Almost all Singapore businesses have an annual meeting called an AGM. This meeting is for shareholders to learn about the company’s financial health. It will be up to shareholders to ask questions about the company’s finances when it presents its financial statements to them, and they can do that.
It’s important for shareholders to vote at an Annual General Meeting (AGM) because they can make important decisions for the company, like appointing or firing a director.
When does a company’s financial year end (FYE) happen?
An anniversary is used to figure out the company’s FYE date. The Registrar of Companies took that date into account when they put it in.
Even if a company hasn’t been told about this before, its FYE date is based on its incorporation anniversary.
- People talk about this a lot in our other post.
- Yes, an Annual General Meeting can be held online.
- It can happen.
Several AGMs have been held online instead of in person, which is against tradition. The COVID-19 virus has caused this. If you want to learn more about having an AGM in Singapore from home, check out our other post.
At an Annual General Meeting, what kinds of things are talked about?
Corporations often hire a company to help them with the paperwork they need to hold their annual general meeting. The business constitution is one of the documents that you need. People who own shares in a company are going to get a financial report at their annual general meeting. With the Company Incorporation Guide by Locals you can have the best ideas about AGM also.
At an AGM, some of the things that are talked about are:
- Incorporating bank accounts.
- It is announced that dividends are going to be paid out.
- Approval of director pay.
- Directors’ re-election and the move of the auditor
- People in Singapore need to file an annual general meeting in order to run their business.
People who are members should get a written notice at least 14 days before the AGM so that they can plan their schedules so that they can be there.
If a member has the right to nominate a proxy at an AGM, they should be told about it in a notice that includes the date, time, and place of the meeting.
Shareholders should get copies of financial statements, balance sheets and director’s reports, as well as audit reports, in this time frame.
Exemption from having to hold a meeting every year
Private companies that send their financial statements to shareholders within five months of the fiscal year end (FYE) date may be able to avoid having an AGM. Companies that don’t have to make financial statements also don’t have to hold annual general meetings.
However, there are a few rules about this:
If a member wants an AGM to be held, the corporation must be told. People who want to give a company a notice must do so at least 14 days before the company’s fiscal year-end (FYE).Directors must hold an annual meeting within six months of the end of the fiscal year, at the request of that member, if they are in charge. If the company needs to ask ACRA for permission to extend the time to hold the AGM, they can do so.If a private business sends out its financial statements, it must hold an AGM within 14 days in order to lay them on the table.