A new small company concept was introduced in Singapore to exempt small companies from statutory audit requirements. It applies with respect to financial statements for a financial year commencing on or after 1 July 2015.
The qualifying criteria are as follows:
- The entity is a private company
- The entity must meet at least 2 of 3 quantitative criteria for the immediate past two financial years:
- total annual revenue ≤ $10m
- total assets ≤ $10m
- no. of employees ≤ 50
Therefore, this helps to reduce the regulatory burden on small companies.
Get in touch with your company secretary to know more!
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