It is mandatory for all businesses, registered in Singapore, to maintain proper books of accounts as stipulated by the Singapore Companies Act, it would be brilliant to hire an accounting specialist to help with your accounting, payroll and GST registration services. Organized bookkeeping helps companies comply with the criteria stipulated by the regulators, ACRA and IRAS.
Auditing is generally mandatory as a validation process to show that your business operations conform to what you have projected. Businesses are legally liable to have a periodic audit. However, in Singapore there are provisos where and audit is not required. This relief has been provided by the government to especially boost startups incorporation and bring down business expenses so that Singapore rises as the most favored business destination of South East Asia.
|Previous Audit Provisions||New Provisions|
|All non-dormant companies that either had a corporate shareholder, had more than 20 shareholders or its Annual Revenue > SGD 5M required an audit.||All Private companies that meets the definition of "Small Company" and are part of "Small Group" in each of immediate past 2 financial year are exempt from audit.|
Definition of "Small Company"
Hiring of Auditors
Function of Auditors
Compensation of Auditors
Financial Reporting Requirements
Head Office Accounts
All foreign enterprises, in their yearly filing, are supposed to submit with the Registrar, their financial declarations along with those of their Singapore Branches. With respect to submission of financial statements by foreign companies:
To learn more about requirements of Singapore company accounting in detail, please contact us.