Do Exempt Private Companies (EPCs) need to apply proactively?
What Is an EPC?
- An Exempt Private Company (EPC) is a private company that meets specific qualifying conditions
- Eligible companies may be exempted from submitting an Audit Report
Is an Application Required?
- No application is required for EPC status
- Eligibility is determined based on the company's circumstances
How Is EPC Eligibility Confirmed?
- After the audit process is completed
- The company should consult its Auditor to determine whether it qualifies as an EPC
- The Auditor will assess the company's eligibility based on the relevant requirements
What Happens If the Company Qualifies?
- If the company meets the EPC requirements
- It may inform the Auditor that it intends to claim the exemption from submitting an Audit Report
- The Auditor will issue a Section 260 Declaration
- The Company Secretary will then assist in submitting the necessary documents to SSM
EPC Eligibility Must Be Reviewed Annually
- Qualifying as an EPC this year
- Does not automatically mean the company will qualify every year
- Eligibility should be reassessed for each financial year
Summary
- EPC status does not require a separate application
- Eligibility must be confirmed by the Auditor
- Qualified companies may rely on a Section 260 Declaration instead of submitting an Audit Report
- EPC eligibility should be reviewed annually before claiming the exemption again