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    Location

    1 North Bridge Rd, #11-04 High Street Centre, Singapore 179094

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    Phone us

    Office: +65 6909 5691

    HP: +65 8923 8819

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    email us

    contactus@verti.sg

    vc@verti.sg

Does My Company Need To Be Audited

Is My Company Eligible for Audit Exemptions?

In Singapore, the directors of the company are required to appoint an auditor within 3 months of its incorporation unless it is exempted from audit. On 1st July 2015, a revision in the Companies Act has allowed for small companies to be exempt from the need to perform an annual audit of its accounts, in view of Singapore’s push to support its vibrant business landscape and nurture the growth of more Small and Medium Enterprises (SMEs).

The chart below answers the question of whether your company is exempted from the audit requirements.

 

 

 

What Is Considered a Dormant Company Exempt from Audit?

A company is considered dormant during a period in which no accounting transaction occurs. Such companies will be exempt from audit requirements if:

  • It has been dormant from the time of its formation; or
  • It has been dormant since the end of the previous financial year.

Dormant companies will cease to be considered dormant once an accounting transaction occurs.

 

Exception to Exemption from Audit Requirements

Despite being exempt from audit requirements, the Registrar may still require the company to lodge its audited financial statements and an auditor’s report if the Registrar is satisfied that the company has breached laws relating to the:

  • Keeping of accounting records; or
  • Laying of its financial statements at its AGM.

 

References

We provide:
– Strategic advice to the company’s board of directors
– Virtual Receptionist
– Registered Address
– Leads Qualifications
– Expense Management

Speak with us for a customised solution for your business needs.

Ready to take off and go beyond your borders?
We provide:
Go to market strategy in multiple Asia Markets
Customised prospection: Looking for potential agents, distributors, imports?
Integrated sales to development program to maximise your business growth in the market

Corporate Tax & Goods & Services Tax (GST Singapore) / VAT
Verti provides advice, tax computation and tax filing on your Corporate (ECI, Form C/CS Form) issues, to ensure adherence to regulations.

Personal Tax
If you are a Singaporean, Singapore Permanent Resident or a foreigner who has lived and worked in Singapore for at least 183 days in the tax year, you are required to pay personal taxes on your chargeable income as a tax resident. Non-residents who have lived and worked in Singapore for less than 183 days in the tax year may also be required to pay taxes. The corresponding forms you will have to fill out include:

• Form B1 (individual tax residents)
• Form B (self-employed)
• Form M (non-residents)

Other taxes, that individuals may have to pay, include those imposed on property, rental income, stamp duty, motor vehicles and Central Provident Fund (CPF) contributions.

A corporate secretary needs to be familiar with the Singapore Companies Act and the various
requirements stipulated by the Accounting and Corporate Regulatory Authority (ACRA) and the Inland Revenue Authority of Singapore (IRAS).

“Great incorporation gives you a great head start for your business!”
As a gateway to Southeast Asia, Singapore continues to be the leading hub for businesses to gain their presence, be it world’s largest multinational corporations or fast-growing start-ups.

Having us to steer you around with Singapore’s rules & regulations would accelerate your success route in this business-friendly city.

a) For Singapore or Permanent Resident
b) For Foreigner Individual (+ VISA/Work permit related matters for key personnel of the Business)
c) For Foreigner Companies

Subsidiary Company:
Subsidiary Company + Employment Pass
Subsidiary Company + Nominee Director

Branch Office
Branch Office + Employment Pass
Branch Office + Nominee Agents

Representative Office
Singapore Representative Office Setup

Open chat
Hello! Welcome to Verti, we are very excited to have you on board. How can we help you today?