Financial records keeping
Under the Companies Act in Singapore, a Company must maintain their accounting and other financial records for explanation of the transactions and financial matters of the Company, as well as a profit & loss account and balance sheet is to be maintained.
Goods and Services Tax (GST) services in Singapore
In Singapore, when you supply goods and / or services exceeding or expected to excess an annual revenue of S$1 million; you are required to register with the Comptroller of GST for GST collection under the GST Act in Singapore.
Voluntary registration is available for businesses whose revenue did not exceed S$1 million. The approval of such registration is subject to the discretion of the Comptroller and the business would be required to stay registered for a minimum of 2 years unless waived.