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26/12/2022

December is the month of love and happiness ✨💙
Grandrapid wishes everyone Merry Christmas and Happy New Year. 🌟🎉

24/12/2022

Annual General Meeting ♻

The purpose of an annual general meeting (AGM) to present the company’s financial statements (also called accounts) to its stakeholders. This allows stakeholders to ask questions about the company’s performance. As such, the AGM provides an important opportunity to address their concerns.

All companies in Singapore are required to hold AGMs. The annual return is filed in BizFile+ when the date of your company’s AGM is announced to ACRA.

Similarly, if your company is exempted from holding an AGM or has dispensed with holding an AGM, then you need to submit the details when filing your company’s annual return.

Timeline for holding AGMs ⏱

For companies with financial year ending after 31st Aug 2018-

If your company is a listed company; The AGM must be held within four months after the end of your company’s financial year and file the annual return within five months after company’s financial year ended.

If your company is not a listed company; You must hold an AGM within six months after company’s financial year ended and submit an annual return within seven months after company’s financial year ended.

Exemption from holding an AGM 🔶

With effect from 31 August 2018, private companies can be exempted from holding AGMs if they send their financial statements to their members within five months after the financial year end.

Exemption to hold AGM is as follows – 👇

-A person who wants to hold an AGM must notify the company no later than 14 days before the end of six months after the end of the financial year.

-Directors must hold an AGM within 6 months after the end of the financial year if notified by any member of the company. The company may seek the Registrar’s approval to extend the time to hold the AGM by deadline (i.e before the expiry of six months after the end of the financial year).

-Private companies must hold a general meeting to submit financial statements if requested by the member or auditor no later than 14 days after the financial statements are sent.

Privately dormant relevant companies exempted from preparing financial statements are not required to hold AGMs subject to the above safeguards. A private company is not required to hold AGMs if all the members feel not strictly needed annual general meetings.

Companies may pass written resolutions on matters to be brought before the AGM. Written resolutions may be distributed by hard copy or other visible form (such as e-mails) as agreed by the Company and Members.

Application for extension of time for holding AGM 🔻

If you wish to delay holding the AGM or file the annual return, you can apply for an extension of time (EOT) of up to 60 days. An EOT application can be made by a company officer (eg company secretary or director) or by a professional firm on your company’s behalf.

You must apply EOT before AGM/Annual return deadline.

ACRA may require up to 14 working days to process EOT application. If there are additional information required, will take a little longer.

Penalties for not holding AGM ‼❎

Directors who fail to comply with AGM requirements can be prosecuted in court and may face disqualification or debarment from being a director. Additionally, ACRA can impose composition fines on companies that do not hold the required AGMs.

Separately, a late lodgement penalty will be imposed for each annual return that is lodged late.

22/11/2022

Annual Return Submission for Singapore Companies
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Introducing the Annual Return

The Annual Return is an electronic form filed with ACRA. It includes the important elements of the company such as directors, secretaries, It includes important information about the company, such as its members and the date of the company's financial statements. Annual returns provide important information that helps a company's stakeholders make informed decisions.

Your company's appointed representative can file the annual return on ACRA's online filing portal BizFile+. Alternatively, you can engage the services of a registered agent to do this on behalf of the company.

Company Officers and Annual Return

If your company has only one director, only this director needs to sign the Annual Return and the documents submitted. If the company has more than one director. At least two directors must sign the Annual Return and the documents submitted.

How the annual return is required to be submitted to ACRA under the Company Act

All Singapore incorporated companies are required under the Company Act to submit an annual return to ACRA to ensure that company information on ACRA's registration is up to date. When the company holds its AGM, it must present the date of its annual general meeting (AGM) as well as the company's financial statements (if applicable).

Late filing of Annual Return

If your company has not filed its annual returns for more than one financial year. You need to file the overdue annual returns before you can proceed to file the annual return for the last financial year.
Action for violations in filing Annual Return
All companies are required to file their annual returns on time. Companies that file annual returns after the deadline will be subject to a late penalty of up to $600 for each late filing.

Application for extension of time for Annual Return

Companies can apply for a 60-day extension to file annual returns. As it takes up to 14 days to process the application. You are advised to submit the EOT application more than 14 days before the deadline. The application costs $200.
A company officer or a professional firm representing the company can apply for EOT.

22/11/2022

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We believe our cooperation will be forged synergies to serve you better.

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08/05/2022

31/12/2021

Happy New Year. Best Wishes