News

Changes in Statutory Requirements for AGM & Annual Return

The Accounting and Corporate Regulatory Authority (ACRA) has made legislative changes relating to the holding of Annual General Meetings (AGM) and filing of Annual Returns (AR), making compliance easier for Singapore-registered companies.

 

What are the Changes Made?

With effect from 31 August 2018, the following requirements for holding of AGMs and filing of ARs have been simplified, and timelines aligned to a company's Financial Year End (FYE):

(a) Listed company must hold an AGM within four (4) months after FYE and file an AR within five (5) months after FYE.

(b) Other companies must hold an AGM within six (6) months after FYE and file an AR within seven (7) months after FYE.


Additionally, ARs can only be filed:

  • After an AGM has been held;

  • After financial statements are sent if company does not need to hold AGM; or

  • After the FYE for a private dormant relevant company that is exempted from preparing financial statements.


When is Your Company's FYE?

The FYE of companies incorporated before 31 August 2018 will be deemed by law to be the date previously notified to the Registrar either via AR filings or change of FYE transaction. If prior notification is unavailable, the date of incorporation will be the company's FYE.


Can You Change Your Company's FYE?


To prevent companies from changing their FYE randomly, ACRA has put in place the following policies:


(a) Companies must notify the Registrar of their FYE upon incorporation and of any subsequent change;


(b) Unless otherwise approved by the Registrar, the duration of a company's financial year must not be longer than 18 months in the year of incorporation; and


(c) Companies must apply to the Registrar for approval to change their FYE if:

  • The change in FYE results in a financial year longer than 18 months; or

  • The FYE was changed within the last five (5) years.


Companies intending to change their FYE for the current or previous financial years may do so before 31 August 2018 by lodging a "Change of Financial Year End" transaction via BizFile+ for free. Alternatively, they may contact our consultants to do so on their behalf.


For more information, please visit ACRA's website.