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Singapore companies are required to maintain financial statements under theSingapore Financial Reporting Standards (SFRS)and file them annually with theAccounting and Corporate Regulatory Authority (ACRA). Not all companies require an audit — a"small company exemption"applies: a company is exempt from audit if it meets at least 2 out of 3 criteria for the two most recent financial years.
Financial statements are prepared in any case: even if a company is exempt from audit, it must prepare and file with ACRA a set of mandatory financial documents.
When audit is required
Audit is mandatory iffor the two most recent financial years the company meets two out of three criteria:
- Total revenue exceedingS$10 million
- Total assets exceedingS$10 million
- Number of employees exceeding50 persons
Audit is also mandatory for:
- Public companies (even if below thresholds)
- Subsidiaries of public corporations
- Financial companies regulated by MAS
If all three criteria are below the threshold — the company prepares onlyunaudited financial statementsfor filing with ACRA.
Documents for the auditor
- General ledger and transaction journals for the financial year
- Bank statements for all company accounts
- All invoices — issued and received
- Contracts with key counterparties
- Register of directors and shareholders (if changed)
- Prior year audit report or unaudited statements
Cost
| Service | Cost |
|---|---|
| Full audit (for companies above threshold) | upon request |
| Financial statements without audit (unaudited statements) | €1,200 |
Timeframes
- Unaudited statements —2–3 weeksafter closing of the financial year.
- Full audit —4–8 weeksdepending on volume and complexity.
- The financial year in Singapore is determined by the company itself upon registration — usually coincides with the calendar year.
What needs to be done alongside reporting
Financial statements are only part of annual compliance in Singapore. In parallel, the company must:
- FileAnnual Returnwith ACRA with updated structural information
- FileEstimated Chargeable Income (ECI)with IRAS within 3 months of the end of the financial year
- FileCorporate Income Tax Return (Form C/C-S)with IRAS by 30 November
- HoldAnnual General Meetingwithin 6 months of the end of the financial year
We perform all these procedures as part of annual maintenance of Singapore companies.
Related services
- 🇸🇬 Company in Singapore— incorporation and maintenance
- 🇸🇬 Singapore — residence permit for top management— if you want local residency
- 🇭🇰 Company audit in Hong Kong— for comparison