Annual General Meeting
What Is an Annual General Meeting ("AGM")?
AGM is a yearly gathering of a company's shareholders. At an AGM, the directors present the company's financial statements (accounts) to shareholders.
When do I need to hold my company’s AGM?
Listed company must hold an AGM within four months after company’s financial year end and file the annual return within five months after company’s financial year end.
Unlisted company must hold an AGM within six months after company’s financial year end and file the annual return within seven months after company’s financial year end.
Exemptions from holding an AGM
AGM is mandatory unless one of the following conditions is applicable.
- The company is AGM-exempt as financial statements has been sent to members within five months after the financial year end and no member requested for AGM to be held.
- The company is AGM-exempt as it is a private dormant relevant company that is not required to prepare financial statements and no member requested for AGM to be held.
- A resolution to dispense with holding an AGM was passed by all members.
Can I ask for an extension to hold AGM?
If there is a need to delay holding the AGM or filing the annual return, an Extension of Time ("EOT") application can be made by a company officer (e.g. company secretary or director), or by a professional firm on behalf of the company for an extension of up to 60 days.
The application fee is $200. Kindly note that EOT application is only applicable before AGM/annual return deadline.
Penalties for not holding an AGM
Directors who fail to follow the AGM requirements can be prosecuted in court. Eventual consequences can include disqualification or debarment from being a director. In addition, ACRA can impose composition fines on companies that do not hold the required AGMs.
Separately, a late lodgement fee will be imposed for each annual return that is lodged late.
Click here for more information on offences and penalties for not holding AGM.