As per the ACRA requirements for companies in Singapore, an Annual General Meeting (AGM) must be held once every calendar year.
Section 175: Extension to hold AGM
As per the ACRA requirements for companies in Singapore, an Annual General Meeting (AGM) must be held once every calendar year.
However under Section 175, an application is available to apply for an extension.
If a company in Singapore is unable to abide by the regulation within a specific timeframe, there is an exception under Section 175 for an Extension of Time (EOT) that can be submitted:
The majority of applications will be approved within 2 weeks. However there could be instances where explanations are necessary and approval can take up to 1 month. Generally, the extension will be for no longer than 60 days at any time.
Section 201: Applying for Extension of time for laying of accounts
Every company must lay accounts to ACRA within 4 months (public companies) or 6 months (private companies) from its financial year end.
If your company is unable to adhere to the timeline as specified under Section 201, your company should ensure to file an application for an Extension of Time before the timeline expires or reaches its due date. As Singapore law holds, a company is required to hold its Annual General Meeting on time, ACRA will generally not grant more than 60 days of extension.
Some companies in Singapore may apply for extension as a result of an unforeseen change in the fiscal year end. Please note that all Singapore companies are required to file a “Notification for Change of Financial Year” before lodging the application of extension. Also, it is best to check if an extension has to be applied for under Section 175.
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