support@fincognito.sg

  +65 88616186

Frequently
Asked
Questions

Find answers to common questions about our services, processes, and pricing.

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Company Incorporation

Once your company name is approved (typically within 1 hour), the incorporation process itself takes 1-2 business days. In most cases, we can complete the entire process within 24-48 hours, provided all required documents are submitted promptly.

To incorporate a company in Singapore, you need: At least one director who is ordinarily resident in Singapore, at least one shareholder (can be the same person as the director), a company secretary appointed within 6 months, minimum paid-up capital of S$1, a registered office address in Singapore, and a company name approved by ACRA.

Yes, foreigners can incorporate a company in Singapore and own 100% of the shares. However, you must appoint at least one director who is ordinarily resident in Singapore (Singapore citizen, PR, or holder of an Employment Pass/EntrePass). We can provide nominee director services if needed.

For Singapore Residents: NRIC (front and back), proof of residential address, and contact details.

For Foreigners: Passport copy, overseas residential address proof, contact details, and professional background/CV.

Accounting & Bookkeeping

We offer comprehensive accounting services including: Daily bookkeeping and transaction recording, bank reconciliation, accounts payable and receivable management, monthly/quarterly/annual financial statements, GST registration and filing, corporate tax computation and filing, payroll processing, and management reporting and analysis.

Our accounting packages start from S$188/month for the Starter plan, which includes up to 50 transactions per month. The Growth plan is S$388/month for up to 200 transactions, and we offer custom Enterprise solutions for larger businesses. Contact us for a personalized quote.

We primarily use Xero and QuickBooks Online, both cloud-based accounting platforms that allow you to access your financial data anytime, anywhere. We can also work with other software depending on your preferences and requirements.

Depending on your package, you’ll receive: Starter: Quarterly management reports and annual financial statements. Growth: Monthly management reports and annual financial statements. Enterprise: Custom reporting schedule with real-time dashboard access.

Company Secretary

Yes, every Singapore company must appoint a company secretary within 6 months of incorporation. The secretary must be a natural person who is ordinarily resident in Singapore and cannot be the sole director of the company.

A company secretary is responsible for: Maintaining statutory registers and records, organizing and documenting board meetings and AGMs, filing annual returns with ACRA, advising directors on compliance matters, handling share transfers and allotments, and managing changes in company structure.

Late filing of annual returns can result in: Financial penalties up to S$600, directors may face prosecution, company may be struck off the register, and damage to company reputation. We ensure all filings are completed on time to avoid these penalties.

If you are a Singapore resident and not the sole director, you can act as the company secretary. However, the role requires knowledge of the Companies Act and ongoing compliance requirements. Most companies prefer to engage a professional secretary to ensure full compliance.

Tax Services

Singapore has a flat corporate tax rate of 17%. However, there are various tax incentives and exemptions available: Newly incorporated companies enjoy tax exemptions on the first S$200,000 of chargeable income for the first 3 years, partial tax exemptions are available for all companies, and various industry-specific tax incentives may apply.

Corporate tax returns (Form C/C-S) are due by November 30th each year for paper filing, or December 15th for e-filing. The filing deadline is based on your company’s financial year end.

You must register for GST if your taxable turnover exceeds S$1 million in the past 12 months (mandatory registration) or if you expect your taxable turnover to exceed S$1 million in the next 12 months. You can also voluntarily register for GST if your turnover is below the threshold.

The current GST rate in Singapore is 9% (as of 2024). The rate increased from 8% to 9% on January 1, 2024.

SFA Licensing

Most F&B outlets require at minimum a Food Shop Licence from the Singapore Food Agency (SFA). Depending on your concept and premises, you may also need a URA or HDB Change of Use approval if the unit is not already approved for food use, a Liquor Licence from SPF if you serve alcohol, and a Public Entertainment Licence if you offer live music, DJ performances, or dancing. Fincognito conducts a full licensing assessment upfront so you know exactly what is required before you commit to a tenancy.
A Food Shop Licence application typically takes 2 to 6 weeks from submission, subject to SFA's inspection scheduling and the completeness of your documents. Change of Use applications through URA or HDB may take longer depending on the complexity of the case. We provide realistic timelines at the start of each engagement and manage all follow-up on your behalf.
Yes. We manage the full conversion process including a feasibility assessment before you sign any lease, Change of Use submissions to URA or HDB, coordination with SFA, and end-to-end management through to licence issuance. We also liaise with the building management, Town Council, and other relevant agencies as required.
Yes. Cloud kitchens require a Food Shop Licence and in many cases a Change of Use approval, as the premises are often industrial or commercial units not previously approved for food use. We handle the full process including premise suitability assessment, URA and HDB zoning guidance, licence application, and inspection coordination.
Yes. We manage Liquor Licence applications to the Singapore Police Force (SPF) across all licence classes (1A to 4), and Public Entertainment Licences for businesses offering live music, DJ performances, dancing, gaming machines, or other regulated entertainment activities. We also handle renewals and amendments to existing licences.
Yes. We manage renewals for all SFA licence types including Food Shop, Food Stall, Food Processing Establishment, Cloud Kitchen, Supermarket, and Minimart licences. We send advance reminders and manage the renewal process so your licences remain valid at all times.

Work Visa Application

A Work Permit is for semi-skilled foreign workers in specific sectors including construction, manufacturing, marine shipyard, process, and services. Workers must come from approved source countries. An S Pass is for mid-skilled foreign employees who hold a diploma or degree and meet the prevailing MOM fixed monthly salary threshold. We assess your candidate's eligibility and advise on the appropriate pass type before submission.
Processing typically takes 1 to 3 weeks from submission, subject to MOM's workload and the completeness of your documentation. We review all documents before lodgement to minimise the risk of delays or rejection due to incomplete submissions.
Yes. We manage bulk and high-volume applications for companies with project-based or seasonal hiring needs. We structure the process with clear timelines and batch submissions to keep everything on track, even for large workforces.
We review the grounds of rejection and advise on whether an appeal or a fresh application is the better course of action. We handle the full follow-up process on your behalf, including preparing supporting documents and liaising with MOM on the appeal.
Yes. We manage the full lifecycle of work passes including renewals, cancellations, re-entry permit applications, and transfers of employer sponsorship between companies for both Work Permits and S Passes.
Employers hiring Work Permit and S Pass holders are subject to monthly levies and sector-specific foreign worker quotas set by MOM. Levy rates vary by sector, worker skill level, and the company's ratio of local to foreign workers. We provide upfront advisory on levy costs and quota availability before you proceed with any application.

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