SG Company Annual Audit

Companies operating in Singapore must comply with local regulations, including an annual review of the company (annual review). This statutory requirement not only helps ensure the company's compliance, but also maintains the company's good reputation. Detailed information on the timing of the annual review of Singapore companies, the costs involved, and how to complete this process efficiently through NEO.

The importance of annual review of Singapore companies

The annual review of Singapore companies is an important part of corporate compliance operations. It includes accounting, financial statement preparation, tax declaration and other links. Through the annual review, the company's financial situation can be ensured to be transparent and reliable financial information can be provided to shareholders and investors. In addition, the annual review also helps the department to regulate the fair competition environment of the market and ensure the sustainable and healthy development of enterprises.

The timing of the annual review of Singapore companies

According to the provisions of the Singapore Companies Act, all registered Singapore companies must submit annual reports to the Singapore Accounting and Corporate Regulatory Authority (ACRA) within 6 months after the end of their financial year. Specifically:

First annual review: A newly established company needs to hold its first general meeting of shareholders within 18 months after its registration and submit an annual report within one month thereafter.

Regular annual review: For subsequent years, the company should submit an annual report within 6 months after the end of each financial year.

For example, if a company's financial year-end date is December 31, 2024, the annual audit should be completed and relevant documents submitted before the 30th.

Cost composition of annual audit of Singapore companies

The total cost of annual audit of Singapore companies depends on multiple factors, mainly including the following aspects:

1. Accounting and financial reporting fees: This part of the fee depends on the size of the company and the complexity of the transaction volume. The annual accounting fee of a small business may range from SGD500 to SGD1,500; medium-sized companies may need to pay SGD1,500 to SGD5,000 or even higher.

2. Audit fees: Although Singapore has exempted small companies that meet certain conditions from the requirement for mandatory audits, if your company's assets exceed a certain threshold or do not meet the exemption criteria, an audit is still required. Audit fees usually start from SGD1,000, and medium-sized companies are generally between SGD2,000 and SGD5,000.

3. Annual audit application fee: A certain application fee will be incurred when submitting the annual report to ACRA, usually about SGD60.

4. Company Secretary Fees: All Singapore companies need to hire at least one qualified company secretary who is responsible for ensuring that the company complies with relevant laws and regulations and submits annual review materials in a timely manner. The company secretary's fees generally range from SGD300 to SGD1,200 per year.

Advantages of choosing NEO

NEO, with its rich experience and expertise, can provide customers with a one-stop service experience:

Professional team support: Our team is familiar with the various regulations of the annual review of Singapore companies and can effectively guide customers to complete the entire process smoothly.

Simplified process: We help customers handle complex paperwork, reduce unnecessary troubles, and ensure that the annual review process is smooth and unimpeded.

Transparent and reasonable charges: We are committed to an open and transparent pricing strategy to ensure that customers understand the specific details of each fee.

Continuous follow-up service: Even after the annual review is completed, we also provide follow-up support services, such as annual review, account maintenance, etc., to help your company develop steadily in Singapore.

The annual review of Singapore companies is an important statutory requirement aimed at ensuring the legality and transparency of the company. By working with NEO, you can get professional guidance and services to ensure that the annual review process is both legally compliant and efficient and convenient. If you have any questions about the annual review of a Singapore company or would like more detailed information, please feel free to contact our team of professional consultants.