Eligibility for these exemptions depends on your company's precise legal and financial status. Confirm with your company secretary or ACRA before assuming an exemption applies.
Two categories are fully exempt
Most Singapore-incorporated companies must file financial statements, but two specific categories are fully exempt from doing so:
Dormant relevant companies (Section 201A)
A dormant relevant company does not need to prepare or file financial statements at all if it meets all the conditions under Section 201A of the Companies Act. "Dormant" here has a specific statutory meaning — not simply "not currently trading."
Solvent exempt private companies (EPCs)
A solvent exempt private company — broadly, a private company with no corporate shareholders and generally under 20 individual shareholders, that is solvent — can also qualify for exemption from filing financial statements, though it must still meet ACRA's specific criteria.
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What still applies even if exempt
Exemption from filing financial statements does not exempt a company from its Annual Return obligation generally, or from maintaining proper accounting records. Directors remain responsible for the company's statutory compliance even where the financial statement filing itself is waived.
Dormancy and EPC status can remove the obligation to file financial statements entirely — but the criteria are specific statutory tests, not a general impression of being 'small' or 'inactive.'