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:
|Specific companies regulated by Monetary Authority of Singapore; and
Companies allowed by law to prepare accounts in accordance with accounting standards other than SFRS, SFRS for small entities or IFRS.
|Financial statement highlights (FSH) in XBRL format and PDF copy of financial statements.|
|Solvent Exempt Private Companies (EPC)||Exempted, but encouraged to file full set of XBRL financial statements or FSH in XBRL format.
|Insolvent EPC||Full set of XBRL financial statements or FSH in XBRL format.
|Companies limited by guarantee; and
Foreign companies and their local branches
|PDF copy of financial statements.|
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