Business Consulting SG

Even if your company is exempt from a statutory audit, you must still prepare and file unaudited annual financial statements for corporate tax purposes. If exempt, you don’t need to appoint an auditor or undergo an official audit.

At BCSG, we handle the preparation of unaudited financial statements and schedules in compliance with Singapore Financial Reporting Standards for ‘small’ or ‘dormant’ companies. We simplify the process, ensuring you meet all requirements smoothly.

Under the Singapore Companies Act, to qualify as a “small company,” a private company must meet at least two of the following criteria over the last two consecutive financial years:

• Annual revenue of SGD$10 million or less
• Total assets of SGD$10 million or less
• 50 employees or fewer

Small companies are required to submit unaudited financial statements, including profit and loss statements.

At BCSG, we’re here to simplify this process for you and ensure your financial reporting complies with Singapore standards, making it easy to understand and manage for your business.

The IRAS defines a dormant company as one that has not earned any income during a given period, typically a financial year, though it may have incurred expenses.

Conversely, ACRA defines a dormant company as having no accounting transactions during the financial year. Certain activities are not considered accounting transactions, including:

• Appointing an auditor
• Appointing a company secretary
• Maintaining a legal address
• Paying ACRA fees and penalties
• Keeping company records and books
• Transactions related to new share issuance under specific conditions

At BCSG, we can support you with unaudited financial statement templates. After a brief consultation, we’ll gladly assist with preparing your financial statements.