Incorporation for Locals
Incorporation and Secretarial from SGD 750
You must meet the following requirements before applying to the ACRA to start the process of forming a Singapore private limited company:
- At least one shareholder: The shareholder can be an individual or another company. 50 shareholders are the maximum allowed for a Singapore private limited corporation.
- One resident(local) director: Singapore Citizen/ Permanent Resident (PR)
- Minimum paid-up capital of SGD1: One Singapore dollar is all you need to start a business in Singapore
- Minimum of one company secretary: One Singaporean resident as company secretary to compliance with regulatory requirements and tax filings.
- Local registered address: A physical Singapore address (no P.O. Box) is required
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Incorporation for Foreigners
Incorporation, Secretarial and Nominee director from SGD 5,000
You must meet the following requirements before applying to the ACRA to start the process of forming a Singapore private limited company:
- At least one shareholder: The shareholder can be an individual or another company. 50 shareholders are the maximum allowed for a Singapore private limited corporation.
- One nominee director: Singapore Citizen/ Permanent Resident (PR) appointed by CSP
- Minimum paid-up capital of SGD1: One Singapore dollar is all you need to start a business in Singapore
- Minimum of one company secretary: One Singaporean resident as company secretary to compliance with regulatory requirements and tax filings.
- Local registered address: A physical Singapore address (no P.O. Box) is required
The price is fully inclusive covering all registration preparation, ACRA filing, and the government fee with no hidden charges.
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Corporate Secretarial
Appointing Company Secretary (ACRA compliance requirements)
Companies must appoint a company secretary within six months from the date of incorporation. This position cannot be left vacant for more than six months, or the directors may face a penalty of up to SGD1,000.
A company secretary is responsible for the administration of the company. They are also required to ensure that all directors and shareholders are informed of their statutory obligations, such as the filing of annual returns.
The responsibilities of a secretary can vary depending on a company's needs. Below are some examples:
- Maintain and update the company’s registers and minutes books.
- Administer, attend and prepare minutes of meetings of directors and shareholders.
- Keep company directors aware of the deadlines for annual returns and any other filings required by ACRA.
- Update directors and shareholders on relevant changes in corporate regulations.
Futre provides professional audit services in Singapore for businesses across a wide range of industries, from growing SMEs and MNC subsidiaries to branches of listed companies. Our affiliated CPA firm conducts statutory audits that are fully compliant with Singapore's Companies Act and ACRA requirements, giving stakeholders confidence in the accuracy and transparency of your financial statements. A statutory audit is a mandatory external review of a company's financial records, carried out by an independent auditor to verify that financial statements present a true and fair view.
We, together with our affiliated CPA firm providereliable statutory audit services in Singapore. We support businesses acrossdiverse industries, including growing SMEs, multinational subsidiaries, andbranches of listed companies.
We work closely with our clients to gain a thorough understanding of their business operations, internal controls, and financial reporting processes. This allows us to identify key risk areas,provide practical recommendations, and ensure that financial statements present a true and fair view of the company’s financial position.
Our statutory audit services include:
- Independent audit of financial statements
- Assessment of internal controls and risk areas
- Compliance with regulatory and statutory requirements
- Audit support for Singapore-incorporated companies and local branches
- Professional insights to improve financial reporting and governance
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Audit Requirements in Singapore
Whether your company is required to undergo a statutory audit in Singapore depends on its classification under the Companies Act and whether it meets the qualifying criteria set by ACRA. Where a company has qualified as a small company, it continues to be a small company for subsequent financial years until it is disqualified. A small company is disqualified if:
- it ceases to be a private company at any time during a financial year; or
- it does not meet at least 2 of the 3 the quantitative criteria for the immediate past two consecutive financial years.
Where a group has qualified as a smallgroup, it continues to be a small group for subsequent financial years until it does not meet at least 2 of the 3 the quantitative criteria for the immediatepast two consecutive financial years.
Small Company Audit Exemption
Under Singapore's Companies Act, a private company that meets at least two of three quantitative criteria for the immediate past two consecutive financial years qualifies for the small company audit exemption and is not required to have its financial statements audited. A company qualifies as a small company if:
- itis a private company in the financial year in question; and
- it meets at least 2 of 3 following criteria for immediate past two consecutive financial years:
total annual revenue not exceeding $10m;- total assets not exceeding $10m;
- no. of employees not more than 50;
For a company which is part of a group:
- the company must qualify as a small company; and
- entire group must be a “small group” to qualify to the audit exemption.
For a group to be a small group, it must meet at least 2 of the 3 quantitative criteria on a consolidated basis for the immediate past two consecutive financial years.
Types of Audit Services in Singapore
Singapore businesses may require different types of audits depending on their industry, regulatory obligations, and operational structure. Below is an overview of the audit services we provide.
Statutory Audit
A statutory audit is a mandatory external review required under Singapore's Companies Act for companies that do not qualify for the small company audit exemption. Conducted by an independent CPA, it verifies that your financial statements are accurate, compliant, and present a true and fair view of the company's financial position.
BCA Audit
A BCA audit is required for construction companies registered under the Building and Construction Authority (BCA) in Singapore. It verifies the company's net worth and financial capacity as part of the contractor registration and renewal process.
Internal Audit
An internal audit is a voluntary review of a company's internal controls, risk management processes, and operational procedures. It is commonly conducted by larger organisations seeking to strengthen governance and identify areas for improvement before an external audit.
Gross Sales Audit
A Gross Turnover (GTO) audit is typically required by shopping mall landlords and building management in Singapore. Retail tenants must submit an independent auditor's report confirming their annual gross sales figures as part of their tenancy obligations.
Grant Audit
A grant audit verifies that funds received from government bodies or institutions have been used in accordance with approved grant conditions. This is commonly required by organisations that have received government grants, subsidies, or financial assistance in Singapore.
Group Consolidation Audit
A group consolidation audit is required for parent companies with one or more subsidiaries. It produces a consolidated set of financial statements that reflects the financial position of the entire group, in compliance with SFRS and ACRA requirements.
Lucky Draw Audit
A lucky draw audit is required for companies conducting lucky draws or contests in Singapore. An independent auditor reviews and certifies the conduct of the draw to ensure it meets regulatory and fairness requirements.
Not sure which audit applies to your business? Contact our team for a free assessment.
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Pricing plans
Flexible options for your business
Basic Price Plan
$500/year
Non-active or Less 50 transactions for fixed accounting
Effortless Yearly Accounting: 1- 3 pages of bank statement or Revenue below S$100k
Annual Financial Statements
Annual Return Tax
Xero Subscription Support
Standard Price Plan
$250/month
Limited Bookkeeping
Set up chart of accounts
Payroll and CPF data entry
No GST submission
Only Singapore Currency
No Annual Return Filing
Premium Price Plan
$1,000/month
Limited Bookkeeping
Set up chart of accounts
Payroll and CPF software
GST submission
Singapore, USD, GBP Currency
Compliance Report including XBRL filing
Annual Tax Filing
Bespoke Price Plan
$2,500/month or Get Quoted
Limited Bookkeeping
Set up chart of accounts
Payroll and CPF software
GST submission
Singapore, USD, GBP Currency
Compliance Report including XBRL filing
Annual Tax Filing
Consolidatedaccounts
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