1.Financial Year

The accounting period of a Singapore company is 12 months. The accounting period in the first year of establishment should be no shorter than 6 months or longer than 18 months.

For example, if Company A was established on March 1, 2018, the fiscal year of Company A in the first year can end on December 31, February 28, or any period from 6 to 18 months.

2. Singapore Financial Statement Requirements

The official language of Singapore is English, and the company's financial statements must be published in English. Please consult the Financial Reporting Standards (FRS). If the company does not meet the criteria for mandatory audit, an unaudited report should be submitted.

3. Frequency of financial statements for Singapore companies

In principle, the Singaporean government does not mandate a high frequency of publishing financial statements. Unlike the practice of publishing monthly reports for companies in Mainland China, the frequency of financial statements for Singapore companies is decided by company management. However, the annual statement or audit report (if it meets the requirements) should be prepared before the AGM held every year for the annual return process (similar to the Annual Inspection of Enterprises in Mainland China).

4. Documents required for accounting:

• All bank statements during the financial year (over 12 months)
• All sales and purchase documentation in the financial year (contract + invoice + bill of lading)
• All expense invoices and documents related to the company's operation during the financial year.

For all transactions paid through the company account, relevant statements must be provided to prove the nature of the transaction and the source of funds.

Kindly note that the company must adhere to the provisions of the Singapore government on anti-terrorism and anti-money laundering by providing corresponding statements, contracts and all documents proving the legitimacy of funding and payment in transactions.