Don’t Flout With The Singapore Companies’ Act On Conducting Of Annual General Meeting ( AGM ) And Filing Of Annual Returns ( AR ) to ACRA
Over and again, we hear about companies whose directors are fined by ACRA for missing AGM and AR datelines !
Let me elaborate…
* Section 175(1) of the Companies Act requires the company & its directors to hold an Annual General Meeting (AGM) every calendar year & within 15 months after the holding of the last AGM
However, the very first AGM for a company can be held within 18 months of its incorporation instead of 15 months.
* Section 201(1) of the Companies Act requires the directors of the company to lay at the AGM, accounts that are made up to a date that is not more than 6 months (if the company is not a listed company) & < 4 months (if the company is a listed company) before the date of the AGM for non-listed companies and listed companies respectively.
* Section 197(1)(b) of the Companies Act requires the company & its directors to lodge an Annual Return (AR) within 30 days after its AGM.
The AGM provides shareholders with the opportunity to question the directors on the management & financial performance of the company.
This is facilitated by requiring the directors to lay the company’s financial statements at the AGM & provide these financial statements to all shareholders not less than 14 days before the AGM.
Hope this clarifies.
If you need help, feel free to contact us at :
(M) +65 90880669
