Compilation of Financial Statement

Fee Guideline for the Compilation of Financial Statement

The following table provides you with our fee guideline for Unaudited Financial Statement Compilation Services. For a more accurate estimate, kindly contact us for further discussion.

Compilation of Financial Statement – Dormant Company From $250
Compilation of Financial Statement – Micro SME* based on simplified submission requirement From $400
Compilation of Financial Statement – Exempt Private Company (EPC) From $500
Compilation of Financial Statement with XBRL Preparation From $800
  • Micro SME refers to Exempt Private Company with Annual revenue less than S$500,000. It should also have no employees or Payroll Transactions, and it has a simple business/cost structure (Non F&B, no inventory tracking, etc)
  • Additional Fees apply if XBRL Filing or Group/Consolidation Accounts is required.
  • Excluding ACRA Filing Fees & GST.

Financial Statement

In accordance to the Companies Act, every company in Singapore is required to prepare their Financial Statement and to at least file their unaudited Financial Statement as part of their Annual Filing with ACRA. Most SME companies when it is first incorporated, are classified as Exempt Private Companies (EPC), which is a private company with no more than 20 shareholders, all of which are Individual Shareholders (i.e. No Corporate Shareholders).

Most private limited companies in Singapore can qualify for audit exemption as long as they satisfy the definition of being a “small company”. A company is considered a “Small Company” if it satisfies 2 of out 3 of the following criteria.

  • Total annual revenue of less than $10 million
  • Total Assets as at the end of the financial year of less than $10 million.
  • Total no. of employees as at the end of the financial year of not more than 50

We recommend most companies to be incorporated and remain as EPC (if possible) because the filing and compliance requirements will be the simplest and least costly.
As an Exempt Private Company (EPC), you can prepare its financial statements in its format so long as it is in accordance to the Singapore Financial Reporting Standards (FRS).

A Private Company (non-EPC) however must prepare its financial statements in XBRL format and upload these financial statements when filing for their Annual Returns. Due to the tedious nature of preparing financial statements in XBRL format, the cost to get a professional to prepare them will be higher too.

Why Choose Timcole?

At Timcole, we always believe that every client has its unique requirement and its not possible for us to design a one-size-fits-all package for all out clients. Therefore, we are flexible enough to customize various Financial Compilation packages that will fit your unique needs better. You can start small with us first (when you are just a new start-up) and you are just running the business by yourself, you may be classified as Micro SME and therefore enjoys a much lower fee structure for your Financial Compilation Service. If you are a dormant company, we also have a much cheaper financial compilation package for you.

Please call us now for a discussion on how we can help you to prepare a Professional Compilation for your Financial Statements that will be in compliance with your annual filling with ACRA.