Does My Company Need to Be Audited?

Not always. Companies must appoint an auditor within 3 months of incorporation unless exempted. A company qualifies as a small company and may be exempted if it meets at least two of the following conditions:

• Annual revenue ≤ S$10 million, total assets ≤ S$10 million
  or
• Fewer than 50 full-time employees at the end of the financial year.

Even when exempted from audit, the company must still prepare Unaudited Financial Statement (UFS), lodge Annual Returns, and file corporate tax returns. These documents are required for tax submissions, AGMs, shareholder accountability, and are often needed to open corporate bank accounts or apply for grants.