Guide to Criteria for Audit Exemption for Small Company in SingaporePosted by InCorp Global on February 17th, 2021 A new company incorporated on or after 1 Jul 2015 can qualify as a “small company” if it is a private company and meets the quantitative criteria in its first or second FY after incorporation. A private limited company is the most suitable form of business structure in Singapore. It provides benefits such as limited liability, tax savings, and simple compliance obligations. The Companies Act in Singapore has recently introduced the concept of “small company” that exempts private limited companies that fulfill certain criteria from the requirement of annual audit. This helps the company reduce its compliance costs as well as its overall regulatory burden. The Singapore Companies Act states that every company must get its financial statements and accounting records audited by an auditor on an annual basis unless the company meets the audit exemption requirement. This infographic has been originally uploaded at InCorp Global. Below is the criteria:
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