Audit Firm for Start-up Singapore

Audit Firm for Start-up Singapore | Bestar

Singapore Startup Audit Firm Guide

Finding the right audit firm is a critical milestone for any startup in Singapore. Whether you are scaling toward a Series A or simply ensuring your "small company" status is protected, regulatory compliance is the foundation of your credibility.

This guide outlines everything a founder needs to know about choosing an audit firm in 2025.

1. Do You Actually Need an Audit? (The 2025 Criteria)

In Singapore, the Companies Act provides an audit exemption for "Small Companies" to reduce the regulatory burden on startups.

The "Small Company" Exemption

A startup is exempt from statutory audit if it is a private company and meets at least two out of three of these criteria for the past two consecutive financial years:

• Total Annual Revenue: ≤ S$10 million

  
  

• Total Assets: ≤ S$10 million

  
  

• Number of Employees: ≤ 50

  
  

Note: If your startup is part of a group, the entire group must meet these "Small Group" criteria on a consolidated basis to qualify for the exemption.

2. Why Startups Opt for Voluntary Audits

Even if you qualify for an exemption, many Singaporean startups choose to undergo a voluntary audit for several strategic reasons:

• Investor Confidence: VCs and Angel investors often require audited financial statements as part of their due diligence before injecting capital.

  
  

• Bank Loans & Grants: Financial institutions and government bodies (like Enterprise Singapore or BCA) may require audited accounts for credit facilities or specific grant applications.

  
  

• Exit Readiness: If you plan for an M&A or an IPO in the next 3–5 years, having a clean audit trail is essential for a smooth valuation.

  
  

• Licensing: Certain industries (FinTech, Recruitment, etc.) regulated by MAS or MOM may require audits regardless of revenue size.

3. Estimated Audit Costs in Singapore (2026)

Audit fees vary based on the complexity of your transactions and the volume of your accounts.

Startup Stage	Annual Revenue	Estimated Audit Fee (SGD)
Early Stage / Seed	Under S$1M	S1,000–S3,500
Growth Stage (Series A/B)	S1M–S5M	S4,000–S8,500
Scale-up	S5M–S10M	S9,000–S15,000+

4. How to Choose the Right Audit Firm

Not all accounting firms are created equal. For a startup, you need a partner that understands the fast-paced nature of tech and innovation.

• ACRA Registration: Ensure the firm and the individual signing the report are Public Accountants registered with the Accounting and Corporate Regulatory Authority (ACRA).

  
  

• Industry Expertise: If you are in Web3, Biotech, or SaaS, choose a firm that understands specific revenue recognition models (e.g., SFRS 115) or R&D tax incentives.

  
  

• Tech-Stack Compatibility: Look for firms that use cloud-based tools (Xero, QuickBooks) and digital audit platforms to minimize manual paperwork and speed up the process.

  
  

• Holistic Services: Many startups prefer "one-stop" firms that can handle Corporate Secretarial, Tax Filing, and Audit together to save costs and ensure data consistency.

5. Top Considerations for Founders

1. Deadlines: You must appoint an auditor within 3 months of incorporation unless you are exempt.

   
   

2. Internal Controls: Use the audit as a "health check" to identify gaps in your internal financial processes before they become costly mistakes.

   
   

3. Transparency: Ask for a fixed-fee engagement letter to avoid "scope creep" charges during the audit process.

Need Help Finding a Specialist?

Choosing the wrong auditor can lead to compliance delays and friction during fundraising.

Would you like me to help you draft a "Request for Quotation" (RFQ) that you can send to potential audit firms to get accurate pricing for your startup?

Bestar Singapore Audit Firm for Start-up Singapore

Audit Firm for Start-up Singapore

In the competitive landscape of Singapore’s startup ecosystem, Bestar has emerged as a prominent choice for founders looking for a balance between rigorous compliance and tech-forward efficiency.

As of late 2025, Bestar is recognized not just for basic bookkeeping, but for its "Next-Generation" approach to auditing, which is specifically designed to handle the high transaction volumes and complex revenue models of tech startups.

Why Bestar is Optimized for Singapore Startups

1. The "Next-Generation" AI-Driven Audit

Unlike traditional firms that rely on manual sampling (checking every 10th invoice), Bestar utilizes digital audit tools that can review 100% of your transactions.

• For Startups: This means higher accuracy for investors and a faster audit timeline, as their systems integrate directly with cloud accounting platforms like Xero and QuickBooks.

  
  

• The SEO Edge: They are leaders in "Digital Audit" and "AI-driven assurance," making them a future-proof partner for Web3, SaaS, and FinTech companies.

2. Comprehensive Startup "Bundle" Pricing

Bestar is known for offering integrated packages that eliminate the need to hire separate firms for secretarial work and auditing.

• Statutory Audit: Handled by Bestar Assurance PAC (the ACRA-registered public accounting arm).

  
  

• SUTE Support: They specialize in the Start-Up Tax Exemption (SUTE) scheme, helping new companies maximize tax relief on their first S$200,000 of income.

  
  

• Compliance Package Fees: For an active startup, bundled services (Audit + Tax + Sec) typically range from S$4,000 to S$7,000+ per year, depending on complexity.

3. Specialized Sector Expertise

Founders in specific high-growth sectors benefit from Bestar’s deep knowledge of:

• FinTech: Navigation of MAS (Monetary Authority of Singapore) licensing and compliance.

  
  

• SaaS: Handling complex revenue recognition under SFRS 115.

  
  

• Grant Claims: Independent audit of expenditures for government grants (EnterpriseSG, EDB, etc.).

Bestar Audit vs. Traditional Firms: A Comparison

Feature	Traditional Small Firm	Bestar Singapore
Audit Method	Manual sampling / Paper-heavy	100% Digital / AI-driven analysis
Startup Focus	General SMEs	High-growth Tech & Startup Hub
Software Support	Basic desktop accounting	Cloud-native (Xero, Sage, QuickBooks)
Value Add	Compliance only	Operational insights & Risk mitigation
Free Consult	Rarely	1-hour free introductory session

Is Bestar Right for You?

Bestar is ideally suited for:

• Fundraising Startups: If you need an audit that will stand up to the scrutiny of VCs and Angel investors.

  
  

• Cross-Border Ventures: Startups with offices in Malaysia or those looking to expand globally (Bestar is a member of Bestar Global).

  
  

• Efficiency-Seekers: Founders who want to automate their financial "back office" so they can focus on scaling.

Pro-Tip: Bestar offers a free one-hour consultancy service. This is an excellent way to get an initial assessment of your "Small Company" audit exemption status without any upfront commitment.

Ready to engage?

Prepare the specific list of financial data (like transaction volume and asset value) that Bestar will ask for in order to provide you with a fixed-fee quote.

Consult Bestar for "Bestar Discovery Checklist".