Audit and accounts for a Singapore company
Small private companies are exempt from audit, but the annual return and the tax return are required for all. We check the status, prepare the accounts and file them on time.
A Singapore company does three things every year: it prepares financial statements, files an annual return with the Accounting and Corporate Regulatory Authority (ACRA) and files a tax return with the Inland Revenue Authority of Singapore (IRAS). Not every company needs an audit: small private companies are exempt. The key is to work out correctly whether the company qualifies and not to miss deadlines, because penalties are charged automatically.
Does your company need an audit?
A private company is exempt from audit if it qualifies as a small company: for the two most recent consecutive financial years it meets at least two of three criteria.
- annual revenue of no more than S$10 million, about $7.9 million;
- total assets of no more than S$10 million, about $7.9 million;
- no more than 50 employees.
If the company is part of a group, the whole group must meet the criteria. The exemption does not remove the other duties: the statements are still prepared, approved by the directors and filed with the annual return.
We will calculate online the cost of reporting and audit for a year at your turnover.
Deadlines and penalties
| What | Where | Deadline | If late |
|---|---|---|---|
| Annual return with financial statements | ACRA | within 7 months after the financial year end (non-listed companies) | ~$240 if up to 3 months late, ~$470 if more than 3 months late |
| Estimated Chargeable Income | IRAS | within 3 months after the financial year end, unless waived | IRAS may estimate the income itself |
| Corporate income tax return | IRAS | by 30 November each year; the Year of Assessment 2026 return by 30 November 2026 | composition fine, then a summons |
Financial statements are filed with ACRA in XBRL format together with a PDF signed off by the directors. Small, non-publicly accountable companies file a simplified version.
Taxes
The corporate income tax rate in Singapore is 17%. A company with no business at all can obtain a waiver from filing the tax return: IRAS then removes the duty to file both the return and the Estimated Chargeable Income. This waiver does not remove the duty to file the annual return with ACRA.
How we work
- Checking the status. We look at revenue, assets and headcount for two years and decide whether an audit is needed.
- Collecting documents. Bank statements, contracts and invoices for the year. For a company with no business, confirmation that there were no transactions.
- Preparing the accounts. We consolidate the transactions, calculate the tax and prepare the statements in the required format.
- Audit, if required. We arrange the audit with a Singapore auditor and close their queries.
- Filing. The annual return within 7 months, the Estimated Chargeable Income within 3 months, the tax return by 30 November.
- Closing down. If the company is no longer needed, we close it so you stop paying for accounts every year.
Common mistakes
- Judging small company status on one year. The criteria are tested for the two most recent consecutive years.
- Forgetting the group. If the parent is large, a subsidiary is not exempt from audit even if it is small itself.
- Confusing the tax return waiver with the annual return. The annual return to ACRA is always required, otherwise the penalty is up to $470.
- No records for the year. Without statements and contracts the accounts cannot be prepared, and an auditor will not sign them.
Singapore company accounts and the owner's home-country rules
Many countries have controlled foreign company (CFC) rules: if the owner is tax resident there and holds a large stake, the company's profit may be taxed in the owner's hands and the company must be reported every year, usually together with its annual financial statements. Thresholds, deadlines and penalties differ from country to country.
So the Singapore accounts are prepared with the owner's home-country reporting in mind. We handle CFC notifications and profit calculations as part of our CFC notifications and reporting service.
What we do
We decide whether an audit is needed, prepare the accounts, arrange the audit with a Singapore auditor, file the annual return, the Estimated Chargeable Income and the tax return, advise on tax and close companies that are no longer needed. Nil accounts for a dormant company cost from $3,700 with us, accounts for an active company from $2,300, and an audit by a Singapore auditor from $10,800. The full price list is in the table below, and the quote is fixed in writing. If you have no company yet, start with company registration in Singapore.
Fees
| Service | Price |
|---|---|
| Nil accounts filing (dormant company) | €3 300 |
| Active-company accounts filing | from €2 010 |
| Consulting and support, per hour | from €90 |
| Audit by Singapore auditor | from €9 580 |
| Company liquidation | from €1 430 |
A late annual return - a penalty of up to $470 and questions from the registry
The law does not stop you filing a Singapore company's accounts on your own. But mistakes cost more than the penalties: a wrong call on the audit exemption, an annual return filed late, an estimated chargeable income missed in the first three months after the year end and accounts not prepared to Singapore standards that the bank will not accept. Murblz specialists check whether an audit is needed, prepare the accounts, file the annual return and tax documents and deal with the auditor's questions. We guarantee professional work and a transparent process.
The cost depends on the company's turnover and whether an audit is needed; package prices are in the table on the page, and a manager will calculate the total in the chat.
FAQ
Is an audit mandatory for a Singapore company?
How much does an audit cost in Singapore?
When is the annual return due in Singapore?
Which tax filings does a Singapore company make?
Do I file if the company did no business?
What if I no longer need the company?
How does a financial statements audit work in Singapore?
Does a Singapore company need an audit for the owner's CFC reporting?
Is your Singapore company's annual filing due?
We prepare your Singapore company's financial statements, check the audit exemption and file the annual return and tax return. The catalogue covers reporting in every country.
The Murblz consultant replies straight away in the chat on this page. Describe your situation and we will work it out together.
Free consultation