Filing Annual Returns and Holding AGM in Singapore
Filing annual returns and holding AGM in Singapore is a crucial regulatory requirement that every locally incorporated company in Singapore must fulfill. The process entails meeting specific timelines, filing financial statements with ACRA and adhering to tax filing obligations with IRAS, among others.
Holding an AGM is a key part of the annual return filing process because it provides a platform for the company to unveil its financial accounts to shareholders, giving them a chance to raise any queries or concerns they may have about the company’s health. It is also possible for companies to dispense with AGMs and pass resolutions via written means if the majority of votes cast are in favour. However, if your company does decide to hold an AGM, the date of the AGM must be declared when filing the AR online via BizFile+.
Filing Annual Returns and Holding AGM in Singapore: A Step-by-Step Guide
Similarly, companies that are not required to hold an AGM are still required to file their AR within the stipulated timeframe. For this reason, it’s important to be well-informed on the exact deadlines that apply to your particular business, so you can adhere to them without incurring any hefty penalties.
As the governing body for local incorporated companies, ACRA is in charge of ensuring that all companies adhere to the Companies Act. They do this by regulating the annual filing process and making sure that all companies submit their ARs on time. In addition, ACRA is also responsible for imposing late filing penalties, which can have serious consequences for your company.