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Tel：+86 400 118 5939Singapore companies, like Hong Kong companies, need to carry out corresponding maintenance tasks every year - annual audits, bookkeeping, auditing, and tax reporting. Singapore implements a low tax system (17% corporate income tax, capital gains tax exempt). Overseas income does not require declaration and taxation, nor does it have inheritance tax. Singapore implements free trade and does not need to pay tariffs. This is also why many investors choose to register their companies in Singapore. After registering a Singapore company, it is important to pay attention to audit issues. So, does a Singapore company have to undergo accounting audits? Let's take a look below:
1、 Singapore company audit:
According to the Singapore Companies Act, a Singapore private limited liability company must submit an English financial report or audit report compiled in accordance with the Singapore Institute of Certified Public Accountants standards to the Accounting and Corporate Regulatory Authority (ACRA) for each financial year.
2、 The conditions for auditing Singaporean companies:
Companies that meet any of the following criteria need to be audited:
1. The total sales and assets of the Singapore company and its affiliated groups are greater than SGD 10 million;
2. The total sales revenue of the Singapore company and its affiliated groups is greater than SGD 10 million and the number of employees is greater than 50;
3. The total assets of the Singapore company and its affiliated groups are greater than SGD 10 million and the number of employees is greater than 50.
3、 Principles of Audit Exemption in Singapore:
According to the Singapore Companies Act, all Singaporean companies are required to prepare financial and director reports to meet compliance requirements, and submit them to auditors for auditing and issuing statutory audit reports.
If any two of the following exemption requirements are met, statutory audits are not required. Starting from 2018, the exemption conditions under the Company Law are as follows:
1. Operating income is less than 10 million Singapore dollars;
2. Total assets are less than 10 million Singapore dollars;
3. The number of employees is less than 50.
In summary, Singaporean companies do not necessarily need to conduct accounting audits, but companies that meet the audit criteria must conduct accounting audits on time. Otherwise, if the annual report exceeds the prescribed deadline, a fine of S $60 per month will be imposed. If the annual report and fine are not processed, the company will face the risk of appearing in court.
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