Companies that are exempt from audit and filing requirement are still required to prepare a full set of financial statements (also known as a compilation report) including notes to the accounts and must be accompanied by the Directors’ Report and the Statement by Directors. This report must be prepared in compliance with the Singapore Financial Reporting Standards (“FRS”).
Section 175 of the Companies Acts(cap 50.) requires a company to hold its AGM within 18 months from the date of incorporation or not more than 15 months after its last preceding AGM.
The following companies are exempted from audit:
An Exempt Private Company (EPC) is a private company which has at most 20 shareholders. No corporation holds (directly or indirectly) any beneficial interest in the EPC’s shares. It can also be a Company the Minister has gazetted as an EPC (see section 4(1) of the Companies Act).
A company qualifies as a small company if:
(a) it is a private company in the financial year in question; and
(b) it meets at least 2 of 3 following criteria for immediate past two consecutive financial years:
(i) total annual revenue ≤ $10m;
(ii) total assets ≤ $10m;
(iii) no. of employees ≤ 50.
For a company which is part of a group:
(a) the company must qualify as a small company; and
(b) entire group must be a “small group”
to qualify to the audit exemption.
For a group to be a small group, it must meet at least 2 of the 3 quantitative criteria on a consolidated basis for the immediate past two consecutive financial years.
Where a company has qualified as a small company, it continues to be a small company for subsequent financial years until it is disqualified.
A small company is disqualified if:
(a) it ceases to be a private company at any time during a financial year; or
(b) it does not meet at least 2 of the 3 the quantitative criteria for the immediate past two consecutive financial years.
Where a group has qualified as a small group, it continues to be a small group for subsequent financial years until it does not meet at least 2 of the 3 the quantitative criteria for the immediate past two consecutive financial years.
Source : https://www.acra.gov.sg/details_on_small_company_concept_for_audit_exemption.aspx
Compilation of Unaudited Financial Statements (Comply with Singapore FRS) and
Tax Computation & Form C/S Filing ( For Active Company )
= $800 to $2880
Note : Accounting fee is not inclusive in the above quote.