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Estimated Company Taxable Income (ECI) in Singapore
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Estimated Company Taxable Income (ECI) in Singapore
ECI (Estimated Chargeable Income) -
The Company's estimated taxable income is an estimate of your company's taxable income (after deducting allowable tax expenses) for the reporting fiscal year.
RSBS provides a full range of services for obtaining an ECI in Singapore.
ECI
Estimated taxable income of the Company taxable income
Cost:
150 $
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What is included in the service:
150 $
Estimated Company Taxable Income (ECI) in Singapore
Advantages of ECI early filing
When you file your ECIs early, you get the following benefits:
The earlier you file your ECI, the more tax installments are available to you
IRAS gives you the opportunity to pay your taxes in installments.
CASES OF EXEMPTION FROM FILING ECI
Your company does not have to file an ECI for the past fiscal year if it meets the following criteria (both at the same time)
The Company's annual turnover for the fiscal year is SGD 5 million or less;
Assumed taxable income not greater than 0
The IRAS (Internal Revenue Authority of Singapore) requires every company incorporated in Singapore, including new companies, to file an annual ECI report within three months of the end of the financial year.
LIABILITY FOR VIOLATING THE DEADLINE FOR FILING ECI
If your Company has not met the requirements for filing an ECI after the end of the three-month grace period, IRAS may issue its own Notice of Assessment (NOA) based on your Company's historical earnings or other information available to IRAS. This NOA can be viewed as a final settlement.

Your company will have to pay the full amount of tax within 1 month from the date of issuance of the Notice of Assessment even if the amount of tax does not correspond to the actual situation and your company has filed an objection.

In this case, there is no installment payment and you will have to pay the entire tax amount in one tranche.
If payment is not received by the due date, late payment penalties will be imposed and enforcement action may be taken
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Testimonials from our customers
We have been cooperating with RSBS since the creation of our company, namely since 2017. This is a team of professionals who can be trusted with tasks of various complexity, from company registration to assistance in some aspects of business. I am grateful and glad for our partnership!
Dmitry Malakhovsky
Director & Co-Founder, Ecoway Technologies Pte.Ltd.
Anastasia Oleinik
Prima Music Pte Ltd
RASA expresses its sincere gratitude to RSBU. Our cooperation began in 2019 with the registration of the company and continues to the present day.

During the period of our cooperation, RSBU representatives have shown high professionalism and efficiency in performing the designated tasks. We receive constant support in the ongoing financial and organizational processes of the company. We are very satisfied with our cooperation with RSBU and we certainly recommend this company as your reliable and trusted partner.
Tatiana Meshkova
I used the services of RSBU in order to open my own company in Singapore. Good service. The consultants actively answer questions and respond quickly if problems arise. Especially valuable is the fact that even after successfully opening a company, the consultants give advice on documentation and doing business in Asia.

I recommend it!
RASA Pte Ltd
Director & Co-Founder, Ecoway Technologies Pte.Ltd.
Dmitry Malakhovsky
We have been cooperating with RSBS since the creation of our company, namely since 2017. This is a team of professionals who can be trusted with tasks of various complexity, from company registration to assistance in some aspects of business. I am grateful and glad for our partnership!
Anastasia Oleinik
Prima Music Pte Ltd
Сотрудничаем с РСБС с момента создания нашей компании, а именно с 2017 года. Это команда профессионалов, которым можно доверить задачи разной сложности, начиная от регистрации компании и заканчивая помощью в некоторых аспектах деятельности. Благодарен и рад нашему партнерству!
Малаховский Дмитрий
Директор & Соучредитель
Ecoway Technologies Pte.Ltd.
I used the services of RSBU in order to open my own company in Singapore. Good service. The consultants actively answer questions and respond quickly if problems arise. Especially valuable is the fact that even after successfully opening a company, the consultants give advice on documentation and doing business in Asia.

I recommend it!
RASA Pte Ltd
Tatiana Meshkova
RASA expresses its sincere gratitude to RSBU. Our cooperation began in 2019 with the registration of the company and continues to the present day.

During the period of our cooperation, RSBU representatives have shown high professionalism and efficiency in performing the designated tasks. We receive constant support in the ongoing financial and organizational processes of the company. We are very satisfied with our cooperation with RSBU and we certainly recommend this company as your reliable and trusted partner.
Seafood International Trade Pte. Ltd.
Olga
Seafood International Trade Pte Ltd would like to thank RSBU for their long-term and fruitful cooperation. We have been customers of RSBU since its incorporation and RSBU has established itself as a task-oriented and result-oriented company.
Maxim R.
Wowlink Pte. Ltd.
Сотрудничаем с РСБС с момента создания нашей компании, а именно с 2017 года. Это команда профессионалов, которым можно доверить задачи разной сложности, начиная от регистрации компании и заканчивая помощью в некоторых аспектах деятельности. Благодарен и рад нашему партнерству!
Малаховский Дмитрий
Директор & Соучредитель
Ecoway Technologies Pte.Ltd.
We registered a Private Limited Company in 2020 with RSBU. The RSBU team worked perfectly, the documents were prepared professionally, the registration of the company and the opening of the bank account went smoothly.

RSBU also provided our company with a nominee director, an official address, and helped us keep the books. We are very pleased with the quality of service, responsiveness and professionalism of the RSBU staff. You can see that the company and team are constantly improving and enhancing the quality of services provided. Thank you very much for your work!
Spacefox Pte Ltd.
Vitaly Isayev
Working with RSBU leaves only positive impressions in the memory. The team stays in touch even during holidays and off hours.

Our business is quite specific, requiring licensing, legal expertise and we get help from RSBU on all these matters. What to say about the basic needs of opening a company and accounts, everything is at the highest level here.
Seafood International Trade Pte. Ltd.
Olga
Seafood International Trade Pte Ltd would like to thank RSBU for their long-term and fruitful cooperation. We have been customers of RSBU since its incorporation and RSBU has established itself as a task-oriented and result-oriented company.
Maxim R.
Wowlink Pte. Ltd.
Сотрудничаем с РСБС с момента создания нашей компании, а именно с 2017 года. Это команда профессионалов, которым можно доверить задачи разной сложности, начиная от регистрации компании и заканчивая помощью в некоторых аспектах деятельности. Благодарен и рад нашему партнерству!
Малаховский Дмитрий
Директор & Соучредитель
Ecoway Technologies Pte.Ltd.
We registered a Private Limited Company in 2020 with RSBU. The RSBU team worked perfectly, the documents were prepared professionally, the registration of the company and the opening of the bank account went smoothly.

RSBU also provided our company with a nominee director, an official address, and helped us keep the books. We are very pleased with the quality of service, responsiveness and professionalism of the RSBU staff. You can see that the company and team are constantly improving and enhancing the quality of services provided. Thank you very much for your work!
Spacefox Pte Ltd.
Vitaly Isayev
Working with RSBU leaves only positive impressions in the memory. The team stays in touch even during holidays and off hours.

Our business is quite specific, requiring licensing, legal expertise and we get help from RSBU on all these matters. What to say about the basic needs of opening a company and accounts, everything is at the highest level here.
Frequently Asked Questions (FAQ)
What is ECI?
ECI is an estimate of your company's taxable income (after deducting expenses allowed for tax purposes) for the year of assessment (YA).

Learn about taxable income and tax deductible expenses.
Who should file an ECI
The IRAS (Internal Revenue Authority of Singapore) requires every company incorporated in Singapore, including new companies, to file an annual ECI report within three months of the end of the financial year.
How to determine if my company needs to file an ECI
Your company must file an ECI within 3 months of the end of the fiscal year, unless:

  1. Your company qualifies for an exemption from the obligation to file an ECI; or
  2. Your company is not required to file an ECI.
When does my company not need to file an ECI?
Your company does not need to file an ECI for the fiscal year in question if both criteria are met:

  1. The annual income1 for the fiscal year is $5 million or less;

  2. The ECI is zero for the reporting year. ECI must be equal to the amount before deducting the amount exempted under partial tax exemption schemes or tax exemption schemes for new companies.

1 - Revenue refers to a company's main source of income and excludes income from individual sources, such as interest, dividends and rent, which does not arise from its core business. In the case of an investment holding company, income is its investment income (e.g. dividend income and interest income).
Which companies don't need to file an ECI:
If your company falls into 1 of the following categories, it does not need to file an ECI:

  • Foreign shipowners or charterers whose local shipping agent has filed/submitted a declaration of carriage
  • Foreign universities
  • Specialized mutual funds and CPF-approved mutual funds
  • Real estate investment trusts that have been granted tax treatment under Section 43(2) of the Income Tax Act.
When do I need to submit my ECI?
Your company will be notified by IRAS to file an ECI in the last month of the fiscal year.

If your company has not received the notice and does not qualify for the ECI exemption, it must file the ECI within 3 months after the end of the fiscal year.
What are the benefits of early filing?
  1. IRAS provides you with flexible tax payment options: for example, you can pay your taxes in installments.
  2. The earlier you file your ECI, the more tax installments are available to you:
Tax exemptions and ECI
The amount of ECI your company submits does not have to include the new company/partial tax exemption for all companies.

IRAS will calculate and authorize the tax exemption for new start-up companies/partial tax exemption automatically.
Do I have to file an ECI return for my company if its income is zero?
You do not have to file an ECI for your company if it has no income and your company has an annual turnover of $5 million or less.
If your company's estimated earnings are zero and it has an annual turnover of more than $5 million, you are still required to file an ECI.
When do I pay the accrued tax?
Your company must pay the tax due within 1 month of the date of the notice of assessment (ECI) unless it is entitled to payment in installments.
How to pay the assessed tax?
There are 2 ways to pay taxes:

  • Payment via GIR
Companies registered in Singapore are advised to sign up for GIRO to take advantage of the installment payment of accrued tax.

If your company does not have an existing GIRO corporate income tax agreement, sign up for a GIRO at least 3 weeks before you file your ECI. The GIRO agreement must be approved before the due date (i.e., 1 month from the date of the notice of assessment) in order for your company to be eligible for payment in installments.

If the GIRO agreement is not approved before the due date, your company will have to pay the full amount of the assessed tax within 1 month of the date of the notice of assessment.

  • Electronic payments
You can make your payment using electronic payment methods such as online banking, phone banking, and NETS. If your company is having trouble paying taxes, read about the support measures available.
How can I object to the amount of tax assessed?
If your company does not agree with the estimated tax amount, an objection must be filed within 2 months of the date of the tax assessment notice.

When filing the objection, your company must state the reasons for the late filing or failure to file the ECI and the revised ECI amount.
You may need:
Letter of Consent (LOC)
is an official work permit from the Singapore Ministry of Labor for Dependant Pass holders who are owners of a business registered in Singapore, and LTVP/LTVP+ who are spouses or unmarried children of Singapore citizens and permanent residents.
Employment Pass (EP) - is a Singapore work visa intended for highly qualified foreign professionals and executives working in Singapore with appropriate qualifications and a salary of at least SGD 4,500 (~3,355 USD) per month for all companies and at least SGD 5,000 (~3,650 USD) for the financial sector.
Singapore is one of the largest financial centers in the world. There are more than 200 banks, including 111 commercial banks providing a wide range of banking services.
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