Asiabiz Services Assists Companies in Their Financial Accounts and Bookkeeping Requirements 

Asiabiz Services is a business solutions provider specializing in matters relating to incorporation, processing of labor pass applications, and accounting requirements such as bookkeeping.

by Ashley Varghese Friday, February 25, 2011
Unlike business firms, private limited companies and subsidiaries are required to auditing as based on the stipulations of the laws. In Singapore, these companies have annual requirements to comply with including submission of audited and unaudited financial accounts with ACRA and IRAS.

ACRA is the governing body of business enterprises and accounting profession in the city-state. It is also where businesses are registered. On the other hand, IRAS is the taxing authorities in Singapore.

Asiabiz Services is a business solutions provider specializing in matters relating to incorporation, processing of labor pass applications, and accounting requirements such as bookkeeping.

“Each company must determine its own Financial Year End [FYE], which is the completion of an accounting period,” says one of Asiabiz’s business consultants.

Companies should also hold an Annual General Meeting every year. Within 6 months or at least a month away from the meeting, the board must submit to ACRA and IRAS the company’s unaudited financial accounts and Director’s Statement.

Chimes Asiabiz: “Included in the unaudited financial accounts are Statement of Comprehensive Income, Statement of Financial Position, Cash Flow Statement, and Statement of Changes in Equity.”

Meanwhile, a Director’s Report is a representation of the company’s financial condition. It seeks to have greater transparency in corporate governance. During meeting, the shareholders will have direct and cold facts about the company’s market potential, structural capacity and financial resources.

It also contains personal notes or explications made by the director to express personal interests and opinion on matters discussed in the statements.

It is a powerful instrument prepared by the directors and which can be used to pursue business goals.

The financial statements should be prepared in XBRL format except for companies that are prescribed by ACRA and Companies Act.

During the meeting, the board shall approve or reject a Director’s Report along with its recommendation. If for instance the board approves the report and issue resolutions as per instructions, the same document must be submitted to ACRA along with the audited financial accounts.

Moving on, the companies are also required to submit their annual tax returns to IRAS, including the Estimated Chargeable Income, and accounting records both the audited and audited as with ACRA.

Asiabiz services catalogues drafting of financial accounts and director’s report as among its specializations. Its group of public accountants is abreast of the latest wisdom and development in accounting fields especially when it comes to bookkeeping.

About the Publisher:

Asiabizservices offers one-stop business solutions to companies, particularly, those that are managed and owned by foreign investors. Since its inception, Asiabizservices has successfully helped foreign entrepreneurs form a Singapore company. Among its specializations are Singapore company setup, corporate services, accounting services, nominee services, company registration, whether as a sole proprietorship, private limited, limited liability partnership; offshore company formation, incorporation of foreign companies either as a branch or subsidiary office, accounting services including payroll preparation and more.

Asiabizservices is the leading provider of Singapore Company Incorporation services and has successfully helped thousands of both local and foreign entrepreneurs incorporate a Singapore Company. It also provides chartered secretarial services.

For more information visit:

AsiaBizServices PTE LTD
Address: 120 Telok Ayer Street Singapore 068589
Phone: +6563034614

0    submitted by Ashley Varghese
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