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Any Singapore private limited liability company enjoys audit exemption if it fulfills any two of the following three conditions:
Total annual revenue is less than $10 million
The total assets of the business are less than $10 million
The number of employees is less than 50.
However, such a ‘Small Company’ is still required to prepare financial statements in a format set by the Companies Act and the Singapore Financial Reporting Standards before holding Annual General Meeting and submit the financial reports together with form C when filing an income tax return. It is therefore important that you engaged a Chartered Accountant in Singapore to prepare the financial statements to ensure compliance with the statutory requirements.
Estimated charges and costs.
The fee for a compilation engagement is lower than the audit fee. Our fees are affordable depending on the types and number of services, requirements, demands, and nature of your business.
| Service Description | Fee | Type |
|---|---|---|
| For low volume transactions- up to 100 transactions | S$150- S$300 | Annually |
| For medium volume transactions- up to 200 transactions | S$500- S$700 | Annually |
| For high volume transactions- up to 500 transactions | S$800- S$1300 | Annually |
| Above 500 transactions | Negotiable | Annually |
Ong & Liang Management Consultants (2000) is a dynamic and forward looking accounting and consultancy firm in Singapore and Malaysia. We are committed to provide reliable and efficient service with a high level of integrity and professionalism. Our extensive knowledge of the diverse industries, gained through many years of experience, promises an in-depth understanding of your business.
This understanding enables us to provide total solutions that are customized especially to your needs.
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