Everything You Need to Know about AGMS, Annual General Meetings in Singapore

Annual general meeting is a compulsory yearly meeting which should be done by Singapore companies in order to update the shareholders of the company.

The company in return will present the financial statements of the company to the shareholders and they will also give the opportunity to ask any questions regarding the financial performance. They will also give the opportunity to vote along with making the important decisions of the company in terms of appointment of director along with removal of one if any.

Now it is best to learn everything you need to know about AGM in Singapore.

Annual General Meetings in Singapore

In case of public listed companies AGM should be held within 4 months after financial year and the company which is not listed will have to conduct this meeting after 6 months of financial year.

In this meeting the company will have to show about the profit and loss of the financial year during the AGM. The others matters which should be presented in AGM will cover down

• Declaration of dividend
• Approval of director’s fees
• Re- selection of directors along with appointment of auditors of the companies.

If companies want to go for AGM then they should write the details in the notice and they should be circulated before 14 days of the meetings. It will help the person in setting their time for AGM. It will also help them to pass the resolution for the same.

It is also important for the companies to ready their documents including the financial statements along with balance sheets and reports of the directors and auditors.  The same should be sent to the shareholders in the given time.

Private Companies in Holding AGM

Private companies will not have to conduct this AGM, if they have already sent their financial statements to all its members within 5 months from the financial year. Post AGM matters will cover down

• It will give information about the directors along with auditors and shareholders of the company.
•  It will also update regarding the registered charges
•  Type of company in which they are incorporated
•  The activities which should be done on priority basis
•  Company full name along with registration number
•  Format of holding an account

Thus these are the matters which need to be discussed under AGM.

Penalties for not Holding AGM

There are penalties for not holding AGM. If the companies are not holding AGM then penalties’ will be imposed by the ACRA. They have to pay the Sum of $ 300 for breaches.

Along with that companies will also have to pay late lodgement fees which should be paid at the time of lodgement. It will include 3 Tier compositions if the companies are unable to conduct AGM.

• In Stage one company will have to pay the sum of $ 300 per breach, before the summons is issued.
• When the summonses are issued then they have to pay $ 600 per breach.
• If the warrant for arrest is issued then companies will have to pay the fine of $ 900 per breach.