DORMANT ~ MINI VOLUME
KJ ADVISORY PTE LTD
We are an accounting firm company
providing accounting services
KJ Advisory is one of the leading accounting firms in Singapore. We are a team of professionals offering a wide range of accounting and tax support to small and medium enterprises. KJ Advisory as one of the leading corporate accounting company offers a wide spectrum of bookkeeping and accounting services in Singapore.
KJ Advisory as one of the leading corporate accounting company offers a wide spectrum of bookkeeping and accounting services in Singapore. Our professional accountants will do your books and accounts in absolute fulfilment of requirements governed by Accounting and Corporate Regulatory Authority (ACRA) and Inland Revenue Authority of Singapore (IRAS). Irregardless of your company’s scale, we have customisable bookkeeping and accounting solutions that will fit your company perfectly. We will first begin with understanding your company’s goals and developing plans to achieve them accordingly.
KJ Advisory only offers the upmost invaluable knowledge inherited from this competitive corporate accounts industry. We only provide the most aggressive and most informative advisory to your company. Our transparency in pricing will leave you assured and guaranteed that no surprises or hidden charges break in along the way.
It is no longer necessary like the olden days to apportion big money hiring an experienced accounting clerk. With just a fraction, you can expect us as your top notched outsourced professional accountant to deliver same services. We offer attractive packages for accounting services in Singapore, facilitating accounting needs and accounting reports on a monthly, quarterly, bi-annually and/or yearly basis. An inexhaustible list of accounting reports we provide:
- Balance Sheet
- Profit and Loss Statement
- Trial Balance
- General Ledger
- Debtors’ and creditors’ aging report
- Bank Reconciliation Statement
- Fixed assets register, and so forth.
KJ Advisory upholds highly the reputation of trust. All of our clients have faith in our long professional running history as they are assured that all information provided to us are strictly private and confidential.
We as your accountant shall be responsible for your day-to-day account maintenance, preparation of financial statements as well provide our insights to your company's health, data support your future forecasts and excel in its direction. In addition, we will also extend our services in assisting your company to submit the necessary annual audited/unaudited financial statements to ACRA and IRAS respectively.
At KJ Advisory, we work close with you on the books, accounts, reports and every single related issues.
Companies in Singapore are exempted from having its accounts audited if it is an Exempt Private Company with annual revenue of $5 million or less. Notably, a company no longer needs to be an exempt private company to be exempted from audit. Such companies are required to prepare unaudited financial reports yearly.
All other companies that are not exempted are required to appoint an auditor within three months of incorporation and be prepared to submit audited financial reports to ACRA. The accounts must be audited annually.
KJ Advisory provides full account services, including the preparation of unaudited financial reports for exempt companies. We also work closely with our associated audit partners in providing auditing services of financial statements in compliance with ACRA’s and IRAS’s statutory requirements.
All Goods and Services Tax (GST) registered companies are to adhere to GST rules and regulations in order to avoid penalties for non-compliance. GST is a consumption tax levied on the import of goods (collected by Singapore Customs), and nearly all supplies of goods and services in Singapore. In other countries, GST is known as the Value-Added Tax or VAT.
Should your taxable turnover exceeds SGD$1million, it is compulsory to register your business for GST. However, you may still choose to register your business for GST voluntarily if your business does not exceed SGD$1 million in taxable turnover.
Our professional team assist our clients in GST registrations and de-registrations. Here at KJ Advisory, we shall prepare and submit GST returns on your behalf to IRAS in compliance with Singapore GST Act. We shall also review the compliance data and GST returns for you, advise you on any special and complicated transactions that may require GST reporting, and liaise with the Tax Authority on your behalf.
We as your qualified accountant will guide you in reviewing of invoicing requirements and assist you in your queries pertaining to GST audits by tax authority.
A financial statement reflects the financial status for all of the company’s related entities, including the original company assets. When a parent company acquires stock in a company to create a subsidiary, the subsidiary is required to maintain its own separate accounting records. Being a subsidiary, it does not operate independently. For the same reason, the parent company are required to consolidate financial statements to present its own financial operations, as well as those of the subsidiary.
In order to present accurate financial reports of the company for investors and relevant counter parties, Multi-national corporations and major Multi-national corporations in Singapore must consolidate their financial statements. Our exquisite professional accounting team provides consolidation accounting services, ensuring that your corporation’s financial statements of the parent company and the subsidiary are proper and relevant.
All companies incorporated in Singapore (unless exempted) are all required to file their financial statements with ACRA.
Companies are required to file a full set of financial statements in XBRL format, according to a Minimum Requirement List within the new ACRA Taxonomy 2013 (i.e. Full XBRL). Whether the company is solvent or insolvent, its position will determine the needs to file Financial Statement with ACRA. Solvent exempt private companies will continue to be exempted from filing their Financial Statements while insolvent exempt private companies will have the following options to file their financial statements with ACRA:
- A full set of financial statements in XBRL format; or
- A full set of financial statements in PDF with Financial Statements Highlights in XBRL format.
Our clients leaves the XBRL filing procedure to us due to its time-consuming nature, which involves studying of the system, selection of disclosures, inputing the data and tallying of information. Be rest assured and leave this hard work to us, we are an expert in this field.
There are situations when company decides to slow the business down during its downtime and wishes to sustain the company at its minimal cost, giving company the option to recommence businesses whenever ready.
Inland Revenue Authority of Singapore (IRAS) and Accounting and Corporate Regulatory Authority (ACRA) each has its own definition for Dormancy.
IRAS’ definition as a Dormant Company
A dormant company is one that does not carry on business and had no income for the whole of the basis period even though may have expenses booked. For example, if a company did not carry on business and had no income for the whole of the basis period ending in year 2019, it will be regarded as a dormant company for Year of Assessment (YA) 2020. Dormant companies may have incurred expenses.
A dormant company must submit its Income Tax Return unless the company has been granted waiver of Income Tax Return submission.
ACRA’s definition as a Dormant company
In accordance to the Companies Act, a company is regarded as dormant when there is no accounting transaction during that financial year. The Companies Act also states the transactions which will are to be disregarded when determining dormancy:
- the taking of shares in the company by a subscriber to the memorandum in pursuance of an undertaking of his in the memorandum;
- the appointment of a secretary of the company;
- the appointment of an auditor;
- the maintenance of a registered office;
- the keeping of registers and books;
- the payment of any fee and charges payable under written law;
- the payment of any composition amount payable under written law;
Why should you pay more? KJ Advisory has tailor made a Dormant Company Package to let you have a peace of mind. This package will provide advisory for your dormancy eligibility and works on the Preparation of management account for Annual Return filing. This package is as low as $500/year. Let’s keep cost to its minimal and recommence business when it’s time!
"Great people to work with, sincere and dedicated professionals who take pride in their work. They have the can-do attitude and always act in the best interest of the customer. Won't go wrong if you choose them to handle your accounting matters."
"Very professional and knowledgeable accountant. Knows everything in and out. Highly recommend...!!!"
"Jasmine is great, quick response, polite and most importantly solved my problems for me. She is able to answer all my queries. I will definitely look for her again in future. I will recommend her service to anyone who needs it. Thank you Jasmine."
"Jasmine is fast in terms of quick replies and providing the services. Good accountant to deal with and is really nice and helpful. I would definitely recommend others and will deal again in the future!"
Our professional team specialized in Incorporation, Accounting, Tax, Secretarial and other Business services in Singapore. We are ready to answer your questions about incorporating or managing your business in Singapore. Please feel free to contact us if you have any queries. We aim to provide the best service in town. Talk to us today to work out a system that meets your business needs!
We are available anytime:
- Call us/ Whatsapp : +65 87008034
- Email us : email@example.com
- Facebook https://www.facebook.com/KJAdvisoryOnline
- Twitter : @KjLtd