Let’s be honest. As a business owner in Singapore, your to-do list is a never-ending saga. Between managing your team, chasing down clients, and keeping the lights on, the last thing you want is another piece of compliance paperwork. Then you hear those three letters: ACRA… and the dreaded acronym: XBRL. It feels like one more hoop to jump through, right?
But what if I told you that not everyone has to jump? That there are specific XBRL filing exemptions in Singapore that could save you time, money, and a whole lot of stress? This guide is for you—the entrepreneur, the director, the person at the helm of a company who just wants to do things right without the extra headache. For 2025, let’s figure out if your business is one of the lucky ones.
The Big Picture: Why XBRL Matters (and Why You Should Care)
Think of it like this: XBRL isn’t just a technical requirement; it’s a language. A standardized, machine-readable way for ACRA to understand your financial data. Instead of them squinting at a PDF of your financial statements, this system instantly recognizes every number—from your revenue to your balance sheet. It’s all about making the financial market more efficient and transparent for everyone, from investors to regulators.
The push for this is led by ACRA, the main governing body in charge of upholding Singapore’s corporate laws. The mandate is simple: if you’re a company in Singapore, you need to follow the rules, and for most, that includes XBRL filing.
Finding Your Story in the Rules: Who Gets a Pass?
So, who are the exempted companies? This is where the story gets interesting, because the rules are designed to give a break to businesses that fit a specific mold. These XBRL filing exemptions in Singapore are a lifeline, but you have to know if you qualify.
The most common heroes in this tale are dormant companies. You might be one of them if your company is simply not active. Maybe it’s a holding company for an asset, or a new venture that hasn’t started trading yet. If it’s not generating revenue, it could be a candidate for an exemption.
Then there are the Exempt Private Companies (EPCs), which are also often on the list of exempted companies. These are the small, private businesses, with no more than 20 individual shareholders. If your company is a solvent EPC, you may be fully exempted from filing financial statements with ACRA. It’s a significant perk for the little guys.
There are also other players with special exemptions:
- Financial institutions regulated by the Monetary Authority of Singapore (MAS), like banks and insurers. They follow a different set of financial reporting standards specific to their industry.
- Businesses that use financial reporting standards other than IFRS, SFRS, or SFRS for Small Entities.
For these businesses, a simple PDF is all that’s needed. However, be aware that even if you’re exempted from full XBRL, you might still need to file a summary in XBRL format. The balance sheet is a core part of this, so make sure it’s in impeccable shape.
The Final Chapter: How to Apply
Feeling like you fit the profile of an exempted company? The application process is straightforward, with no fees. All you need to do is complete the exemption request form and email it to ACRA_XBRL_Application@acra.gov.sg. You’ll need to include your signed AGM financial statements and the XBRL file itself.
While this process can feel like one more piece of paperwork, think of it as your passport to a smoother compliance journey in 2025. It can take a few days for ACRA to process your request, so don’t wait until the last minute. By understanding your company’s unique situation and the financial reporting standards that apply to you, you can confidently navigate these requirements. And that’s a story with a happy ending.
How Can DataTracks Help?
XBRL’s increased accessibility, accuracy, and cross-national comparability of financial data benefits investors, firms, regulators, and the larger financial ecosystem.
DataTracks, so far, has assisted in preparing over 348,000 reports. It has served over 23,400 clients and offers software for preparing compliance reports in 26 countries. The company offers support services that convert client-provided traditional format inputs into XBRL formats. To learn more about our services, contact a DataTracks expert at +65-31-582-850 or email us at enquiry@datatracks.com.sg.
Frequently Asked Questions:
What is meant by Exempt Private Company in Singapore?
An Exempt Private Company (EPC) is a private company with fewer than 20 shareholders, and no corporation holds any shares. Additionally, a private company wholly owned by the Government is also classified as an EPC, requiring notification in the Gazette by the Minister.
Do Dormant company is exempted from ACRA XBRL filing in Singapore?
The term used for a company that is not subject to corporation tax is ‘Dormant Company.’ This can be attributed to several reasons, such as not having commenced trading, being in the closing stage, or solely holding assets with no intention of trading. These dormant companies are not required to submit their Annual Financial Statements (AFS) in XBRL format to ACRA.
