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Tel：+86 400 118 5939According to the Singapore Companies Act, all Singaporean companies engaged in business activities must prepare financial and director reports to meet compliance requirements, and submit them to auditors for audit and issue statutory audit reports.
After registering a company in Singapore, if it engages in business activities, it needs to do accounting and tax reporting. If it meets certain conditions, it needs to do an audit and provide an audit report to the Singapore government. So how to determine whether a Singaporean company needs accounting and auditing? As for whether there are business activities, according to the following criteria, as long as one of them is met, tax declaration after bookkeeping is required:
1. The bank account has left operating records;
2. Government customs and logistics companies have left import and export records;
3. Establishing purchase and sales relationships with Singaporean merchants;
4. Employees have already been hired in Singapore;
5. Allow or authorize the use of patents, trademark designs, and other materials in Singapore;
6. Allow or authorize the use of real estate in Singapore to collect rent, lease fees, and other payments;
7. Entrust sales in Singapore;
8. Other profits derived from or generated in Singapore.
Only companies that meet the following conditions after accounting are required to submit an audit report. If they meet any of the following exemption requirements, they do not need to undergo a statutory audit. Starting from 2018, the exemption conditions for Singapore Company Law are as follows:
1. Operating revenue 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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