DISPENSATION WITH HOLDING OF ANNUAL GENERAL MEETING
BACKGROUND
An Annual General Meeting (AGM) is a mandatory meeting held by all Singapore registered Pte Ltd Company .
During the meeting, financial statement will be present to Company’s shareholder and all shareholder given opportunity to raise question on the Company performance .
Please click here for FAQ about AGM
Please click here What if you late for AGM
RECENT CHANGE 1 : TIMELIME TO HOLD AGM
| BEFORE YEAR ENDED 31 AUGUST 2018 | AFTER YEAR ENDED 31 AUGUST 2018 |
| S175 :
Hold 1st AGM within 18 months of incorporation and subsequent AGM yearly at intervals of not more than 15 months |
Hold AGM within 6 months from the financial year end |
| S201 :
Financial Statements tabled at AGM must be made up to date within 6 months before the AGM date |
Sample Case :
Company with latest year end is 31 December 2018 ( S201)
Company with last AGM date is 15 January 2018 (S175)
Existing Law :New Due date is 15 April 2019
New Law : New Due date is 30 June 2019
RECENT CHANGE 2 : DISPENSATION OF AGM
With effect from financial year ended 31 August 2018, company is given option with dispensation of AGM .
WHERE IS THE SAFE GUIDELINE FOR SHAREHOLDER ?
- all company shareholder agreed to dispense AGM via Extraordinary General Meeting (EGM)
- financial statement will be send to shareholder within 5 months after the financial year end
- shareholder’s right to request hold AGM 14 days before the last day of 6th months
- shareholder’s right to request hold AGM 14 days after the financial statement are sent out
WHY CHANGES ?
To reduce the regulatory cost .
WHAT YOU NEED TO DO ?
If all shareholder agreed to dispense off AGM , please prepare EGM and signed by ALL shareholder :
S175A.
(1) A company need not hold an annual general meeting for a financial year —
(a) If it is a private company in respect of which there is in force a resolution passed in accordance with subsection (2) to dispense with the holding of annual general meetings
(2) Notwithstanding any other provision of this Act, a resolution referred to in subsection (1)(a) shall only be treated as passed at a general meeting if it has been passed by all of such members as, being entitled to do so, vote in person or, where proxies are allowed, by proxy present at the meeting.
ADDITIONAL NOTE
Please click here for the ACRA Press release on those company who breach S175 and S201