Annual General Meeting Or AGM In Short
All locally-incorporated companies are required to hold their Annual General Meeting (AGM) and file their Annual Returns under S175, S197 and S201 of the Companies Act.
An AGM is a mandatory annual meeting of shareholders.
At the AGM, directors shall present a true and fair view of the company’s accounts to their shareholders.
At the AGM, your company will present its financial statements (also known as “accounts”) before the shareholders (also known as “members”) so that they can raise any queries regarding the financial position of the company.
It is the responsibility of the directors to appoint individuals with the required level of expertise for preparation of such accounts.
The appointed officer of the company e.g. director or company secretary shall file the Annual Returns online via BizFile+ using SingPass or CorpPass.
Alternatively, the company can engage the services of a registered filing agent to file the Annual Return on behalf of the company.
ACRA fines for late AGM and Annual Return :
With effect from 1st Dec 2015, ACRA will be implementing:
– A flat penalty of $300 for late filing of AR regardless of the length of default
– A composition sum of $300 for holding the AGM late
– A composition sum of $300 for laying out-of-date financial statements at the AGM
Prior to these revisions, the penalty for late filing of AR and the composition sums for each breach range from $60-$350.
Hope the above information helps business owners on this platform better understand the compliance requirement by ACRA.
Do not flout this simple regulation by ACRA for a director may face the risk of being blacklisted for or barred from future company appointments.
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