Unaudited Financial Statements

Unaudited Financial Statements | Bestar

Unaudited Financial Statements

Unaudited financial statements are year-end financial records prepared in compliance with Singapore Financial Reporting Standards (SFRS). Under ACRA regulations, companies that qualify as "Small Companies" or "Solvent Exempt Private Companies" are legally exempt from mandatory external audits and may prepare and file unaudited financial statements instead.

Preparation Requirements

Even without an external audit, directors are still legally required to prepare financial statements. A complete set must include:

• Statement of Financial Position (Balance Sheet)

• Statement of Profit or Loss and Other Comprehensive Income

• Statement of Changes in Equity

• Statement of Cash Flows

• Accompanying Notes to the Financial Statements

Statutory Obligations

• AGM Deadline: Unaudited financial statements must be tabled at an Annual General Meeting (AGM) within 6 months after the financial year-end.

  
  

• Filing with ACRA: All companies must prepare financial statements, but exempt private companies do not have to file them with their Annual Return.

  
  

• Corporate Tax: Whether audited or unaudited, you must still submit these statements and a tax computation to the Inland Revenue Authority of Singapore (IRAS) for corporate income tax filing.

Eligibility for Audit Exemption

Under Section 201A of the Companies Act, a private company qualifies for audit exemption if it is an Exempt Private Company (EPC) or qualifies as a "Small Company." To be considered a Small Company, the company must meet at least two of these three criteria for the past two consecutive financial years:

• Annual revenue is \(\le\$10\) million.

• Total assets are \(\le\$10\) million.

• Total number of employees is ≤50.

If you want to move forward with your filing, tell us:

• What is your company's financial year-end date?

  
  

• Does your company meet the Small Company criteria (revenue under $10 million, total assets under $10 million, under 50 employees)?

We can help you prepare your filing or determine your exact ACRA deadlines.

Scaling Your Singapore Business: How Bestar Helps You Navigate Corporate Compliance and Growth

Bestar Singapore helps businesses achieve compliance and financial health by providing a complete, one-stop suite of accounting, company incorporation, and corporate support services. Navigating regulatory obligations set by the Accounting and Corporate Regulatory Authority (ACRA) and the Inland Revenue Authority of Singapore (IRAS) can be incredibly challenging for fast-growing startups and established Small and Medium Enterprises (SMEs) alike. Bestar eliminates this administrative burden, giving you the freedom to focus 100% of your energy on expanding your market reach.

Complete Corporate Solutions: From Startup to Enterprise

Managing separate vendors for your accounting, legal filings, and payroll often creates fractured communications and costly errors. Bestar Services Pte. Ltd. acts as your unified outsourcing partner, delivering seamless, reliable compliance across your entire business ecosystem.

Core Corporate Support Service	Primary Business Benefit	Key Features Included
Singapore Company Incorporation	Accelerates your market entry	Name application, ACRA registration, constitution drafting.
Corporate Secretarial Services	Guarantees statutory compliance	Maintaining registers, ACRA filings, AGM coordination.
Accounting & Bookkeeping Services	Delivers accurate financial clarity	SFRS-compliant records, monthly ledger tracking, cash flow oversight.
Corporate Tax Management	Minimizes your tax liabilities	Form C-S/C filings, ECI submissions, expert GST consultancy.
Audit & Assurance Services	Protects stakeholder trust	Internal audits, financial statement audits, operational risk checks.
Payroll Outsourcing & HR Advisory	Streamlines workforce management	CPF calculations, statutory itemized payslips, IR8A reporting.

Overcoming the Challenges of Singapore Regulatory Compliance

Accurate ACRA Financial Reporting

Singapore companies must prepare year-end financial statements that adhere strictly to the Singapore Financial Reporting Standards (SFRS). Bestar’s highly trained, certified accountants meticulously compile your statements—including your Balance Sheet, Profit or Loss statement, and Cash Flow statement—ensuring they stand up to the rigorous scrutiny of local regulators.

Maximizing Small Company Audit Exemptions

Under Section 201A of the Companies Act, your business may completely qualify for an exemption from mandatory external audits if it meets at least two of the following criteria over two consecutive financial years:

• Total annual revenue does not exceed S$10 million.

• Total assets do not exceed S$10 million.

• Total workforce does not exceed 50 employees.

If your business qualifies as a Small Company, Bestar will efficiently prepare your unaudited financial statements. This satisfies all your legal obligations while saving you thousands of dollars in unnecessary external audit fees.

Seamless Tax Planning and Risk Mitigation

Failing to submit your Estimated Chargeable Income (ECI) or corporate tax returns on time leads to heavy fines and composition penalties from IRAS. Bestar provides strategic, proactive tax planning and expert GST registration support, helping you seamlessly claim eligible tax exemptions, maximize cash flow, and fully protect your business from compliance risks.

Frequently Asked Questions About Singapore Business Compliance

What is the deadline for filing financial statements with ACRA?

For private companies in Singapore, financial statements must be presented at an Annual General Meeting (AGM) within 6 months after your financial year-end, and subsequently filed with ACRA alongside your Annual Return.

Does an Exempt Private Company (EPC) still need to prepare financial statements?

Yes. Even if an EPC is solvent and completely exempt from filing financial statements directly with ACRA, the directors are still legally required to prepare SFRS-compliant statements to facilitate corporate tax filings with IRAS.

Why should our business outsource its financial operations to Bestar?

Outsourcing to Bestar grants you immediate access to a dedicated team of compliance experts, highly qualified managers, and state-of-the-art cloud accounting software. This slashes your overhead costs, reduces internal human error, and ensures your corporate governance remains completely flawless.

Accelerate Your Growth with Bestar Singapore

Don't let complex corporate administration derail your business momentum. Partnering with a dedicated corporate support specialist ensures your company remains audit-ready, tax-optimized, and fully compliant with every changing local regulation.

To book a free expert consultation and secure a customized compliance roadmap for your business, contact the compliance team directly at the Bestar Official Website or visit our central office at 23 New Industrial Rd, #04-08, Singapore 536209.

If you want to secure your corporate standing, tell me:

• What specific corporate support services (e.g., incorporation, bookkeeping, tax filing) does your company currently need?

  
  

• Are you currently facing any immediate ACRA or IRAS deadlines?

We can provide a step-by-step onboarding plan tailored precisely to your company's structure.