1. Small companies:

Singapore small companies refer to those with annual turnover/assets less than S $10 million and fewer than 50 employees. For such small companies, according to the audit exemption clause of the Singapore Company Law, the accounting audit work of the company can be exempted, and the accounting statement and tax return of the company can be directly submitted for tax return.

 

2. Non-small companies:

For non-small companies that do not meet the definition of small companies, it means that if the annual turnover/assets are more than S $10 million and the number of employees is more than 50, it is necessary to audit the accounts of the company (like Hong Kong companies, qualified accounting personnel are also required to do this work), and submit the audit results, together with the accounting books and tax returns, to the Singapore Revenue Agency (IRAS) for tax declaration.