WHY DO I NEED TO PREPARE FINANCIAL STATEMENTS?
All Private Limited Companies in Singapore are legally obligated to prepare their Financial Statements yearly (either Audited or Unaudited). Financial statements provide detailed and crucial information about a company's financial position, performance, cash flows, and any pertinent changes that help users make economic decisions.
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WHICH COMPANIES ARE EXEMPT FROM PREPARING AUDITED FINANCIAL STATEMENTS?
A “small company” is exempt from auditing their financial statements. A company qualifies as a small company if:
- it is a private company in the financial year in question; and
- it meets at least 2 of 3 following criteria for immediate past two consecutive financial years:
- total annual revenue not exceeding $10m;
- total assets not exceeding $10m;
- no. of employees not more than 50;
For a company which is part of a group:
- the company must qualify as a small company; and
- 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.
WHEN MY COMPANY WILL BE REQUIRED TO PREPARE AN AUDITED FINANCIAL STATEMENT?
Where a company has qualified as a small company, it continues to be a small company for subsequent financial years until it is disqualified. A small company is disqualified if:
- it ceases to be a private company at any time during a financial year; or
- it does not meet at least 2 of the 3 the quantitative criteria for the immediate past two consecutive financial years.
Where a group has qualified as a small group, it continues to be a small group for subsequent financial years until it does not meet at least 2 of the 3 the quantitative criteria for the immediate past two consecutive financial years.
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Compliance with Local Laws
Why do you need a Corporate Secretary?
Section 171 of the Singapore Companies Act, Chapter 50 requires ALL Singapore Companies to appoint a Singapore Company Secretary to handle on-going statutory compliance matters.
