All companies incorporated in Singapore is required to prepare financial statements that comply with Accounting Standards (also commonly known as Financial Reporting Standards) under Section 201 of the Singapore Companies Act (Cap. 50).
This is regardless whether is the company exempted or is required to be audited.
A set of financial statements is required to be prepared in order for the corporate secretary to file the annual requirements in XBRL.
A company is also required to have a set of financial statements prepared when submitting their income tax, although submission is only required when filing of income tax using Form C.
A set of financial statements aids management in understanding the company’s performance and financial position as compared to trying to understand from reading the accounting documents.
Price guide
Dormant Company
From S$ 300
Active Company
From S$ 700
Holding Company
From S$ 1,200
Under Accounting and Corporate Regulatory Authority (ACRA), a dormant company is one with no accounting transactions, except for certain permitted transactions such as payment of annual filing fees, penalties, or maintaining the company secretary and registered office.
Under Inland Revenue Authority of Singapore (IRAS), a dormant company is one that does not carry on business and has no income for the year. Even if dormant, companies may still need to fulfil annual filing obligations unless exempted by the authorities.
Additional Charges
- Fixed Assets – From S$ 100
- Investment Properties – From S$ 100
- Hire Purchase Liabilities – From S$ 50
- Term Loan – From S$ 50