How High Are Annual Audit Fees for Singapore Companies? A Guide to Understanding Costs and Actual Expenses

How Much Does Singapore Company Annual Filing Cost? A Comprehensive Breakdown of Fees and Actual Expenses

Singapore’s ease of company registration and business operations has long been a key attraction for global investors. However, despite the efficient and transparent incorporation process, businesses must still fulfill various compliance obligations after establishment-one of which is the mandatory annual filing requirement. For many small and medium-sized enterprise SME owners, annual filing isn’t just a legal necessity; it also represents a significant cost factor. So, how expensive is Singapore company annual filing really? This article provides a comprehensive overview of the actual costs involved, including official fees, professional service charges, and related expenses, based on recent industry trends.

1. What Is Company Annual Filing?

According to the Accounting and Corporate Regulatory Authority ACRA, all registered companies in Singapore are required to submit their annual financial statements and an Annual Return each year-a process known as annual filing. The purpose of this exercise is to ensure that corporate operations remain transparent and compliant with regulatory standards.

Annual filing typically includes

Submission of audited or unaudited financial statements

Filing of director declarations

Updating shareholder and director information

Payment of filing fees

2. Official Fees ACRA Charges Are Relatively Low

Let’s first look at the basic filing fees charged directly by ACRA. As of 2025, according to ACRA’s official website

Private Limited Companies

S$30 for filing the Annual Return

S$15 for submitting financial statements

Total S$45

Public Companies

S$70 for filing the Annual Return

S$15 for submitting financial statements

Total S$85

While these official fees appear relatively low, most companies opt to engage professional agencies to handle the process, significantly increasing the total cost.

3. Professional Service Fees The Major Cost Component

Given the need for financial statement preparation and compliance review, most companies choose to outsource annual filing tasks to accounting firms or corporate secretarial services. These service fees vary depending on company size, complexity, and the provider’s pricing model.

Based on data from multiple local accounting firms in 2025

Small companies annual revenue under S$500,000, no audit required

Annual filing services typically range from S$300 to S$600

Medium to large companies require audit

Fees range from S$1,000 to S$3,000, or even higher

Complex cases foreign-owned, multi-layer structures

Annual filing and compliance services may exceed S$5,000

Additional common fees include

Financial statement audit Starting from around S$1,000

Company secretary annual service fee Approximately S$500-S$1,500 per year

Business Registration Renewal Fee About S$60 per year

For a typical SME, the total annual filing cost often starts from S$2,000 or more.

4. Late Filing Penalties The Cost of Delay Can Be High

Failure to complete annual filing on time can result in penalties from ACRA. According to regulations

Annual filing must be completed within 6 months after the end of the financial year

Late submissions incur a daily fine of S$5, capped at S$300

If overdue by more than 3 months, the company may be listed as inactive or face compulsory strike-off

In early 2025, ACRA issued warning letters to hundreds of companies for non-compliance, emphasizing the importance of timely filings. This serves as a reminder for business owners to plan ahead and avoid unnecessary legal risks and financial losses.

5. Factors Influencing Annual Filing Costs

Beyond company type and size, several other factors affect the overall cost of annual filing

1. Need for Audited Financial Statements

Small private companies meeting certain exemption criteria e.g., annual revenue below S$1 million, fewer than 50 employees may be exempt from audits, thereby reducing costs.

2. Use of Professional Services

Some startup founders choose to file independently to save on intermediary fees, though this requires a certain level of expertise and time commitment.

3. Corporate Compliance History

Companies with past violations may need to submit additional documents or undergo extra reviews, leading to increased costs.

4. Quality of Secretarial Services

Different secretarial providers offer varying levels of service and responsiveness, resulting in price differences.

6. How to Manage Annual Filing Costs Effectively

For budget-conscious SMEs, controlling annual filing costs is crucial for improving operational efficiency. Here are some practical suggestions

Start the filing process early Avoid last-minute rush fees

Choose cost-effective service providers Use comparison platforms or referrals to find reliable accountants or secretaries

Leverage automation tools Some SaaS platforms provide basic support functions, helping reduce labor costs

Maintain good compliance records Prevent historical issues from triggering additional expenses

7. Conclusion

While official annual filing fees set by ACRA are relatively low, the real burden for most companies comes from professional service and compliance-related costs. For the majority of SMEs, annual filing expenses typically range from a few hundred to several thousand Singapore dollars, depending on the nature of the business and the level of service required.

With increasing market competition, more professional firms are offering competitive pricing and bundled services, giving businesses greater flexibility in choosing suitable options. In Singapore’s highly regulated business environment, timely annual filing is not only a legal obligation but also a cornerstone of sustainable growth. Understanding the breakdown of annual filing costs and planning budgets accordingly will help businesses stay compliant and competitive in the long run.