Under sections 175, 195, and 201 of the Companies Act, all Singapore incorporated companies are required to file Annual Returns and hold Annual General Meetings (AGM). At the AGM, company directors are expected to share their fair and unbiased views regarding the company’s accounts.
In accordance with Section 175, a company must organize its first AGM no later than 18 months after company incorporation. Subsequent AGMs should be held once every fiscal year after that. The interval between two AGM cannot be over 15 months. Furthermore, Section 197 stated that a company must file its Annual Returns within a month after the Annual General Meeting. Preparation of such accounts are normally the responsibility of the company secretary.
The appointed officer can easily file the Annual Returns of a company online using BizFile+. The appointed officer can either be the company secretary or director. There is also the option to enlist a registered filing agent to help file Annual Returns. Timcole is one of the qualifying registered company in Singapore that can assist you in the filing of Annual Returns. Learn more about Timcole’s corporate secretarial services.
What Companies are Required to file Annual Returns?
ACRA requires the following companies to file Annual Returns:
- Small Exempt Private Company (EPC)
- Normal Exempt Private Company
- Dormant Exempt Private Company
- Non-EPC Private Company
- Public Company
An Exempt Private Company is a private company with a maximum of 20 shareholders. No organization can directly or indirectly have any interest in an EPC’s shares
How to file Annual Returns Online?
All EPCs, private and public companies, are required to file Annual Returns through BizFile+.
If ACRA grants approval, companies can file their Annual Returns without holding Annual General Meeting.
Below are steps to follow for Annual Returns filing without holding AGM:
- Visit BizFile+ website
- Choose “Explore eServices”, and then select “Local Company”
- Under the “Annual Return” section, choose “Application for filing Annual Return with One Director’s Signature and/or no AGM held”
- Input the company UEN and then choose the appropriate options
- Fill the next few pages with the lodger’s particulars and the company’s future plan
- Select the shareholders who are unable to attend the AGM
- Complete the transaction by paying an application fee.
If you did not obtain approval to skip AGM, you must proceed to hold one. Otherwise, you may have to pay a penalty for late lodgment as determined in the Companies Act. A summons may also be issued against the director of the company for not holding an AGM and filing Annual Returns based on the law. Read more on the penalties of failing to hold AGM or file Annual Returns.
How Timcole can Help You
You can choose a reliable service provider for your company secretarial tasks. Timcole is a reputable corporate secretarial and accounting firm in Singapore.
Learn more about our secretarial services:
You can also depend on Timcole for your company bookkeeping and annual tax returns submission. Our tax professionals can assist you with proper tax computation and planning, and also help devise effective tax strategies. Contact us to discuss and learn on how you can benefit from Timcole’s tax services.