FAQ Category: Compliance

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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…
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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,…
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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…
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