Audit   Tax Compliance   Accounting   Strike-Off   Corporate Secretarial

(1) Audit & Assurance

  Statutory Audit
All companies are required to have their financial statements audited unless they meet the ACRA audit exemption criteria.

Your company qualifies for the exemption if it is:
  • An Exempt Private Company (EPC) with revenue not more than S$5 million for the financial year starting on or after 1 June 2004.
  • An EPC with revenue not more than S$2.5 million for the financial year starting on or after 15 May 2003 but before 1 June 2004.
  • Any company, including an EPC, which is dormant for the financial year starting on or after 15 May 2003.
An Exempt Private Company (EPC) has 20 or fewer shareholders and its shares are not held by any corporation as defined under Section 4(1) of the Companies Act.

Special Audit
Verification of information are required by authorities and interested persons, for example sales certification for rental purposes, lucky draw and charitable events.

Useful References
ACRA, February 2013, Audit exemption for small companies and dormant companies
CPA Australia, October 2014, Guide to understanding auditing and assurance

(2) Tax Compliance & Advisory

  Income Tax Returns
All incorporated companies are required to provide to IRAS:
  • The "Estimate Chargeable Income" within 3 months of the financial year end
  • Income tax forms by 30 November (15 December if by e-file)
GST Returns
GST-registered person are required to submit GST returns and account for GST to the Comptroller of GST at regular intervals.

Useful Reference
IRAS, July 2013, Tax guide for newly incorporated companies
IRAS, 8 October 2014, GST: General guide for businesses


(1) Accounting

  According to the Companies Act, directors of a company incorporated in Singapore are required to:
  • present and lay before the company, at the annual general meeting, financial statements that:

      (a) comply with Accounting Standards issued by the Accounting Standards Council; and
      (b) give true and fair view of the profit and loss, as well as the state of affairs of the company
  • maintain a system of internal accounting controls and keep proper accounting and other records respectively that will enable the preparation of true and fair profit and loss accounts and balance-sheets.
A financial reporting breach occurs when a director has failed to comply with these requirements.

Useful Reference
ACRA Practice Direction No. 2 of 2014, Directors' duties in relation to financial reporting

(2) Corporate Secretarial

  Transactions required to be filed with ACRA include:
  • Business and company start ups - reservation of company name, incorporation.
  • Annual - XBRL financial statements filing, annual returns etc.
  • Ad-hoc - change director, shareholder particulars, auditors, office address etc.

(3) Company Strike-Off

  Companies no longer carrying on business can be struck off through an ACRA application with supporting documentation by a company directory, company secretary or corporate service provider.

Useful Reference
ACRA, Striking-off a local company  
  (Information updated on 31 December 2014)