How Much Does Annual Audit and Tax Filing Cost for a Singapore Company? Everything You Need to Know!

How Much Does Company Annual Filing and Tax Submission Cost in Singapore? You Must Want to Know!

In Singapore, annual filing and tax submission are essential procedures for every business, whether it’s a startup or an established company. Compliance is the foundation of long-term business development. Annual Return filing and tax reporting are core components of a company’s annual obligations, impacting regulatory compliance, financial costs, and operational efficiency. So, how much does it actually cost to complete these processes in Singapore? This article provides a detailed breakdown based on current market trends and industry insights.

1. Understanding the Basics Annual Return vs. Tax Filing

Annual Return

This refers to the mandatory submission of a company’s financial statements, director and shareholder information, and other relevant documents to the Accounting and Corporate Regulatory Authority ACRA every year. The goal is to ensure ongoing compliance and avoid penalties or being marked as non-compliant.

Tax Filing

Companies must submit their tax returns to the Inland Revenue Authority of Singapore IRAS, including financial statements, Form C-S or Form C, and pay corporate income tax. Singapore follows a territorial tax system, meaning only income earned in Singapore is taxed, with a maximum corporate tax rate of 17%.

2. Breakdown of Annual Filing Costs

The cost of annual filing typically includes

1. Filing Fee ACRA

A fixed fee charged by ACRA for electronic submission. As of 2025, this is S$30.

2. Audit Fees

If a company does not qualify for audit exemption e.g., annual revenue exceeds S$10 million or employee count exceeds 50, it must hire a certified accounting firm to perform an audit. Audit fees vary from S$1,000 to S$5,000 or more depending on company size.

3. Corporate Secretary Fees

Under Singapore law, every company must appoint a qualified company secretary. Many small and medium enterprises SMEs outsource this function, with annual fees ranging from S$500 to S$1,500, depending on complexity.

3. Breakdown of Tax Filing Costs

Tax filing expenses generally include

1. Accounting Fees

Many companies hire accounting firms to organize annual accounts, prepare financial statements, and compile tax documents. For small businesses, this typically costs between S$800 and S$2,500.

2. Tax Filing Service Fees

If using a tax consultant or accounting firm for tax submission, additional service fees may apply, usually ranging from S$300 to S$1,000.

3. Tax Software or ERP System Fees

Some companies use ERP systems or tax software to streamline the process. Costs vary depending on the system-some are subscription-based, while others are usage-based.

4. Key Factors Affecting Total Costs

Several factors influence the overall cost of annual filing and tax submission

Company Size and Complexity Larger or multinational businesses naturally incur higher compliance costs.

Audit Requirements Companies that qualify for audit exemption can save significantly.

Outsourcing vs. In-house More businesses are outsourcing to ensure compliance, though it increases costs.

Use of Professional Software While initial investment is higher, ERP systems can reduce long-term labor costs.

5. Recent Industry Trends and Price Changes 2025 Q2

According to a 2025 Q2 industry report, rising labor costs and increased demand have led to slight increases in professional accounting and secretarial service fees. Some small accounting firms have raised their annual filing fees by about 10% due to backlogs from the pandemic.

IRAS has also intensified its scrutiny of tax filings, especially for small businesses, prompting more companies to opt for professional tax services to avoid compliance risks.

6. How to Control Annual Filing and Tax Costs

For SMEs, managing these costs is crucial to financial planning. Here are some practical tips

1. Compare Service Providers Evaluate multiple accounting or secretarial firms to find the best value.

2. Plan Ahead Avoid last-minute rush fees by scheduling early.

3. Leverage Tax Incentives For example, Singapore offers tax exemption on the first S$100,000 of profits for startups.

4. Handle Basic Tasks In-House If your team has basic financial knowledge, handle part of the work internally and outsource only the more complex parts.

7. Conclusion

In summary, the total cost of completing annual filing and tax submission in Singapore typically ranges from S$2,000 to S$8,000, depending on company size, audit requirements, and outsourcing decisions. As service prices rise and regulatory requirements tighten, businesses should plan ahead, allocate budgets wisely, and maintain compliance while managing costs effectively.

For companies operating in Singapore, annual filing and tax submission are not just legal obligations but also essential steps for sustainable growth. Choosing the right service team and staying updated on policy changes will help businesses navigate the competitive market with confidence.