Singapore Company Annual General Meeting and Annual Return

All locally-incorporated companies are required to hold their Annual General Meeting (AGM) and file their Annual Returns under S175, S197 and S201 of the Companies Act. At the AGM, directors shall present a true and fair view of the company’s accounts to their shareholders.

It is the responsibility of the company officer with the required level of expertise for preparation of such accounts. The appointed officer of  the company shall file the Annual Returns online. We, ERI Organization,  a professional registered filing agent, will file the Annual Return on behalf of the company. As the appointed company secretary, we will ensure that your company is to comply with the following statutory requirement:

Requirements for companies to hold AGM and file Annual Return

XBRL 

With effect from 3 March 2014, the revised XBRL filing requirements under the BizFinx system will apply where Singapore incorporated companies (unlimited or limited by shares) which are required to file their financial statements with ACRA, will be required to file a full set of financial statements in XBRL format, according to a minimum requirement list within the new ACRA Taxonomy 2013. Filing of Option B (Partial XBRL), a filing option under the previous XBRL system (FS Manager), will no longer be available.

Audit Exemption

New Audit exemption applicable from financial years commencing on or after 1 Jul 2015

To reduce the regulatory burden on small companies and move further towards a risk-based approach, a new small company concept will be introduced for exemption from statutory audit.

The audit exemption with respect to financial statements for a financial year commencing on or after 1 July 2015.

For a company which is part of a group:

(a) the company must qualify as a small company; and

(b) entire group must be a “small group”

to qualify for the audit exemption.

Types of companies exempted from audit

The following companies are exempted from audit:

1. EPC with revenue not more than S$5 million for a financial year starting before 1 Jul 2015; or 

2. EPC with revenue not more than S$2.5 million for a financial year starting on or after 15 May 2003 but before 1 Jul 2015; or 

3. Companies that meet the “small company” criteria for a financial year starting on or after 1 Jul 2015;  

4. For a company which is part of a group:  

5. company must qualify as a small company; and entire group must be a “small group”.

6. Any company, including an EPC, that is dormant for the financial year starting on or after 15 May 2003

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