The Singapore Companies’ Act has introduced a new “small company” criterion for exemption from statutory audit.
A private limited company that fulfils at least 2 of the following 3 quantitative criteria in each of the immediate past 2 consecutive financial years is regarded as a "small company":
- Total annual revenue of not more than S$10 million;
- Total assets of not more than S$10 million;
- Number of employees of not more than fifty (50)