Outsourcing Director's Report
A Director’s Report Singapore is an important part of a company’s audited or unaudited accounts and annual report. It is accompanied by the financial statements like cash flow, balance sheet, etc. Are you thinking of outsourcing Director’s Report Singapore?
Our Singapore Director’s Report services start at S$200 only.
A number of companies, needing to confirm with the auditing requirements of ACRA, hire professional auditing services provider to prepare accounts and Director’s Report for them. The report is then approved by the company management and directors.
The filing of Auditor’s Report and Director’s Report as part of the annual filing requirements is important for companies. It improves their credibility in the eyes of investors’ and shareholders’ of the company. The documents are part of a system of checks and balances to ensure sound financial practices.
Small Companies Criterion: Are You Audit Exempted
The private companies that qualify as Small Companies are exempted from the audit requirements. However, they too are expected to file their unaudited accounts with the Director’s Report.
According to the audit exemption for Small Companies criterion effected on 1 July 2015, a private company must fulfill at least 2 of 3 following conditions to qualify for the exemption:
- Total annual revenue ≤ $10 million;
- Total assets ≤ $10 million;
- Number of employees ≤ 50
Even, new start-up companies need to determine whether they are audit exempted or not and take appropriate action. A dormant company that has not conducted any accounting transactions on the balance sheet in the last financial year is also audit exempted. It too needs to prepare and submit Director’s Report.
As per the guidelines of ACRA, a Singapore company has to submit its audited or unaudited accounts along with a Director’s Report to ACRA within one month of its AGM (Annual General Meeting). A newly formed company needs to hold its AGM within the 18 months from the date of its registration. Afterward, it has to hold its AGM’s once each calendar year. The consecutive AGM’s should be within 15 months of each other.
When to File Director’s Report
ACRA (Accounting and Corporate Regulatory Authority) holds all the directors responsible for the filing of accurate and complete accounts. And preparing a Director’s Report Singapore is a tough job. It is better left to the professionals who have an excellent grasp of the accounting principles and practices. It is what the Certified Public Accountants (CPAs) in our employ offer to the clients.
What Constitute the Director’s Report?
The Section 201 of the Singapore Companies Act, asks for the inclusion of the following things in a Director’s Report:
- Approved by a Director’s resolution in writing
- Signed by the sole director or minimum of two directors (if there are 2 or more directors)
- Covers company’s profit and loss for the financial year
- Statement to shade light on the state of company’s affairs at its financial year end
- Details of the directors as of on the date of the Director’s Report
- Disclosure of each director’s interests in the company
DIY Director’s Report?
The preparation of Director’s Report Singapore is a specialized task. You should not tackle it on your own unless you are a professional chartered accountant. You should take professional assistance for the task. We, with an experienced team of accountants at hand, are well equipped for the task.
|Directors’ report if the company is dormant||S$200||Per Report|
|Directors’ report with small and simple structure||S$350-S$700||Per Report|
|Directors’ report with medium to complicated structure||S$700-S$1500||Per Report|