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You are here: Home / Infographics / New “Small Company” Criterion for Audit Exemption

New “Small Company” Criterion for Audit Exemption

July 31, 2015 IN Infographics

Most Singapore private limited companies will now not need to do audit. Currently, a company must be audited unless:

  • It is a dormant company, or
  • It is an exempt private company (EPC) with annual revenue of $5 million or less. EPC is defined as a private company with not more than 20 members
    and having no corporate shareholder

The Singapore Companies’ Act governing all companies incorporated in Singapore has introduced a new “small company” criterion for exemption from statutory audit. A company qualifies for audit exemption as a “small company” if it has at least 2 of the following:

  • Total annual revenue of not more than $10 million
  • Total gross assets as at the end of the financial reporting period of not more than $10 million.
  • Total number of employees as at the end of the financial year of not more than 50.

Companies who are part of a small group of companies can also qualify if it meet at least two of the following conditions:

  • aggregate turnover must be not more than SGD 10 million
  • the aggregate balance sheet total must be not more than SGD 10 million at the end of the financial reporting period
  • the aggregate average number of employees must be not more than 50 at the end of the financial reporting period

Related Reading » A Simple Guide on Audit Exemption in Singapore


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Suggested Readings

A Simple Guide on Audit Exemption in Singapore Singapore budget 2018 overview of Tax changesSingapore Budget 2018 – Overview of Tax Changes for Businesses and Individuals Singapore Expands Financial Reporting Surveillance Programme to Protect Investors Employment Pass Application – JobsBank Exemption Criteria
← All You Need to Know About Personalised Employment Pass Singapore Productivity and Innovation Credit (PIC) Scheme →

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