Is your Company ready to hold its AGM?


Point to note: There had been some changes in the Companies Act in recent years. In this blog post, we focus on holding annual general meetings (“AGMs“) with respect to financial year ended on or after 31 August 2018.

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. This means that if your Company’s financial year end is fixed as 31 December, your Company should hold its AGM by 30 June every year.

CAN YOU NOT HOLD AGM?

You can, but let’s not go there. Why dispense with AGM if you are serious about your business and keeping shareholders informed about the financial performance of your Company? Sure we can tell you the provisions in the Companies Act on the exemptions and dispensation of AGMs. But trust me, it will be easier to convene an AGM, even if it is a paper AGM.

WHAT IF YOUR COMPANY CANNOT MEET THE PRESCRIBED DEADLINE?

The good news is that ACRA may grant an extension of time, upon application by your Company through Bizfile. Assuming your Company’s financial year end is 31 December 2018, and it is unable to hold an AGM by the prescribed deadline of 30 June 2019, your Company will need to apply for an extension of time under Section 175 of the Companies Act before the due date for holding AGM.

Do note that you can only apply for extension of time once and for a maximum period of 2 months. The fee for application is S$200.

At this time, we just want to highlight that all private companies incorporated in Singapore must file its annual return within 7 months from its financial year end and a separate extension of time under Section 197 of the Companies Act is available if your Company is unable to meet this prescribed deadline. This would incur a separate fee application of S$200.

WHAT DOCUMENTS DO YOU NEED TO PREPARE FOR AGM?

Not sure what you need to prepare in order to convene an AGM? That’s where SimpliReso comes in.

We have prepared most of the documents required for you. All you have to do is to follow our checklist and fill in the blanks. 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. Here is a peek at how our checklist can help you.

Our checklist sets out a few guiding questions to help you assess if you have the necessary information before guiding you to select the right set of documents as shown above.

We tell you what are the required documents to be prepared. And of course, we have the template documents ready for your use.

We also set out the typical provisions in the Constitution on retirement and re-election of directors and even provide a rotation table in the checklist for your use.

VISIT OUR E-SHOP TO FIND OUT MORE

There you go! Together with our template resolutions and forms, you are all set to go. Check out our e-shop to see the complete list of templates when you click on the category – Annual General Meeting.


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