The Singapore Ministry of Finance will implement 209 recommendations from a steering committee to reduce administrative burden for companies while providing greater flexibility. The changes will exempt more private companies from statutory audits if they meet two of three criteria for revenue, assets, and employee counts. Exempt companies currently must have under $5 million in revenue. Other changes aim to reduce regulatory burden for dormant companies and refine solvency statements for business amalgamations. It is estimated the changes will lower compliance costs for about 10% of Singapore companies.