Payroll Outsourcing Services
in Singapore
What is it?
Payroll outsourcing services are designed to simplify and reduce your workload by managing monthly wages, tax-related payments, and statutory contributions for your employees. Many companies, especially those without dedicated payroll teams, rely on external agencies to handle payroll processing efficiently and accurately.
In Singapore, businesses must comply with various laws, including the Income Tax Act, Central Provident Fund (CPF) Act, and the Employment Act. These regulations require companies to calculate, submit, and report contributions and taxes accurately and on time to avoid penalties.
Before hiring employees, companies must ensure compliance with regulations regarding:
- CPF contributions, including employee and employer portions.
- SDL (Skills Development Levy) contributions.
- Filing of income tax (IR8A, Appendix 8A, or Appendix 8B, where applicable).
- Accurate deductions for foreign worker levies and tax clearance (IR21) for departing employees.
Payroll Outsourcing Services can be defined as the services rendered to calculate and deliver employees' net payments while ensuring compliance with all statutory laws and deductions, including overtime, taxes, and other obligations required by Singapore regulations.
How does it work?
Businesses provide external agencies with essential employee details such as salaries, allowances, and deductions. These agencies then calculate payroll, ensuring compliance with Singapore labor and tax laws. The computed payroll data is then submitted to the company alongside detailed reports for further processing or reference.
WE HELP YOU WITH
- Payroll calculation.
- Payslip send by email monthly.
- Submission of CPF contributions (employee and employer).
- Withholding and remitting income tax under the IRAS Auto-Inclusion Scheme (AIS).
- Adding or removing employees in the CPF and SDL systems.
- Annual income tax preparation and reporting, including IR8A, Appendix 8A/8B, and related forms.
Reasons for needing Payroll Outsourcing Services
Miscalculation of payroll can lead to serious financial and legal issues for the employing company. For some employees, their salaries might be the only source of income they have so having it delayed or underpaid will greatly affect them. As an employer, even though you ensure that you pay your employees accurately and on time, failure to adhere to or follow certain laws like the labour law will end up causing legal issues.
Reduce Work Load
Payroll Outsourcing Services can be a big help in reducing the stress your business has to incur from processing the payroll on its own, allowing you to reduce your administrative team, or having them focus better on other tasks
Save Money
No accounting team means fewer salaries to pay, working with us gets you the time and competencies of a full-fledged accounting team for only a fraction of the cost
Avoid Mistakes
Calculation mistakes can have a big impact on your business or yourself, such as fines and imprisonments, or tax refund issues and work permit cancellations.
Contact Us
Share with us your requirements and needs, we will get back to you with a personal and confidential quotation.
