How Much Does Audit and Tax Filing Cost for a Singapore Company? Everything You Need to Know in One Article

Lately, a lot of friends setting up or expanding businesses in Southeast Asia have been talking about one question How much does it actually cost to audit and file taxes for a company registered in Singapore? As more and more Chinese companies go global, Singapore-thanks to its stable environment, mature financial system, and strategic location-has become a top choice for many. But behind all the buzz, there's still confusion about compliance costs, especially when it comes to auditing and tax filing. This area is both critical and full of potential pitfalls.

The truth is, Singapore’s corporate tax system is transparent and efficient. The corporate income tax rate is low, and services are generally convenient. But “affordable” doesn’t mean “free,” and certainly not “simple.” For startups and small-to-medium enterprises SMEs, misunderstanding how auditing and tax filing work can lead to unnecessary expenses at best-and at worst, damage your company’s reputation or even trigger fines.

So what do these services actually cost? Let’s break it down.

First, not every company needs an audit. According to Singapore’s Accounting and Corporate Regulatory Authority ACRA, companies that meet the “small company exemption” criteria are exempt from audit requirements. A “small company” qualifies if it meets any two of the following three conditions annual revenue under SGD 10 million, total assets under SGD 10 million, and fewer than 50 employees. Many startups and SMEs-including foreign-owned ones-fit this profile, which means they can save significantly by skipping the audit.

But even if you’re exempt from audit, tax filing is non-negotiable. Every registered company must submit annual financial statements and a corporate income tax return Form C-S or Form C to the Inland Revenue Authority of Singapore IRAS. Even if your company made no profit, you still need to file a “zero declaration.”

When it comes to tax filing fees, prices vary widely among service providers. Typically, basic tax filing services-which include preparing financial statements, completing the tax form, and submitting everything to IRAS-range from SGD 800 to 2,000. If your business is straightforward with clean books, you’ll likely pay closer to the lower end. But if you have cross-border transactions, multiple subsidiaries, or complex shareholding structures, expect the price to rise accordingly.

Auditing costs more. Companies that don’t qualify for exemption must undergo a statutory audit conducted by a licensed auditor. Singapore has plenty of accounting firms-from the Big Four to local mid-sized and boutique firms. The Big Four usually charge at least SGD 8,000, sometimes much more for complicated cases. Local firms tend to be more budget-friendly, with typical audit fees between SGD 3,000 and 6,000-ideal for most mid-sized businesses.

Here’s a word of caution some companies try to cut corners by hiring unlicensed agencies or individuals to handle their books and taxes. That might save money upfront, but problems often surface later. Singapore takes financial compliance seriously. Mistakes or false declarations can result in back taxes, penalties, and even damage to directors’ credit records. So choosing a reliable accounting partner isn’t just a cost-it’s a smart long-term investment.

Beyond money, don’t overlook time. While you can set your own financial year, every company must file its Annual Return within five months after the fiscal year ends, and complete tax filing by November 30 the following year. Missing deadlines leads to late fees; repeated lapses could land your company on ACRA’s defaulters list. Recently, a Singapore-based company with Chinese roots was forcibly deregistered for failing to file taxes on time for two consecutive years. They claimed they were “too busy growing the business,” but once compliance issues arise, fixing them becomes messy and stressful. It’s a reminder no matter how busy you are, never neglect the backend work.

So how can you spend this money wisely?

First, clarify whether you need an audit. Many entrepreneurs assume “once incorporated, always audited,” but that’s not true. Check whether your company qualifies for exemption-every dollar saved counts.

Second, choose the right service provider. Don’t just go for the cheapest option or blindly trust big names. Get quotes from several firms. Ask whether they understand your industry, communicate clearly, and offer Chinese-language support. After all, if you can’t explain an accounting term without spending half an hour, that’s a red flag.

Third, keep your bookkeeping in order. Too many companies ignore daily accounting until year-end, then dump stacks of invoices on their accountant. The result? Accountants have to take conservative approaches, which might mean paying more tax than necessary. Regularly tracking income and expenses and keeping proper documentation reduces workload and opens up smarter tax planning opportunities.

Finally, make use of available resources. IRAS’s official website offers a wealth of free tools and guides-tax calculators, filing templates, FAQs, and more. Some organizations even provide free tax consultations for startups. A little research upfront can save you a lot of trouble down the road.

At the end of the day, auditing and tax filing aren’t just about “paying for peace of mind.” They’re fundamental parts of running a business. These processes aren’t just about satisfying regulators-they help you understand your own finances and manage risks. Paying professionals to do their job may seem like an expense, but it’s really an investment in your company’s future.

Today’s Singapore runs like a well-oiled machine-clear rules, consistent enforcement. Doing business here isn’t just about bold moves and deep pockets; it’s also about attention to detail and a strong sense of compliance. Get the basics right, and you’ll not only survive-you’ll thrive.