Can Small Exempt Private Companies Avoid XBRL Filing in Singapore?

For many small business owners in Singapore, compliance questions often surface only at year-end — and XBRL filing is one of the most common concerns.

If your company is a Small Exempt Private Company (EPC), you may be wondering:

Can you avoid XBRL filing altogether?

The short answer is: Yes, in many cases — but it depends on your company’s status and filing obligations.

What Is a Small Exempt Private Company (EPC)?

An Exempt Private Company (EPC) in Singapore is a private company that:

• Has no more than 20 shareholders, and
• Has no corporate shareholders

When such a company also meets the “small company” criteria under the Companies Act (based on revenue, total assets, and number of employees), it may qualify for audit exemption.

But audit exemption and XBRL exemption are not automatically the same thing — and this is where confusion usually happens.

Do Small EPCs Need to File Financial Statements in XBRL?

Generally:

• Solvent EPCs are not required to file financial statements in XBRL format with ACRA.
• Instead, they only need to file their Annual Return and declare their solvency.

This means many small, solvent EPCs can avoid the XBRL submission requirement.

However, there are important nuances:

• If the company is insolvent, financial statements must be filed.
• If the company structure changes and it no longer qualifies as an EPC, XBRL filing may become mandatory.
• Directors remain responsible for maintaining proper accounting records even if filing is simplified.

So while small EPCs can often avoid XBRL filing, they cannot avoid proper bookkeeping and statutory compliance.

Why Proper Financial Records Still Matter

Even if XBRL submission is not required, your company must still:

• Maintain accurate accounting records
• Prepare financial statements
• Ensure solvency declarations are correct
• Be ready for potential regulatory review

In practice, many SMEs discover that skipping structured financial management leads to stress during:

• Tax filing
• Bank loan applications
• Investor discussions
• Corporate restructuring

Compliance may be lighter — but financial discipline is still essential.

The Smarter Approach for Small EPCs

Instead of asking, “Can we avoid XBRL?”, many forward-thinking SMEs ask a better question:

“How can we make compliance effortless regardless of filing requirements?”

AI-powered platforms like ccMonet help small EPCs:

• Keep bookkeeping updated throughout the year
• Automate bank reconciliation
• Categorize expenses consistently
• Provide real-time financial insights
• Combine AI automation with expert review for accuracy

When your accounts are always organized, whether you need XBRL filing or not becomes far less stressful.

Final Takeaway

Yes — many Small Exempt Private Companies in Singapore can avoid mandatory XBRL filing, provided they are solvent and meet EPC criteria.

But avoiding XBRL does not mean avoiding responsibility. Directors must still maintain proper records and ensure accurate reporting.

The best strategy isn’t to aim for minimum compliance — it’s to build a system that keeps your business ready, transparent, and confident at all times.

If you want accounting that feels simple — even when regulations aren’t — explore how AI-powered financial management can support your company’s growth.

👉 Learn more at https://www.ccmonet.ai/

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