If your company qualifies as a small company, then it does not need to appoint an auditor.

The company qualifies as a small company if:

1) For a particular financial year, it is a private company; and

2) If it meets 2 of the 3 following criteria for the immediate past two consecutive financial years

(a) The company has total annual revenue of less than or equal to SGD$10 million

(b) The total assets of the company are less than or equal to SGD$10 million

(c) The total number of employees is less than or equal to 50

For a company which is part of a group to qualify for audit exemption:

1) The company must qualify as a small company; and

2) The entire group must be considered a small group

For a group to be considered a small group, it must also meet 2 of the 3 criteria for the immediate past two consecutive financial years.

Where a company has qualified as a small company, it continues to be a small company for the subsequent financial years until it is disqualified. It will be disqualified if:

1) It ceases to be a private company at any time during a financial year; or

2) It does not meet at least 2 of the 3 criteria for the immediate past two consecutive financial years.

When in doubt, seek legal advice or consult an experienced ACRA Filing Agent.

Yours Sincerely,
The editorial team at Singapore Secretary Services

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