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Compilation FS

We provide Exempt Private Company (EPC) Accounts Compilation Service, which will help you fully comply with the new Companies Act and reduce your business costs tremendously.
What is a small exempt private company (“EPC”)?

  • An EPC is a private company with no corporate shareholders and not more than 20 shareholders.
  • A small EPC is an EPC whose annual revenue does not exceed the prescribed threshold.
  • The annual revenue threshold set at $5 million for financing years starting on and after 1 June 2004

Eligibility for audit exemption:

  • Dormant companies (i.e. those with no significant accounting transactions). OR
  • The laws allows a small exempt private companies to be exempted from audit requirements in respect of a financial year if its revenue in that year does not exceed the prescribe amount. With effect from 1 June 2004, the law has been amended to increase the prescribe amount from S$2.5 million to S$ 5 million for financial years starting on and after 1 June 2004.
  • The amended law also removes the requirement for secretaries of exempt private companies to sign on the exempt private company certificates. This amendment shall apply to all exempt private companies for financial years starting on and after 15th May 2003

Director’s obligation under the law:

  • Maintain proper accounting records, that will allow their accounts to be audited, if necessary, i.e. by the requests of:-
    • The shareholders representing 5% or more of a company’s ordinary shares
    • The Registrar of Companies and Businesses.
    • The Banks or other Creditors/Financial Companies.
    • Other Corporate Bodies.
  • Prepare “true and fair” financial statements that comply with the Financial Reporting Standards (“FRS”) that are prescribed by the Council on Corporate Disclosure and Governance (“CCDG”).
  • Penalty for non-compliance with prescribed accounting standards: With effect from January 2003, the law requires all companies in Singapore to prepare their financial statements in accordance with the prescribed accounting standards. When there is non-compliance with such a legal requirement, there will be a fine of up to $50 000. The fine will be increased to $100 000 and the offender may also be imprisoned for up to 3 years if the offence is committed with an intent to defraud. The criminal sanction provided is intended to send a strong signal that the government takes a serious view of such offences.

EPC Service Options:

  • Compilation Engagement Service (CES) – (charges are from S$500)
    • Compilation of financial information not amounting to an audit or review. Gives user the comfort that the information is compiled with professional competence and due care.
    • Filling up and submission of Form C to IRAS.
  • Comprehensive Service Package (CSP) – (charges are subject to docs review)
    • Brings professional financial expertise to your business without the need of a full time Financial Accountant: (you may choose either one of the following options)
    • Provide a fully outsourced accounting service (computerized or web-based); or
    • Become your accounting manager and provide accounting supervision via our secure e-Accounting system to your office staff handling day-to-day financial transactions at your office.
    • Compilation of financial information not amounting to an audit or review.
    • Filling up and submission of Form C to IRAS.
    • Provide secretarial service: (you may choose either one of the following options)
      • Standard Secretarial Service; or
      • e-Secretarial Service, at half of your current secretarial costs.