HOLD THE AGM – SECTION 175 COMPANIES ACT (“CA”) REQUIREMENT
1. Every company is required to hold an AGM. The date on which the AGM is held must comply with the following statutory requirements:
For newly incorporated companies:-
(a) The 1st AGM date must not be more than 18 months from the date of incorporation.
For companies that have already held an AGM:-
(a) The AGM must be held every calendar year; AND
(b) The AGM date must not be more than 15 months from the date of the last AGM.
PRESENT UP-TO-DATE FINANCIAL STATEMENTS – SECTION 201 CA REQUIREMENT
2. At the AGM, the director(s) of the company must lay or present “up-to-date” financial statements. In order to be up-to-date, the company’s financial statements must not be more than:
(a) 6 months old at the AGM date (for non-listed company); or
(b) 4 months old at the AGM date (for listed company).
FILE ANNUAL RETURN (AR) AFTER AGM – SECTION 197 CA REQUIREMENT
3. The Annual Return must complete and file within 30 days from the AGM date.
4. A dormant company which has been granted waiver of Income Tax Return submission by IRAS is still required to comply with the statutory obligations to hold an AGM, present financial statements at the AGM and file the AR with ACRA.
COMPLIANCE WITH THE ABOVE REQUIREMENTS
5. Please note that you and your company may have to pay up to $900 (for each year of breach of sections
175, 197 and 201 CA) in composition sums and late filing penalty when the AR is filed
. Please refer to
6. If your company complies with ALL of the statutory requirements set out in paragraphs 1, 2 and 3:-
(a) You will not face enforcement action by ACRA that may lead to prosecution in court where you would face fines, debarment or disqualification from directorship, or striking off of your company.
(b) Your company will receive a green tick in ACRA’s online Directory of Registered Entities [a noncompliant company will receive a red cross