competitive pricing
Consultation	Free 1-hour consultation for new clients
Specialization	Family Office advisory, M&A, and Risk Management

Contact Bestar Singapore Today

Don't let compliance "headaches" distract you from scaling your enterprise. Partner with a firm that prioritizes your success as much as you do.

• Address: 23 New Industrial Road, #04-08 Solstice Business Center, Singapore 536209

• Email: admin@bestar.asia

• Website: bestar-sg.com

Compliance Checklist for a Private Limited Company in Singapore to Help You Prepare for Your First Year with Bestar

To help you prepare for a successful first year with Bestar, this checklist outlines the critical statutory and tax milestones for a Private Limited company. By aligning your internal records with these deadlines, you allow Bestar to optimize your tax position and ensure 100% compliance with ACRA and IRAS.

Phase 1: Immediate Post-Incorporation (Months 1–3)

The first 90 days are about setting the foundation for your corporate governance.

• [ ] Appoint a Company Secretary: Must be done within 6 months of incorporation. (Bestar offers this as a core service).

• [ ] Open a Corporate Bank Account: Essential for separating personal and business finances.

• [ ] Determine Financial Year End (FYE): Decide if your year ends on 31 December or another date.

  • Note: If your first "year" exceeds 18 months, you must seek ACRA approval.

• [ ] Set up Statutory Registers: Maintain the Register of Registrable Controllers (RORC) and Register of Nominee Directors at your registered office.

Phase 2: Ongoing Monthly/Quarterly Duties

Consistent bookkeeping prevents a "scramble" during the tax season.

• [ ] Monthly Bookkeeping: Record all sales, purchases, and expenses. Bestar can integrate your workflow with cloud software like Xero.

• [ ] GST Monitoring: If your taxable turnover exceeds S$1 million, you must register for GST.

  • Filing: Quarterly GST returns are due within 1 month of the period end.

• [ ] CPF & Payroll: Contributions for Singaporean/PR employees must be paid by the 14th of the following month.

Phase 3: The Annual Compliance Cycle

This is where Bestar’s expertise becomes most critical to protect your company's "Live" status.

Step 1: Estimated Chargeable Income (ECI)

• Deadline: Within 3 months of your FYE.

• Action: Bestar will estimate your taxable profit and file this with IRAS.

• Exemption: You may skip this if your annual revenue is ≤ S$5 million and ECI is NIL.

Step 2: Financial Statement Preparation

• Action: Bestar compiles your accounts according to SFRS (Singapore Financial Reporting Standards).

• Audit Check: You are likely exempt from audit (as a "Small Company") if you meet 2 of 3 criteria:

  • Annual revenue ≤ S$10M

  • Total assets ≤ S$10M

  • No. of employees ≤ 50

Step 3: Annual General Meeting (AGM)

• Deadline: Within 6 months of FYE.

• Action: Present the financial statements to shareholders. (Private companies can dispense with AGMs via a resolution).

Step 4: Annual Returns (AR) Filing

• Deadline: Within 7 months of FYE.

• Action: Bestar files the AR with ACRA via BizFile+, confirming the company’s current officers and financial health.

Phase 4: Corporate Tax Filing (The "Final" Return)

• Deadline: 30 November (for the Year of Assessment).

• Action: Bestar prepares and files Form C-S or Form C.

• Strategy: This is the time to claim the Start-Up Tax Exemption (SUTE), which can significantly reduce your tax bill for the first three years of assessment.

Summary Table: Deadlines for a Dec 31 FYE

If your Financial Year End is 31 December 2025, your 2025 calendar looks like this:

Milestone	Due Date
ECI Filing	31 March 2026
AGM (or Dispensation)	30 June 2026
Annual Returns (ACRA)	31 July 2026
Corporate Tax (IRAS)	30 November 2026