What’s the Cost of Accounting and Tax Filing for a Singapore Company? Do You Know These Key Factors?

How Much Do Accounting and Tax Filing Services Cost for a Singapore Company? Are You Aware of These Key Factors?

Singapore, a globally renowned business hub, has become an increasingly popular destination for small and medium-sized enterprises SMEs looking to establish a presence and expand internationally. However, as companies grow, accounting and tax filing become essential and unavoidable responsibilities for business owners.

Many entrepreneurs ask How much does it cost to handle accounting and tax filing for a Singapore company? While this may seem like a simple question, the answer depends on several key factors, and the cost can vary significantly from one company to another.

Firstly, it’s important to distinguish between accounting and tax filing-two closely related yet separate processes. Accounting refers to the ongoing management of financial records, including the tracking and categorization of income, expenses, assets, and liabilities. Tax filing, on the other hand, involves submitting annual financial statements and corporate income tax returns such as Form C-S or Form C to the Inland Revenue Authority of Singapore IRAS. These tasks are typically handled by professional accounting firms or licensed accountants.

What Is the Typical Price Range?

Based on publicly available pricing data from multiple accounting service providers in Singapore for 2025

Bookkeeping Services Monthly fees generally range from SGD 300 to SGD 800, depending on the complexity of the business. For very simple businesses with no employees and minimal transactions, fees may be as low as SGD 200. Companies with employees, import/export activities, or multiple revenue streams may expect higher costs.

Annual Tax Filing Services These typically range from SGD 800 to SGD 2,000, depending on the complexity of the financial statements. If a company meets certain criteria-such as annual revenue exceeding SGD 5 million or total assets surpassing SGD 2 million-it will also require an audit, which can cost upwards of SGD 2,000.

However, these figures are only estimates. Actual costs are influenced by several critical factors

1. Business Complexity

This is one of the most significant cost drivers. A business that operates locally with no inventory, no employees, and limited transactions will naturally incur lower accounting costs due to the simplicity of its operations. Conversely, companies involved in international trade, multi-currency transactions, payroll processing, or intercompany dealings will face more complex bookkeeping and reporting requirements, resulting in higher service fees.

2. Completeness and Organization of Financial Records

A factor often overlooked by business owners is the quality of the financial documentation they provide. If invoices, receipts, and bank statements are well-organized and submitted regularly, the accountant can work more efficiently, reducing time and cost. On the contrary, disorganized or incomplete records will increase the workload, leading to higher charges.

3. Need for Audit Services

Under the Singapore Companies Act, a company must undergo a statutory audit if it meets at least two of the following conditions

Annual revenue exceeds SGD 10 million

Total assets exceed SGD 10 million

More than 50 employees

Additionally, certain regulated industries such as finance, insurance, and real estate may require audits even if they don’t meet the above thresholds. Audit fees typically range from SGD 2,000 to SGD 10,000, depending on the size and complexity of the company.

4. Choice of Accounting Service Provider

There is a wide variation in pricing among different accounting firms. Smaller firms or independent accountants may offer lower rates but might lack the resources or consistency of larger, established firms. Larger firms tend to charge more but often provide better service quality, robust compliance procedures, and greater reliability.

In recent years, digital transformation has also affected the industry. Cloud-based accounting platforms such as Xero and QuickBooks have enabled partial automation of bookkeeping tasks, reducing labor costs. Some accounting firms now offer hybrid services combining software tools with human expertise, offering more competitive pricing.

5. Scope of Services Included

Not all service packages are created equal. Some quotes may cover only basic bookkeeping and tax return preparation, while others include additional services such as

Monthly or quarterly financial reports

Tax planning advice

Payroll administration

Liaison with banks and IRAS

Compliance advisory

Entrepreneurs should carefully review what each package includes to ensure they’re not sacrificing quality or coverage for a lower price.

Conclusion

The cost of accounting and tax filing services for a Singapore company is not fixed-it varies based on business complexity, the organization of financial records, audit requirements, choice of service provider, and the scope of included services. When selecting an accounting partner, business owners should look beyond price alone and consider service quality, their specific business needs, and long-term compliance considerations.

A professional accounting team not only helps reduce tax liabilities but also plays a crucial role in maintaining financial health and supporting sustainable business growth.