Small Company Concept
The Accounting and Corporate Regulatory Authority (“ACRA”) has introduced the new concept of “small company” and allows for qualifying companies to reduce regulatory costs as they have fewer audit requirements to comply with, such as:
A company will need to fulfil any two of the following requirements in order to qualify as a small company in each of the immediate past two financial years (“FYs”):
For companies that are part of a group, the entire group must qualify as a small group.
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