Under the Companies Act (CA), you and your company have statutory obligations to:
(a) hold Annual General Meeting (AGM) within 18 months after incorporation. Subsequently, AGMs can be held every calendar year at interval no longer than 15 months. – section 175
(b) file up to date Annual Returns (AR) with the Registrar within one month after the AGM. – section 197
(c) present up to date financial statements at the AGM and the information should date no more than 6 months before the AGM. – Section 201
Penalty Table
OFFENCE |
AMOUNT PAYABLE |
Failure to hold AGM on time – section 175 |
Composition Sum of S$300 |
Failure to file AR(s) within one month of AGM – section 197 |
Penalty Fee of S$300 |
Accounts presented at AGM dated more than 6 months before AGM – section 201 |
Composition Sum of S$300 |
File Early, Avoid Penalty
To avoid from ACRA taking enforcement actions against you or your company, there are three options and you only require to undertake one.
Option 1: Address the breaches – hold your AGM(s), present the latest financial statements at the AGM and file up to date AR(s)
Option 2: Apply to strike off your company with ACRA – if it is no longer carrying out business operations
Option 3: Register and attend the Directors Compliance Program (DCP) which only costs S$250
To find out more about the three options, get in touch with our consultants and they will tell you more. Click here to contact us today!
Preventive Measures
Remember the following pointers and you will generally be safe.
- Hold your AGM at least once a year
- Get your accounts prepared on time (this is often the main reason why AGMs cannot he held)
- AGM cannot be held more than 6 months from the Financial Year End (FYE), as you are required to present the latest financial statements during the AGM
Have you filed your Annual Returns with ACRA yet? Check for the deadlines of your company annual return filing. If you are lost at this stage, engage us to help you on these corporate secretarial matters.