Fret Not! ACRA grants extension of time


If your Company is a non-listed company with financial year end fixed on 31 October, 30 November, 31 December, 31 January, it is that time of the year for your Company to hold its AGM and file annual return ("AR").

It is required under Companies Act in Singapore that all private companies incorporated in Singapore must hold its AGM within 6 months from its financial year end and file their AR within 7 months from its financial year end. Check out the following table for the respective due dates for holding AGM and filing AR.

Financial Year End AGM Due Date AR Due Date
31 October 2019 30 April 2020 31 May 2020
30 November 2019 31 May 2020 30 June 2020
31 December 2019 30 June 2020 31 July 2020
31 January 2020 31 July 2020 31 August 2020

60-DAY EXTENSION OF TIME GRANTED

Due to COVID-19, the authorities recognised some companies may have difficulties finalising their financial statements, possibly resulting in delays in holding their AGMs and filing their ARs.

Hence, ACRA granted a 60-day extension of time for all listed and non-listed companies whose AGMs are due during the period 16 April 2020 to 31 July 2020. If your Company was previously granted extension of time to hold their AGMs within this period, it will also be given a further 60 days of extension from the last date of extension. The AR filing due dates for the period 1 May 2020 to 31 August 2020 for all listed and non-listed companies will also be extended for 60 days.

Your Company does not need to submit an application for the extension of time with ACRA. Check out the following table for the respective new due dates for holding AGM and filing AR.

Financial Year End NEW AGM Due Date NEW AR Due Date
31 October 2019 29 June 2020 30 July 2020
30 November 2019 30 July 2020 29 August 2020
31 December 2019 29 August 2020 29 September 2020
31 January 2020 29 September 2020 30 October 2020

If your Company's AGM is due during the period between 1 to 15 April 2020, ACRA will also not impose any penalties as long as your Company holds the AGM within 60 days of the due date. Their AR filing due dates will also be extended for 60 days. There is no need for you to apply for the extension of time.

WHAT DO YOU NEED TO FILE AR?

Essentially, when you file AR for your Company, you need to take note of the following: -
  1. Hold your AGM or circulate the financial statements to all shareholders of your Company if your company does not need to hold an AGM.*
  2. Ensure that the AGM documents are signed and the Company's financial statements, if required, is signed and ready for the filing.
  3. Confirm that the company type, registered office address, the particulars of the company officers, and details of registered charges are up to date. If the information has changed or is incorrect, you must update the details.
  4. Confirm if there are any changes to your Company’s principal business activities.
  5. Verify your Company’s shares details, such as the number of shares held, issued share capital, and amount of paid up share capital.
  6. Indicate the date of AGM if it was held.This is not applicable if your Company is exempted from holding AGMs or have dispensed with holding of AGMs.

*SimpliReso has prepared most of the AGM documents required for you. All you have to do is to follow our checklist. All our checklists typically guides you on (i) what you need to check prior to preparation of documents; (ii) documents to be prepared; and (iii) the necessary follow-up actions after the documents are signed.

Check out our e-shop to see the complete list of templates when you click on the category – Annual General Meeting.

FILING CORPORATE TAX RETURNS IS A MUST

Do remember that your Company must still submit its corporate Income Tax Return (Form C-S/ Form C) to the Inland Revenue Authority of Singapore ("IRAS"), along with he required supporting documents (e.g. financial statements and tax computation). Your Company is exempted from this submission if it is dormant and has been granted a waiver from IRAS.


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