What is an annual general meeting(AGM) and annual return (AR)? why do we need it?
The time period to file annual returns depends on whether a company is listed or non-listed. It also depends on whether a business entity is conducting all its operations from Singapore or it has a share capital or a registered branch outside Singapore.
Companies operating within Singapore completely
Listed companies – Must file annual returns within 5 months after the end of the financial year
Non-listed companies – Must file annual returns within 7 months after the end of the financial year
Companies with share capital or a registered branch in a foreign country
Listed companies – Must file annual returns within 6 months after the end of the financial year
Non-listed companies – Must file annual returns within 8 months after the end of the financial year
Other than the above factors, there are 3 important factors that dictate the time and condition of when the annual returns are required to be filed. An AR cannot be filed until any one of the 3 conditions is fulfilled.
Company can file an AR after the AGM or Annual General Meeting was held. As per Singapore Companies Act Section 197, AR must be filed within 30 days of AGM.
In case AGM is dispensed, AR can be filed after approving financial statements.
A company that is exempted from creating financial statements or has dispensed with the AGM can file for AR after the financial year ends.