Is there a time limit for filing of ‘Transfer of /List of holders’ with ACRA?
There is no time limit for the filing as long as it is done before filing of Annual Return.
Can my small company be exempt from audit?
An exempt private company is exempt from audit requirements if the
starting date of its financial year is between 15 May 2003 and 31 May
2004 and its turnover for that financial year does not exceed $2.5
million. For financial years starting 1 Jun 2004, the amount of the
turnover has been raised to $5 million. These companies are still
required to maintain proper accounting records.
When must my company hold its Annual General Meeting or AGM?
Every company is required to hold its first AGM within 18 months from the
date of incorporation. Subsequent meetings must be held every calendar
year. However the interval between such AGMs must NOT be more than 15
months.
What must the company do after it has held its AGM?
The company must file its Annual Return with ACRA. The Annual Return must be filed within one month after the date of the AGM.
Must my dormant company submit audited accounts?
If your company does not have any accounting transactions for that
financial year other than the exceptions set out in section 205B(3) of
the Companies Act eg. maintenance of registered office, you need not
submit audited accounts.
Do Dormant Companies need to attach the Statement by dormant companies for
audit exemption when filing Annual Returns from 1 November 2007?
With effect from 1 November 2007, we have removed the need to attach the
Statement by dormant companies for audit exemption for Exempt Private
Companies.
Must a company appoint a company secretary?
Section 171 of the Companies Act requires a company to appoint a company
secretary. The office of secretary shall not be left vacant for more
than 6 months at any one time. Examples of qualified secretaries are
lawyers, accountants and chartered secretaries.
Must a company appoint a company auditor?
Yes. However, a company which is exempted from audit requirements under the
Companies Act is exempted from the requirement to appoint an auditor of
the company.
If my company has one director and one holder left, is it compulsory to amend my M&AA?
The law does not require a company to amend its M&AA in such a case.
However, you may wish to examine if your company’s M&AA contains
any provisions that are inconsistent with having only one director and
holder. If you decide to alter your company’s M&AA, you should note
the requirements of sections 26, 26A, 33, 34 and 37 of the Companies
Act.
Under Section 201(5) of the Companies Act, the directors’ report need to be
signed by at least two directors. How do I submit the Directors’ Report
if I am the sole Director of the company?
If the company has been set up with only one director, then section 4(11)
of the Companies Act applies so that a requirement under the Act which
is imposed on 2 directors will be satisfied by the act of the single
director of the company. However, if the company has 2 directors, then
the report under section 201(5) has to be signed by 2 directors, though
in limited circumstances ACRA may, upon application by the sole
director, accept a report signed by one director (where for example the
other director cannot be found within Singapore).
