Audit requirement and Filing of Returns for Private Limited companies

No audit requirement for Exempt Private Company with turnover with less than S$5 Million

Exempt Private Companies (EPC) with turnover less than S$5 million has the option of of their financial statement not being audited. However, they still need to prepare their financial statements in compliance with the Companies Act and the Singapore Financial Reporting Standards (FRS).

A company is deemed to be an exempt-private company if:

1. The shareholders do not exceed 20 
2. All of the shareholders are natural person and not corporations 

Companies with a turnover of over S$5 milion must have their financial statement audited.

Filing of return for Exempt-Private company

All exempt private company which are also solvent need not file their financial statement with ACRA. If the company is insolvent they have to file their financial statement with ACRA in XBRL format. A company is insolvent is they are unable to pay their debts as and when they fall due.

There are 2 options for when filing XBRL

1. Full XBRL - the full financial statement
2. Partial XBRL - only the balance sheet and income statement and a PDF copy of the financial statement

Non-Exempt Private Company

The audit requirement for non-exempt private company remains the same even though itheir turnover is less than S$5 million.

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