Corporate Compliance – An Overview

Annual General Meeting (AGM)

Singapore companies are required to conduct an AGM once every calendar year. Key requirements of the AGM are as follows:

• The first AGM must be held within 18 months from its incorporation;
• The interval between AGMs should not be more than 15 months;
• Directors are required to present a true and fair value of the company’s accounts to the shareholders at the AGM. It is the responsibility of the Directors to appoint individuals with the necessary expertise for the preparation of such accounts.
• The filing of the Annual Returns must be within 1 month after the AGM.

A key legislative change under the Companies (Amendment) Bill 2017 include the exemption of private companies from holding AGMs if financial statements are sent to members within 5 months of the financial year end (“FYE”). However, companies must still hold an AGM or general meeting if requested by shareholders or auditors.

Filing of Financial Statements

Singapore incorporated companies are required to prepare their financial statements in accordance with Singapore Financial Reporting Standards (SFRS). Financial statements are also required to be filed with ACRA in XBRL format, except for the following: