Singapore Annual Audit Fees Revealed Key Info You Need to Know

Unveiling the Costs of Singapore Annual Filing What You Absolutely Need to Know

Singapore, as a global business hub, has attracted increasing numbers of Chinese companies and individuals seeking to expand into international markets. While enjoying policy conveniences and tax advantages, businesses must also fulfill a series of compliance obligations, among which the most important is the annual filing requirement.

Many people are unfamiliar with the specific requirements, procedures, and associated costs of the annual filing process in Singapore-and some even hold misconceptions. This article aims to provide a detailed breakdown of the core elements of Singapore’s annual filing, incorporating recent industry developments to help you better understand this crucial corporate obligation.

1. What Is Singapore Annual Filing?

The annual filing in Singapore refers to the process by which a company submits its annual financial statements and related documents to the Accounting and Corporate Regulatory Authority ACRA after the end of each financial year. It primarily consists of two components

1. Filing of the Annual Return

This document reports basic company information to ACRA, including any changes in directors, shareholders, company secretary, and registered address.

2. Submission of Financial Statements

These include the balance sheet, income statement, cash flow statement, and accompanying notes. Unless the company qualifies for an audit exemption, these statements must be audited by a certified public accountant.

Annual filing may also involve submitting tax-related documents to the Inland Revenue Authority of Singapore IRAS, such as Tax Audit Submission or Estimated Chargeable Income ECI declarations.

2. Which Companies Are Exempt from Auditing?

Under the Singapore Companies Act, a company may be exempt from auditing if it meets at least two of the following three criteria

Annual revenue not exceeding S$10 million;

Total assets not exceeding S$10 million;

Number of employees not exceeding 50.

This policy is particularly favorable for startups and small-to-medium-sized enterprises SMEs, significantly reducing their annual filing costs. However, it's important to note that even if a company is exempt from an audit, it still needs to submit unaudited financial statements and the Annual Return.

3. Key Deadlines for Annual Filing

A Singapore company should complete its annual filing within seven months after the end of its financial year. For example, if a company’s fiscal year ends on March 31, 2025, the annual filing must be completed by October 31, 2025.

Additionally, the company must file its Annual Return with ACRA within 14 days after holding the Annual General Meeting AGM. Failure to meet deadlines may result in penalties, and in severe cases, compulsory winding up of the company.

4. Breakdown of Annual Filing Costs

The cost of annual filing varies depending on the size of the company, whether an audit is required, and whether there are any changes to report. The main cost components are as follows

1. Government Fees

Standard filing fee with ACRA S$30

Late filing fee S$40-S$60, depending on the delay

2. Accounting Service Fees

Small companies without audit requirements approximately S$300-S$800

Medium and large companies requiring audits starting from around S$1,500, depending on business complexity

3. Audit Fees

If a company does not qualify for an audit exemption, it must engage a certified public accountant. Audit fees typically range from S$2,000 to S$5,000, depending on the volume of transactions, business structure, and industry nature.

4. Additional Fees

Extra charges may apply for special changes such as director replacements, constitutional amendments, late submissions, or resolving historical issues.

5. Recent Trends and Industry Changes

In recent years, Singapore has continued to advance digital reforms, making the annual filing process more efficient and transparent. The BizFile+ system launched by ACRA allows most filings to be submitted online, significantly reducing manual processing time and costs.

At the same time, regulatory oversight has been tightened. According to reports from Lianhe Zaobao, during the first half of 2025, ACRA penalized several companies for failing to meet annual filing deadlines, with some facing heavy fines or legal proceedings. This highlights the growing emphasis regulators place on corporate compliance.

Moreover, with stricter global anti-money laundering AML and counter-terrorism financing CFT regulations, Singaporean financial institutions and professional service providers are now required to conduct more rigorous background checks on clients. This has indirectly impacted the cost and process of annual filing services.

6. How to Choose the Right Service Provider?

Given the complexity of the annual filing process, many companies opt to outsource to professional accounting firms or business service providers. When selecting a provider, consider the following

Whether they hold ACRA-recognized professional qualifications;

Their experience in local compliance matters;

Whether they offer transparent pricing with no hidden fees;

Whether they can provide one-stop services, including tax filing and company secretary support.

It’s advisable to plan your annual filing well in advance rather than waiting until the last minute, to avoid delays or mistakes.

7. Conclusion

While annual filing in Singapore is a routine corporate obligation, its importance cannot be overstated. It not only affects a company’s legal compliance but also impacts its international reputation. As regulatory environments become increasingly stringent, business owners must enhance their compliance awareness, plan annual filings carefully, and choose reliable service partners to ensure long-term and stable growth.

For companies and individuals looking to expand into Singapore, understanding the filing process and cost structure can help reduce unnecessary expenses and mitigate potential risks-laying a solid foundation for future success.