30 August 2018
On 31 August 2018, legislative changes to the Companies Act relating to annual general meetings (“AGMs”) and annual returns (“ARs”) for Singapore-incorporated companies with financial years (“FYs”) ending on and after 31 August 2018 take effect to reduce the regulatory burden for the companies. The key changes are:
- alignment of timelines for holding AGMs and filing ARs with the financial year end (“FYE”) for listed and non-listed companies; and
- exemption of private companies from holding AGMs, subject to prescribed safeguards.
In addition, the process for solvent exempt private companies (“Solvent EPCs”) and private dormant relevant companies (“DRCs”) to file ARs has also been simplified.
In view of these changes, companies should:
- determine their FYE before 31 August 2018.
- take note of new timelines for holding AGMs and filing ARs for FY ending on and after 31 August 2018.
- determine if they may be exempted from holding an AGM for a FY ending on and after 31 August 2018.
- make use of the simplified ARs if they are Solvent EPCs and private DRCs.
The Companies (Amendment) Act 2017, which introduced wide-ranging amendments to the Companies Act, including new requirements for the alignment of timelines for holding AGMs and filing ARs with the FYE and exempting private companies from holding AGMs, was gazetted on 30 March 2017 and implemented in phases.