Accounting and Reporting for a Singapore Company

Accounting and reporting for a Singapore Pte Ltd owned from Ukraine runs through two authorities: ACRA, the company registrar, and IRAS, the tax authority. Every year the company prepares financial statements, holds an AGM within 6 months of year end (or sends the statements to members within 5 months instead) and files an annual return with ACRA within 7 months of year end, attaching the statements in XBRL unless it is a solvent exempt private company. For IRAS it files Estimated Chargeable Income (ECI) within 3 months of year end, unless revenue is up to S$5 million and ECI is nil, and the income tax return (Form C-S, C-S (Lite) or Form C) by 30 November. The corporate tax rate is 17%. GST at 9% applies once taxable turnover exceeds S$1 million. Key Solutions coordinates this work: a Singapore partner accountant and the company secretary keep the books and file with ACRA and IRAS, and we set the tasks, check deadlines and figures and prepare owner reporting.

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First: the company's filing profile

A Singapore company's reporting depends on four answers that are settled before the first close: whether it is an exempt private company, whether it is a small company for audit purposes, which XBRL format applies, and which tax return form it uses.

Rules per ACRA (XBRL filing requirements and exemptions, audit exemptions) and IRAS (overview of Form C-S, C-S (Lite) and C), checked 10.2026. A Pte Ltd owned by a Ukrainian or other company is not an EPC, because a corporation holds its shares, so it files financial statements with ACRA.

What a Singapore company files and when

The deadlines below are for a non-listed private company as of 10.2026; FYE means financial year end.

Example for a company with a 31 December 2025 year end: ECI by 31 March 2026, AGM by 30 June 2026, annual return by 31 July 2026, Form C-S or C for year of assessment 2026 by 30 November 2026. The figures above are rules of law; Key Solutions does not set them.

ACRA: annual return and XBRL

The annual return confirms the company's details, officers and shareholders and, for most companies, carries the financial statements. Since 25 February 2026 ACRA applies updated XBRL filing requirements (ACRA):

• a smaller non-publicly accountable company (revenue and total assets each up to S$500,000 for the current year) files simplified XBRL statements plus a PDF authorised by the directors;
• other companies that must file statements, including insolvent EPCs that are not small, file full XBRL financial statements; no separate PDF is required;
• a solvent EPC does not file statements and only declares solvency; it may file voluntarily;
• the statements filed must be identical to those laid at the AGM or sent to members.

The company must have at least one director ordinarily resident in Singapore and must appoint a company secretary within 6 months of incorporation (ACRA: directors and key officers). The secretary usually files the annual return, so we agree the timeline with the secretary and the accountant at the start of each cycle.

IRAS: ECI, Form C-S and Form C

A Singapore company is taxed at a flat 17% of its chargeable income (IRAS: corporate income tax rates). The partial tax exemption reduces the tax on the first S$200,000: 75% of the first S$10,000 and 50% of the next S$190,000 are exempt, unless the company claims the start-up exemption (IRAS: rates, rebates and exemption schemes).

• ECI is the company's estimate of taxable profit for the year, filed within 3 months after FYE. A company with revenue up to S$5 million and nil ECI is not required to file it.
• Form C-S is the simplified return for companies with revenue up to S$5 million whose income is all taxed at 17% and which do not claim group relief, carry-back or investment allowance; Form C-S (Lite) applies up to S$200,000 of revenue.
• All other companies file Form C together with the financial statements and the tax computation.
• The return is due on 30 November every year, including for a company with no activity or a loss.

GST 9%

GST is charged at 9% (IRAS: current GST rates). Registration becomes compulsory when taxable turnover exceeds S$1 million at the end of a calendar year or is expected to exceed S$1 million in the next 12 months. A registered company files a GST return and pays within 1 month after each accounting period and files a nil return for a period with no transactions. For a company selling services abroad, the partner accountant checks which supplies are zero-rated and how they count toward the threshold.

Audit or unaudited statements

A private company qualifies as a small company and is exempt from audit when it meets at least two of three criteria for the two preceding financial years: revenue up to S$10 million, total assets up to S$10 million, up to 50 employees. A new company tests the current year. A subsidiary qualifies only if the whole group, foreign entities included, also meets the criteria on a consolidated basis (ACRA: audit exemptions). Where an audit is required, it is carried out by an independent Singapore auditor; Key Solutions prepares the audit file.

Taking over from the previous agent

We start with a check: the company profile in BizFile, officers and the secretary, annual returns and statements filed, ECI and tax returns with IRAS notices of assessment, GST status, bank statements and money flows with the owner and related companies. If filings were missed, the partner accountant and secretary prepare them, and the owner receives a risk assessment before anything is filed. Differences are recorded in a handover report.

What the service includes

• diagnostic: EPC status, audit exemption, XBRL type, tax return form, GST status, filing history;
• selecting and setting up the Singapore partner accountant and liaison with the company secretary;
• bookkeeping in cloud software under Singapore financial reporting standards;
• GST returns and GST records where the company is registered;
• year-end close, financial statements and liaison with the auditor where an audit is required;
• XBRL statements and the annual return package for ACRA;
• ECI, Form C-S or Form C with the tax computation;
• management reporting for the owner: profit, cash flow, taxes due;
• a financial statements pack for the Ukrainian owner's CFC report, consolidation with a Ukrainian company on request.

How we work

1. Diagnostic. We confirm the filing profile and check past ACRA and IRAS filings.
2. Handover. We take over the books from the previous agent and record differences.
3. Ongoing cycle. Documents, bank reconciliation, GST returns where they apply.
4. Annual cycle. ECI, financial statements, AGM or circulation, annual return with XBRL, Form C-S or C.
5. Owner reporting. Management report, CFC and consolidation pack.

Reporting for the owner in Ukraine

For an owner who is a Ukrainian tax resident, a Singapore company is usually a controlled foreign company: a stake above 50%, or above 10% where Ukrainian residents together hold 50% or more (Tax Code of Ukraine, sub-para. 39-2.1.2). Certified copies of the company's financial statements are attached to the CFC report (sub-para. 39-2.5.2), and the statements already prepared for ACRA serve this purpose. We prepare the CFC pack together with reporting for foreign companies. The group's Singapore market entry overview is at innovacg.com.

Registration and visas: other group companies

Forming a Pte Ltd and appointing officers is handled by crystal.tax: company registration in Singapore. A Singapore company gives its owner no right to live or work in Singapore by itself; immigration matters are handled by legal.ua. Key Solutions steps in once the company exists or is being formed and is responsible for accounting and reporting.

What we need from you

• the company's BizFile business profile, constitution and register of members;
• details of the directors, the company secretary and the auditor, if any;
• annual returns, financial statements and tax returns filed so far, IRAS notices of assessment;
• GST registration details, if registered;
• bank and payment platform statements;
• a list of transactions with the owner and the owner's other companies: contributions, loans, payments, services;
• employees and payroll, if any;
• the owners' tax residence and the share structure for the CFC pack.

Documents are exchanged electronically. We do not need bank passwords.

Result

• the company's filing profile is confirmed and documented;
• ECI filed within 3 months or the waiver conditions documented;
• AGM held or statements circulated, annual return with XBRL filed within 7 months;
• Form C-S or Form C filed by 30 November;
• GST returns filed every period where the company is registered;
• management report and CFC pack for the owner;
• an ACRA, IRAS and GST deadline calendar for the next year.

Legal basis and sources

Why Key Solutions

Company

KEY SOLUTIONS AUDIT FIRM LLC, Ukrainian company code 39610085, registered since 30.01.2015.

Roles

Singapore books, XBRL, ECI, tax and GST returns are prepared and filed by a Singapore partner accountant; the annual return is filed by the company secretary; an audit, where required, is carried out by an independent Singapore auditor; the directors approve the statements; coordination, control and owner reporting are done by Key Solutions.

Group

We are part of Innova Consulting Group: company formation by crystal.tax, market entry by innovacg.com.

Contract

Scope, liability and confidentiality are set in a contract before work starts.

Frequently asked questions

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