In Singapore, registered private limited companies are required to appoint an auditor within three months of its incorporation and submit audited annual accounts to the proper regulatory authority. However, there are several instances under the Singapore Companies Act that may exempt a company from undergoing the statutory audit:
- Dormant companies, or enterprises that did not carry business nor generate income for an entire year of assessment (YA)
- Exempt private companies with less than S$5 million in annual turnover that have no corporate shareholders
For companies exempted from statutory audit, directors are still required to prepare and submit financial reports, such as the company’s balance sheet, notes to accounts, income statement, cash flow statement, and statement of changes in equity in line with the Singapore Financial Reporting Standards (SFRS).
Let us assist you with your ACRA and IRAS compliance requirements, which includes the preparation of your unaudited financial reports.
