Singapore Company Annual Audit Fees Explained All Details Key Points You Need to Know

Revealing the Costs of Annual Filing for Singapore Companies Everything You Need to Know

Singapore, a global business hub, continues to attract entrepreneurs and companies from around the world due to its stable economy, efficient legal system, and favorable tax policies. However, for businesses already registered in Singapore, one critical annual obligation-Annual Filing-often causes confusion, especially regarding associated costs.

This article will provide a detailed breakdown of the cost structure, influencing factors, and key considerations for Singapore company annual filings, helping you better plan your financial commitments.

1. What is an Annual Filing in Singapore?

According to the Accounting and Corporate Regulatory Authority ACRA, all privately incorporated limited companies Private Limited Companies in Singapore are required to fulfill two main obligations annually

1. Submission of Financial Statements

2. Submission of Annual Return

Together, these requirements are referred to as Annual Filing. This process is not only a legal obligation but also crucial for maintaining corporate compliance. Failure to complete it on time may result in penalties or even removal of the company from the register.

2. Breakdown of Annual Filing Costs

The total cost of annual filing typically includes the following components

1. Audit Fees

Companies that meet any of the following criteria must appoint a registered public accounting firm to audit their financial statements

Annual revenue exceeds SGD 10 million

The company is a licensed financial institution or regulated by another authority

Audit fees represent the largest portion of annual filing expenses, generally determined by the company’s size, complexity, and financial condition

Small local companies SGD 1,500 - SGD 3,000

Medium-sized or cross-border transaction companies SGD 3,000 - SGD 8,000+

Recent reports indicate that due to talent shortages and rising demand, some small accounting firms have raised their audit service rates by approximately 10%.

2. Accounting Service Fees

If a company does not have an in-house accounting department, it often hires an external accounting agency to manage bookkeeping and prepare financial statements

Monthly fixed fee SGD 100 - SGD 500

Year-end cleanup fee SGD 500 - SGD 2,000

3. ACRA Submission Fees

Filing the Annual Return with ACRA incurs the following fees

Filed within one month after the anniversary date SGD 30

Late submission May increase to SGD 60 or more, along with potential fines or legal consequences

4. Other Possible Fees

Company Secretary Services SGD 500 - SGD 1,500 per year if outsourced

GST or Tax Filing Fees If applicable

3. Key Factors Affecting Annual Filing Costs

1. Company Size and Complexity

Larger or more complex businesses naturally incur higher audit and accounting charges.

2. Mandatory Audit Requirement

Companies that qualify under the Small Entity Exemption may be exempt from audits, significantly reducing costs.

3. Use of Professional Services

While self-filing can save money, it requires expertise and increases the risk of errors. Most companies opt for professional assistance.

4. Timeliness of Submission

Delayed filings lead to higher fees and potential legal risks. Early preparation is strongly advised.

4. How to Reduce Annual Filing Costs

While annual filing is a necessary expense, there are practical ways to minimize it

Maintain Accurate Records Well-organized books reduce time spent on accounting and auditing.

Prepare Documents in Advance Avoid delays or rush fees caused by incomplete documentation.

Compare Service Providers Shop around for competitive pricing without compromising quality.

Adopt Digital Tools Cloud-based accounting software like Xero or QuickBooks improves efficiency and reduces labor costs.

Check Eligibility for Audit Exemption Companies meeting certain conditions can avoid costly audits, potentially saving thousands.

5. Recent Trends and Industry Developments

According to The Straits Times 2025, Singapore’s push toward digital transformation has led more companies to adopt automated accounting systems, improving annual filing efficiency and lowering labor costs. ACRA is also promoting electronic submissions through the BizFile+ platform, enhancing transparency and convenience.

In recent years, the government and industry associations have increased support for SMEs. For instance, the Singapore Business Federation SBF has partnered with several accounting firms to offer discounted annual filing packages, which have been well received in the market.

6. Conclusion

Annual filing is a vital process for ensuring legal compliance and operational stability for companies in Singapore. While it involves multiple costs, proper planning and smart management can help keep these expenses within a reasonable range.

Understanding the cost structure and key influencing factors enables business owners to make informed budgeting decisions and lay a solid foundation for long-term growth.