How Much Is the Annual Audit Fee for a Singapore Company? A Guide to Understanding the Costs

How Much Does the Annual Review Cost for a Singapore Company? You’ll Understand After Reading This

Registering a company in Singapore is one of the top choices for many entrepreneurs and investors, thanks to its strategic location, stable political and economic environment, and efficient business support system. However, once a company is established, fulfilling the annual compliance requirements - particularly the Annual Return - is a mandatory obligation for every business owner.

So, how much does it cost to complete the annual review for a Singapore company? And what specific items does the cost include? This article will break it down for you step by step.

What Is the Annual Review?

In Singapore, the annual review refers to the process of submitting the company’s annual financial statements, directors’ report, and Annual Return to the Accounting and Corporate Regulatory Authority ACRA. Additionally, the company must submit financial statements and tax returns Form C-S or Form C to the Inland Revenue Authority of Singapore IRAS to complete its tax filing obligations.

Although annual review is not a formal legal term, business owners often use it to refer collectively to this set of annual compliance procedures.

Breakdown of Annual Review Costs

1. Filing Fees ACRA Submission Fees

According to ACRA regulations, there is a fee for submitting the Annual Return. The amount depends on the submission timeline

Within 1 month after the company’s anniversary date S$30

Between 1-3 months after the anniversary date S$60

More than 3 months after the anniversary date S$300

Timely submission not only avoids penalties but also helps reduce overall costs.

2. Accounting and Audit Fees

This is usually the most significant and costly part of the annual review process. Most small businesses, especially startups, opt to hire professional accountants or accounting firms to assist with the process.

Based on recent data from multiple accounting firms in Singapore, the cost varies depending on the size of the company, the complexity of operations, and whether an audit is required

For shell companies or startups with minimal or no operations S$800-S$1,500

For companies with active operations, higher revenue, and complex business activities S$2,000-S$4,000

If the company meets any of the following criteria - annual revenue exceeding S$5 million, more than 50 employees, or total assets exceeding S$5 million - a statutory audit is mandatory. Audit fees typically range from S$2,000 to S$6,000 or more.

3. Tax Filing Fees

The annual review typically includes tax filing Form C-S or Form C

Form C-S is for companies with annual revenue not exceeding S$5 million and has a simpler process. Some accounting firms may include this in the annual review fee.

Form C applies to companies with higher revenue and requires more detailed financial statements and tax computations. The fee for this is usually charged separately, ranging from S$500 to S$1,500.

4. Other Potential Fees

In addition to the main items above, there may be additional charges, including

Financial statement preparation fees if incomplete books are provided

Late filing penalties if submissions are overdue

Accounting software usage or bookkeeping cleanup fees

Company secretary service fees some firms offer bundled annual review and secretary services

5. Key Factors Affecting Annual Review Costs

Business activity and financial complexity Companies with active operations, higher income, or complex financial structures will incur higher fees.

Need for audit Whether the company meets the audit threshold directly affects whether audit fees apply.

Choice of accounting firm Fees vary significantly between firms based on size and reputation. Smaller firms may offer more cost-effective services.

Timeliness of submission Late filings result in additional penalties and may harm the company’s compliance record.

How to Reduce Annual Review Costs?

For business owners with limited budgets, controlling annual review costs is an important part of operations. Here are some practical suggestions

Maintain clear and organized financial records Regular bookkeeping reduces the workload for accountants and lowers fees.

Choose the right accounting service Select a firm that offers value for money based on your company’s size and needs.

Submit filings on time Avoid penalties and additional charges due to late submissions.

Use accounting software Tools like QuickBooks or Xero can help manage basic accounting tasks in-house, reducing outsourcing costs.

Industry Trends and Recent Developments

According to a 2025 report by the Institute of Singapore Chartered Accountants ISCA, the accounting industry’s digital transformation has led many firms to offer online annual review services, with more transparent pricing.

ACRA’s BizFile+ platform has also made the filing process more convenient and efficient. Additionally, with increasing market competition, many accounting firms now offer bundled packages annual review + company secretary services starting from S$1,500, covering annual filings, tax submissions, and administrative support - a popular choice among SMEs.

Conclusion

In summary, the cost of the annual review for a Singapore company is not fixed - it depends on the company’s operational status, the services selected, and the pricing policies of the accounting firm. Generally, the total cost ranges from S$800 to S$5,000.

Understanding these cost components helps business owners better plan their finances, ensure compliance, and avoid unnecessary expenses.