Do you know the requirements of annual return filing with ACRA?
Under Section 175, Section 197 and Section 201 of the Companies Act, all locally incorporated companies must hold their Annual General Meeting (AGM) and file their annual returns.
At the AGM, directors should present a true and fair view of its company’s accounts to their shareholders.
When you need to hold an AGM and file your annual returns?
Under Section 175 of the Companies Act:
A company must hold its first AGM within 18 months from its date of incorporation. Subsequently, AGMs is to be held every calendar year. In relation to the interval between AGMs, it should not be more than 15 months.
Under Section 197 of the Companies Act:
Annual returns must be filed with ACRA within one month from its AGM.
Under Section 201 of the Companies Act:
If you are a company not listed or quoted on a securities exchange in Singapore, your set of accounts presented at the AGM must be made up to a date not more than 6 months before the AGM.
Annual Return Filing Responsibilities:
The company’s director(s) and the secretary are responsible for ensuring that the Annual Return is filed on time.
At the Annual General Meeting, the directors are responsible to submit the company’s financial reports to their shareholders for approval.The directors are responsible to appoint individuals with the required knowledge and experience to prepare their company’s financial reports.
What would happen if you are not able to meet the annual returns filing or AGM deadline?
Your company can request for an extension of time to file the annual return or hold your AGM.
This is done through an application. Upon approval of your application, your company must file the annual return within one month from your new AGM date.
However, if your company fails to hold your AGM or file the annual return, fines and penalties will be imposed. On top of that, summon may be issued against the company director for not complying with the rules and regulations that was laid down by the Singapore law.
If you looking for professionals to help you stay compliant in this area of annual return filing and the AGM, do visit J Accounting Services. You will be glad to know that there are annual returns filing services conducted by certified corporate secretary in a professional firm.
What would You Receive when You Engage our Annual Return Filing Package?