ACRA simplifies AGM and Annual Returns filing deadlines
The Singapore government is taking several efforts to ensure that doing business in Singapore is competitive, easy and friendly. One of these recent efforts is a legislative change to the Companies Act that modifies the timelines for conducting Annual General Meetings (AGMs) and filing Annual Returns (AR). These changes that came into effect on 31 August 2018 are expected to reduce the regulatory burden of companies. In addition, the Annual Returns filing process for solvent EPCs and Dormant Private Companies have been simplified. However, these legislative changes will apply only for financial year ending on or after 31 August 2018.
The new timelines for AGM and ARs is aligned with the financial year end (FYE) of the company and will ease the process of identifying compliance deadlines.
Here is snapshot of the new timelines.
|FYE before 31 Aug 2018||FYE on or after 31 Aug 2018|
|AGM||First AGM||Within 18 months of incorporation||AGM within 4 months after FYE|
|Subsequent AGM||Annually at not more than 15 months interval||AGM within 6 months after FYE|
|Financial statements||Listed companies||Made upto not more than 4 months before AGM date||Statements made upto FYE and hold AGM based on FYE|
|Other companies||Made upto not more than 6 months before AGM date||Statements made upto FYE and hold AGM based on FYE|
|Annual returns||Having a share capital and keeping a branch register outside Singapore|
|Listed companies||Within 60 days after AGM||Within 6 months after FYE|
|Other companies||Within 60 days after AGM||Within 8 months after FYE|
|For companies not having a share capital and keeping a branch register outside Singapore:|
|Listed companies||Within 30 days after AGM||Within 5 months after FYE|
|Other companies||Within 30 days after AGM||Within 7 months after FYE|
The amendment also requires that Annual return be filed
- Only after an AGM has been held
- If no AGM is required to be held, only after financial statements have been filed
- Only after FYE for a private dormant relevant company that is exempt from preparing financial statements
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