Annual General Meeting

An Annual General Meeting (AGM) and an Annual Return are important compliance requirements for companies.

Annual General Meeting (AGM):

What is an AGM: An AGM is a mandatory meeting held by a company once a year. It provides an opportunity for shareholders to meet with the company’s management, discuss key matters, and make important decisions.

Purpose of an AGM: The AGM serves various purposes, including the approval of financial statements, appointment or reappointment of directors, declaration of dividends, and discussion of any other matters related to the company’s operations.

Timing of an AGM: The first AGM must be held within 18 months from the date of incorporation, and subsequent AGMs should be held once every calendar year, with no more than 15 months between each AGM.

Key actions to be taken for an AGM:

Notice: Issue a notice of the AGM to all shareholders at least 14 days before the meeting. The notice should include the agenda, date, time, and venue of the meeting.

Financial Statements: Prepare and present the company’s financial statements (e.g., balance sheet, income statement, cash flow statement) for approval by the shareholders.

Appointment of Directors: Conduct the election or re-election of directors (if applicable).

Declaration of Dividends: Discuss and declare dividends (if applicable).

Resolutions: Address any other matters requiring a shareholder vote, such as changes to the company’s constitution or major business decisions.

Annual Return:

What is an Annual Return: An Annual Return is a statutory filing that companies in Singapore are required to submit to the Accounting and Corporate Regulatory Authority (ACRA) once every calendar year. It contains essential information about the company’s registered office, shareholders, directors, and company secretary.

Purpose of an Annual Return: The Annual Return provides an update on the company’s particulars and ensures that ACRA has the latest information about the company’s structure and governance.

Key actions to be taken for an Annual Return:

Filing Deadline: Prepare and file the Annual Return within 30 days of the company’s AGM or within 7 months from the financial year-end, whichever is earlier.

Information to Include: Provide accurate and up-to-date information on the company’s registered office address, shareholders’ details, directors’ details, company secretary’s details, and other relevant particulars.

Filing Fee: Pay the prescribed filing fee when submitting the Annual Return to ACRA.

It’s important to comply with the statutory requirements and deadlines for holding an AGM and filing the Annual Return. Failure to comply may result in penalties or legal consequences.