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AUDIT SERVICES

Discover if Your Company Qualifies as Small:

Is your company striving to understand its eligibility for certain regulatory exemptions, according to the Accounting and Corporate Regulatory Authority (ACRA) in Singapore? Let’s simplify. Here’s what you need to know:

Qualifying as a Small Company:

Your company qualifies as a small company if:

(a) It operates as a private company during the current financial year.

(b) It satisfies at least two of the three criteria over the past two consecutive financial years:

Total annual revenue is less than or equal to $10 million.
Total assets amount to less than or equal to $10 million.
The number of employees is less than or equal to 50.
For Group Companies:

If your company is part of a group:

(a) Your company must qualify as a small company.

(b) The entire group must constitute a “small group” to avail the audit exemption.

To Be Considered a Small Group:

For a group to be classified as a small group, it must meet at least two of the three quantitative criteria on a consolidated basis for the immediate past two consecutive financial years.

Maintaining Small Company Status:

Once your company qualifies as a small company, it retains this status for subsequent financial years until it is disqualified. Disqualification occurs if:

(a) It ceases to function as a private company at any point during a financial year.
(b) It fails to meet at least two of the three quantitative criteria for the immediate past two consecutive financial years.

Consistent Small Group Status:

Similarly, a group retains its status as a small group for subsequent financial years as long as it meets at least two of the three quantitative criteria for the immediate past two consecutive financial years.