Singapore Fact-File Part 1:
Business Formation for Individuals

1.7 Singapore Business Accounting

Accounting and auditing requirements for individuals in business

Sole proprietors are not obliged to provide the authorities with annual reports and accounts (beyond the documents filed in connection with their annual tax returns, obviously!).

Partnerships are additionally not required to file an annual report, although Limited Liability Partnerships must confirm to the Accounting and Corporate Regulatory Authority (ACRA) on an annual basis that they are able to cover their debts.

However, all incorporated entities are required to submit an annual report and accounts to the ACRA, which must be audited unless there are fewer than 20 shareholders, and a turnover of less than SGD5m.

Additional reporting requirements for individuals in business

Businesses with turnover of more than SGD1m are obliged to register with the Inland Revenue Service of Singapore (IRAS) for Goods and Services Tax purposes, and must generally submit returns to the Comptroller of GST on a quarterly basis. It is required to submit such returns electronically.

Under the Workplace Safety and Health Act 2006, incident reports must be submitted to the Commissioner of Workplace Safety and Health in relation to occupational diseases, accidents and other dangerous incidents. Incident report records must be retained for three years.

Limited Liability Partnerships are obliged to make an annual submission to the Accounting and Corporate Regulatory Authority (ACRA) to the effect that they are able to cover their debts.