Compilation Of Financial Statement & Tax
Companies that are exempt from audit and filing requirement are still required to prepare a full set of financial statements including notes to the accounts and must be accompanied by the Directors’ Report and the Statement by Directors.
What Types Of Companies Are Exempted From Audit?
The following companies are exempted from audit:
- Exempt private company (EPC) with revenue not more than S$5 million for the financial year starting on or after 1 June 2004; or
- Exempt private company (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; or
- Any company, including an Exempt private company (EPC), that is dormant for the financial year starting on or after 15 May 2003
- Any small company with financial year end starting from 1 July 2015.from 1 July 2015.
Who Is An Exempt Private Company?
Who Is A Small Company?
A company qualifies as a small company if: (a) It is a private company in the financial year in question; and (b) It meets at least 2 of 3 following criteria for immediate past two consecutive financial years: (i) Total annual revenue ≤ $10m; (ii) Total assets ≤ $10m; (iii) No. of employees ≤ 50. For a company which is part of a group: (a) The company must qualify as a small company; and (b) Entire group must be a “small group” to qualify to the audit exemption. For a group to be a small group, it must meet at least 2 of the 3 quantitative criteria on a consolidated basis for the immediate past two consecutive financial years.
Compilation of Unaudited Financial Statements and
Tax Computation & Form C/S Filing At $800 to $2880
Note : Accounting fee is not inclusive in the above quote.
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