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Annual General Meeting (AGM) & Filing of Annual Returns

All locally incorporated companies are required to hold their Annual General Meeting (AGM) and to file their Annual Returns with ACRA, the registrar of companies in Singapore. Depending on your company structure and annual revenue, you may or may not be required to have your accounts audited.

Deadlines for Annual General Meeting (AGM)
• A company is required to hold its first AGM within 18 months of incorporation.
• Subsequent AGMs must be held every calendar year and the intervals between AGM should not be more than 15 months.

Deadlines for Annual Returns
• Filing of Annual Returns must be filed within one month after the AGM

AGM & Filing of Annual Returns Fee

Service	Fee ($)
AGM, XBRL Conversion & Filing of Annual Returns	350 per year

Please refer to the requirements to determine whether a company need to file their accounts and for those who need to, they will have to prepare the accounts in XBRL followed by submission of Annual Returns.

Audit & Filing Requirements

Filing Requirements	Definition	Solvent	Insolvent
Small EPC	Annual revenue of S$5 million or less for the financial year	need not audit accounts need not attach accounts; to complete an online declaration of solvency instead	need not audit accounts must file accounts
Normal EPC	Annual revenue of more than S$5 million for the financial year	must audit accounts need not attach accounts; to complete an online declaration of solvency instead	must audit accounts must file accounts
Dormant EPC	No accounting transactions for the financial year or have not commenced business since incorporation	need not audit accounts need not attach accounts; to complete an online declaration of solvency instead	need not audit accounts must file accounts
Private Company (Non EPC)	A company limited by shares with at most 50 shareholders	Active must audit accounts must file accounts Dormant need not audit accounts must file accounts
Public Company	A company limited by shares where the number of shareholders can be more than 50 A company limited by guarantee Listed company on SGX	must audit accounts must file accounts

*Exempt Private Companies (EPC) – a company which has not more than 20 shareholders and no corporate shareholder
*Dormant Companies – A company is considered dormant during a period in which no accounting transaction occurs.

Compilation of Financial Statement required
Company that is exempt from audit and filing requirements is still required to prepare a full set of financial statements including explanatory notes and must be accompanied by the Director’s Report and the Statement by Directors. The Directors are responsible for preparing financial statements for each financial year in accordance with the Financial Reporting Standards (FRS).

These statements must indicate a true and fair view of the company’s state and the profit and loss for that year hence, preparing the Annual Financial Statement is a tedious task which needs detailed processing of records of financial transactions. At Maven, we will ensure that the reports are in line with the international accounting standards providing additional information to enable clear understanding on the entity’s financial position and performance.