Business 101:

Questions to ask your

accountant in Singapore
Did you know you can harness

a superpower in entrepreneurship?
It’s not something flashy like flying or
teleporting, but it's just as valuable in its
own way: asking the right questions.

There is a big difference between known The key is to ask the right questions of 

unknowns – things you realise you don’t 
 your accountant. If you start with the right Remember: this is just the beginning. 

know – and unknown unknowns. The latter questions, you'll get the best experience 
 If you’d like to grow your business rather
offers an enormous challenge to any with any accountant.

than groaning over accounting, we’re

business. These are challenges you could here to help.
prepare for – but you don’t through a lack 
 So what are those right questions? Don't
of awareness.

worry, we've got you covered. This guide 
 → Talk with an Osome accountant today
will show you the questions to ask your
But if you ask the right questions, you 
 accountant, and also provide you with 

can significantly reduce or even eliminate the answers.
unknown unknowns.

Business 101: Questions to ask your accountant in SG Intro 2

Contents
Click to navigate chapters

What are the different business structures available for setting up 


a company in Singapore

When should my Financial Year-End (FYE) date be

What are the tax implications for a Private Limited Company (Pte Ltd)

What are the tax implications for a self-employed person (sole proprietor)

What are my tax filing requirements and dates

Should I be GST registered even though I've not reached the SGD 1 million
threshold

How do I get money out of my company

How can I keep track of my expenses and what expenses can I claim 

as business expenses for tax purposes

What other compliance requirements do I need to be aware of for my

business structure and industry sector?

Business 101: Questions to ask your accountant in SG 3

 1 What are the different business structures
available for setting up a company in Singapore?

There are a few different options for 
 But, here's the catch: you're personally
Learn more
setting up a business in Singapore, each responsible for all the debts and obligations
with different rules and tax implications. 
 of the business. So if things don't go as Keen to understand more about the
So, the best option for you will depend on planned, your personal assets could be at risk.

different options?


your specific needs and goals.

Another option is a Private Limited Company, → Deep dive into this article about 

When it comes to setting up your own or Pte Ltd. This is a separate legal entity from different business structures in Singapore.
business, there are a couple of options that you, the owner, which means that your
are most relevant for a first-time founder.

personal assets are protected. This is a good

choice if you think your business will grow and
First, there's the solo option: a Sole you might want to bring in outside investors.

Proprietorship. It's quick and easy to get

started, and you don't have to worry about Just keep in mind that it can take a bit more
dealing with lots of paperwork. time and money to set up this type of business.

Business 101: Questions to ask your accountant in SG 4

 2 When should my Financial Year-End
(FYE) date be?

Your FYE, or financial year-end, is the date Make sure to choose a FYE that works best
when your company's financial year ends and for your business, like if you have a slow time
you close the books for accounting purposes. of year, choose a different FYE so it doesn't
In Singapore, the default FYE for a private mess with your financial statements.
limited company is 12 months from your Changing the FYE can affect your tax filings
incorporation date and for a sole proprietorship,
and reporting so it's always best to talk to an
is 31 December, but you can change it if you want. accountant before making any changes.

Business 101: Questions to ask your accountant in SG 5

3 What are the tax implications for a
Private Limited Company (Pte Ltd)?

Corporate Income Tax Dividend Tax Director Fees

Your company will pay 17% tax on its tax If you pay dividends to shareholders, Director fees, salaries, and other 

adjusted profits. these dividends are paid out of after-tax payments to shareholders are taxable.
profits. It is tax-free in the hands of your
shareholders.

GST Foreign Workers

If your company makes over SGD 1 million If you hire foreign workers with work visas,
in sales, you'll need to register for GST and you may need to pay a foreign worker levy
then, charge 8% GST on top of your sales. and foreign employee tax.

Business 101: Questions to ask your accountant in SG 6

4 What are the tax implications for a 

self-employed person (sole proprietor)?

Simply, you'll need to file an annual tax return And if your business earns more than SGD 

and pay taxes on your business profits.

 1 million in a year, you might have to pay the
Goods and Services Tax (GST). It's important
The tax rate ranges from 0–22% and is based to keep good records and chat with an
on your personal income range. accountant to make sure you're following all
the tax rules.

Business 101: Questions to ask your accountant in SG 7

5 What are my tax filing requirements As a private limited company or a sole
proprietorship in Singapore, you'll have
and dates? different tax filing requirements and deadlines
to keep in mind.

Private Limited Companies

Sole Proprietorship
It's always a good idea 

You'll need to file an annual tax return by You'll have to file an annual tax return 
 to double check with your
30 November every year and also send 
 by 30 April each year and pay personal accountant for the latest
in your financial statements to IRAS. And
don't forget, you'll also have to make an
income taxes based on the profits you
make from your business. information and to make
estimated filing three months after your sure you're covering all your
FYE to cover your estimated tax liability.


tax bases.
Business 101: Questions to ask your accountant in SG 8
 6 Should I be GST registered even though I've
not reached the SGD 1 million threshold?

It depends on your expenses in Singapore. 
 But, if your expenses aren't that high, it might
If you have large expenses like renting an be best to hold off on registering until you
office or buying assets, or if you import 
 have to do so mandatorily. This is because
from overseas but don't make many sales 
 registering for GST can make your products
in Singapore, then it might make sense to or services more expensive for consumers
register for GST. That way, you can claim 
 and business to purchase or engage.
back some of the GST taxes you have paid 

on those office rentals and other expenses.

Business 101: Questions to ask your accountant in SG 9

7 How do I get money out of my company? When you own a Private Limited Company
in Singapore, you have a few options to get
money out of your business.

Pay yourself a salary

Take out dividends
A loan

You’ll need to make sure it's reasonable You can also take after-tax profits out 
 If you need a lot of money, you can take
and in line with industry standards, as it as dividends, but keep in mind that you a loan from your business, but just make
will affect your company's profitability may need to pay personal income tax sure it's structured properly and
and taxes. on that money if you received it in 
 approved by your board of directors.
a different location.



Business 101: Questions to ask your accountant in SG 10

 8 How can I keep track of my expenses
and what expenses can I claim as
business expenses for tax purposes?

To keep track of expenses, you can use tools This can include things like office supplies,
like spreadsheets, accounting software, and equipment, rent, and travel expenses related
always remember to keep your receipts and to your business. However, it's best to check
vendor invoices. We’re biased, but Osome’s with your accountant to make sure you're
all-in-one financial platform makes expense following the specific regulations and
tracking (and filing) a breeze.

guidelines in your country.

As for what expenses you can claim, it usually

depends on what is considered ordinary and
necessary for your business.

Business 101: Questions to ask your accountant in SG 11

 9 What other compliance requirements do
I need to be aware of for my business
structure and industry sector?

There’s no one answer here, as this can They may also be able to advise on industry-
change depending on your chosen business specific requirements, like labour laws or
structure, activity and industry. To make 
 environmental regulations. By asking the right
sure you're all set, you’ll want to ask your questions and being informed, you'll be able
accountant about business licences, permits, to establish your business with confidence
and regulations specific to your company. and avoid any potential compliance issues
down the line.

Business 101: Questions to ask your accountant in SG 12

Reminder: You didn’t
get into business

to be an accountant

Enter: Osome’s financial experts. We have

your back with all things small business
accounting. We help you file documents on
time, organise your reports, and stay on top
of your financials. So you can focus on what
matters — growing your company.

Chat with an accountant