What are the annual regulatory compliance requirements in Singapore?
There are several government bodies that oversee annual regulatory compliance requirements. Generally, all companies would need to comply with the requirements governed by the Accounting and Corporate Regulatory Authority (“ACRA”) and Inland Revenue Authority of Singapore (“IRAS”).
Holding of AGM
Once a company is incorporated, it should hold its first Annual General Meeting (“AGM”) within 18 months from the date of its incorporation. Thereafter, a company should hold its AGM either once every calendar year, or 15 months from the date of its last AGM, whichever is earliest.
As a general rule of thumb, a company will prepare the following documentation to hold its AGM. Unless the Memorandum and Articles of Association (“M&AA”) of the company explicitly states, there is currently no restriction against holding a company’s AGM outside Singapore. This caters to the foreign investors and foreign entities that chose to incorporate companies in Singapore due to the many attractive tax benefits.
In the case where a shareholder of a company is a corporate entity, the corporate entity will be required to execute the necessary documentation to appoint a corporate representative to sign on behalf of the corporate entity.
As mentioned earlier, the approval of the company’s financial statements is one of the agendas to be approved by shareholders at a company’s AGM. In addition, the following agendas may be discussed and approved, subject to the company’s M&AA.
A professional corporate services firm will be able to assist you in preparing all of the abovementioned documentation in relation to the AGM and will also be able to advise you on any restrictions within the company’s M&AA that may affect the timeline of the entire process.
In the event that your company is unable to meet the deadline to hold its AGM, it is possible to apply for an extension of time with ACRA. Do note that there are two separate extensions to apply for, under Section 175 and Section 201 of the Companies’ Act, respectively. Depending on the circumstances, your company may only need to make an application under one Section.
Read more about the Regulatory Compliance in Singapore at Singapore Company Incorporation.
