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Regulations & Compliance · PDF

Introduction of the Small Company Audit Exemption

The note explains the reform for financial years beginning from July 2015. It replaces the earlier approach based on exempt private company status and explains that qualification must be tested under the small-company framework.

Source checked · 11 October 2026 Historical document

Maintaining the exemption

A company that qualifies continues to do so until it ceases to be private or fails at least two quantitative tests for two consecutive financial years. Group membership adds a separate consolidated assessment; meeting the company's own thresholds is insufficient. Transitional rules let existing private companies use the first or second financial year beginning on or after commencement to establish eligibility.

Official source

A concise, independent Apex Gateway guide based on the official English source, not a reproduction of the complete document. Consult the original for full conditions, exceptions and subsequent updates.

Read the official PDF ↗
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