The process of AGM filing and filing of annual returns is a crucial aspect for any company operating in Singapore. It is not only a legal requirement but it also provides transparency and accountability to the shareholders, stakeholders, and potential investors. This guide will provide you with comprehensive information on how to go about this process.
AGM or Annual General Meeting is an essential meeting that every company must hold annually. The Companies Act mandates it to discuss various matters such as financial statements, director’s report, auditor’s report and other significant issues affecting the company.
Filing of AGM should be done within six months from the end of the financial year for private companies, while public companies are required to file within four months after their financial year ends. There are certain exceptions like if a newly incorporated company holds its first AGM within 18 months from its incorporation date; it need not present audited accounts relating to a period exceeding 6 months prior to the AGM date.
On another note, annual return filing refers to submitting specific corporate information annually to ACRA (Accounting and Corporate Regulatory Authority) which includes particulars like registered office address, share capital details, directors’ details etc., along with audited or unaudited accounts depending upon whether your company falls under audit exemption criteria or not.
Annual returns should be filed within one month after conducting the AGM for listed companies whereas non-listed companies have seven months after their financial year-end (if they have conducted an AGM), otherwise no later than 30 days from their AGMs due date.
It’s worth noting that failure in adhering these statutory deadlines can result in severe penalties including fines and prosecution both for the company as well as its officers.
To simplify this process further here are some steps you can follow: Firstly identify your Financial Year End (FYE). Then hold your Annual General Meeting according to timelines mentioned above based on your FYE. Prepare all necessary documents for the AGM including financial statements. After conducting the professional help with agm and annual filing singapore ACRA.
In conclusion, while this process may seem daunting, it is a fundamental part of maintaining your company’s compliance in Singapore. It is advisable to keep track of all necessary dates and requirements to avoid any penalties or legal issues. If you find this process complex or time-consuming, engaging professional services can be an effective solution as they are well equipped with knowledge and expertise to ensure that all your filings are done accurately and on time.