A Singapore EPC* is a private limited company with 20 or fewer shareholders, none of which should be corporate entities. Such EPCs, with annual revenue below S$5 million, and dormant companies are exempted from having their accounts audited, and can just do unaudited financial statements, commonly known as director’s reports. But if the EPC’s annual turnover exceeds S$5 million, an annual statutory audit is mandatory.
* An Singapore Exempt Private Company (EPC) has:
- 20 or fewer shareholders
- shares are not held by any corporate entity
Small exempt private companies (EPC) and dormant companies are exempted from having their accounts audited.
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