TaxSavvySG

Exempt private company and filing accounts

We are an exempt private company. Do we file financial statements?

The situation

A solvent exempt private company is generally not required to file financial statements with its annual return.

The law

  • Sec 197, Companies Act 1967: Annual return filed within 7 months after financial year end
  • Companies Act 1967 and ACRA XBRL filing requirements: Companies filing financial statements file them in XBRL format (full or simplified) unless exempt

What it means for you

An exempt private company has 20 or fewer members and no corporate members, with exceptions. It must still prepare accounts and file the AR. Insolvent EPCs must file accounts.

What to do

  1. Confirm EPC status.
  2. Confirm solvency.
  3. Prepare accounts.
  4. File AR without accounts if allowed.

We can do this for youAGM and annual return filing: SGD 700

Related