1. 24 October 2012
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Changes to the Singapore Companies Act.
Following a review to the Companies Act, the Ministry Of Finance (MOF) will implement some
209 recommendations of the Steering Committee in the second half of 2014 at the earliest. The
aim is to reduce administrative burden while providing greater management flexibility.
The private companies which meet two of the three following criteria will be exempted
from Statutory Audit.
» Having annual revenue of not more than S$10 million,
» Total gross assets of not more than S$10 million,
» Maximum of 50 employees
This extends to the current regime where only Exempt Private Companies with annual revenue of
S$ 5 million enjoy audit exemption. However, existing safeguards will be retained, such as
requiring all companies to keep proper accounting records.
To further reduce regulatory burder, the MOF also plans to do away with financial reporting for
dormant, non-listed companies with not more than $500,000 in assets and refining solvency
statements for amalgamation amongst other changes.
According to the MOF, it is estimated that the change will help reduce compliance costs for about
10 percent or 25,000 companies.
Intuit Research Team
Intuit Management Consultancy
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