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Because of a lack of knowledge, people often make errors when submitting returns and other required documentation. Regardless of the size or structure of a Singapore-based company, it must adhere to specific statutory responsibilities each year.
Singapore’s legislative requirements are plain and uncomplicated. There are many deadlines, but it is easy to lose track of them while you’re busy with the company’s development. A fee or penalty might be imposed if the deadline is missed. As a result, all Singaporean company owners must be aware of their responsibilities and establish a plan to ensure that they never miss a deadline.
To meet the requirements of the Singapore Companies Registry, ACRA, an AGM must be held, and an AR (Annual Return) must be filed each year. Active and inactive Singapore businesses are required by law to file their annual financial reports (ARs).
All Singapore-registered businesses must have an AGM, or general meeting, once a year. In general, all of the company’s board of directors and stockholders attend this annual meeting. Annual General Meetings (AGM) are held to provide shareholders and other stakeholders with information on the company’s progress and financial standing and debate long-term strategic goals.
It is necessary to send out AGM notifications a minimum of 14 days before the meeting date.
AGM notifications must be written and sent to shareholders by the secretary or director.
At no point in the six months leading up to the Annual General Meeting (AGM) should the financial statements have been modified again.
The Annual General Meeting (AGM) is not held within Singapore.
As part of its statutory duties, all Singapore corporations must submit yearly reports to ACRA. In an AR, you will find the following information in the document:
However, the XBRL is not mandatory for all corporate organizations to file their financial statements. The MAS regulates several specific financial services firms, including merchant banks, licensed insurers, and commercial banks.
Exempt Companies with less than 20 shareholders but no corporate owner are considered private. Financial reporting standards apart from SFRS, IFRS, or SFRS for Small Organizations were permitted for specific firms.
Two of the following three characteristics must be met for a corporation to be considered a “small company”:
Filing annualized returns in Singapore entails drafting financial statements, organizing and convening annual general meetings, and making the correct files to ACRA and IRAS within the specified deadline.
A company’s failure to achieve any standards might result in harsh penalties. Because of this, many Singapore businesses depend on an experienced professional services provider to help them through the yearly filing process and guarantee that they are in full compliance with Singaporean laws.
Companies registered in Singapore are required by law to have annual general meetings and to file annual reports. The AGM and the resulting financial statements serve their intended function by providing shareholders with regular information on the company regarding its performance.
Assuring ACRA of the company’s compliance with the Singapore Companies Act is made possible by filing AR with ACRA. ACRA issues yearly Certificates of Compliance to companies that meet all of their annual requirements.
However, while concentrating on your company’s development, it might be challenging to keep up with all of your yearly commitments. Organizing an AGM and submitting the AR on time may be made easier with the assistance of IMC company secretary. As a result, you may put your energy towards growing your business while we take better care of the deadlines.
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