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Q：
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What are the accounting transactions are to be disregarded in determining a dormant company?
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A：
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In determining whether a company is dormant, accounting transactions arising from statutory or compliance requirements are disregarded. These include share subscriptions by initial subscribers, statutory expenses, payment of government fees, fines or composition amounts, nominal transactions within prescribed limits, and any other matters as may be prescribed by law.
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Q：
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Is a dormant company required to keep books of accounts?
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A：
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Yes.
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Q：
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Is a dormant company exempted from statutory audit requirements?
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A：
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Yes.
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Q：
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Is a dormant company required to prepare financial statements?
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A：
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Yes, unless it qualifies the below requirements as a dormant relevant company:
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Total assets must not exceed SGD500,000 at any time during the financial year;
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Not a listed company or a subsidiary of a listed company.
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Q：
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Is a dormant company required to file annual return with ACRA?
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A：
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Yes.
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FAQ
