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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:
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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.
