Changes to the Companies Act were passed in Parliament  yesterday (8 October 2014).

The changes aim to liberalise the regulatory regime and introduce more flexibility to the business environment. Among the more than 200 amendments made is the exemption of small companies from having to get their accounts audited — a move that could reduce compliance costs for at least 25,000 small firms.

Read more : https://www.acra.gov.sg/Legislation/Companies_Act_Reform/