Unaudited Financial Statements
Under the Companies Act, Exempt Private Companies* (EPCs) with annual revenue below $2.5 million are not required to have their accounts audited for financial year beginning on or after 15 May 2003. The revenue threshold was raised to $5 million for EPCs with financial year beginning on or after 1 June 2004.
Most private limited companies in Singapore are no longer required to have their accounts audited if they satisfy certain conditions.
* Exempt private companies:
which have no corporate shareholders and no more than 20 individual shareholders
with turnover of less than S$5 million for the accounting year can file unaudited reports. Dormant companies are also exempt from submitting audited reports.
An EPC will still need to prepare unaudited financial statement in accordance to the Companies Act and Singapore Financial Reporting Standards for the purpose of IRAS' filing requirements to file your tax returns. The format is similar to an audited financial statement except that do not need an auditor to sign off the report.
CFO Corporate Advisory Pte. Ltd. will assist in preparing the unaudited financial statements in accordance to IRAS' filing requirements, and file the coroprate tax returns if desired. CFO Corporate Advisory Pte. Ltd. are in constant and close touch with the latest changes and developments in accounting standards, statutory requirements, tax and GST matters impacting businesses, which translates to the value-add that CFO Corporate Advisory Pte. Ltd. bring to the accounting assignments.
Small EPCs and dormant companies are still required to lodge their Annual Return (AR) with ACRA within the period prescribed under Section 197 of the Companies Act.
Form An Exempt Private Company
CFO Corporate Advisory Pte. Ltd. can help you incorporate an EPC in a day.
At CFO Corporate Advisory Pte. Ltd., we don’t believe in a one-size-fits-all package for our clients. Call us to discuss more on how we can help you manage your accounts and be in compliance with ACRA and IRAS.
For further enquiries or a non-obligatory quote, please send in an enquiry.