We are optimistic that this tool would be especially helpful to those who are tending to multiple companies, as this will help them maintain a good compliance record and avoid unnecessary penalties.
Singapore (PRWEB) April 11, 2013
Asiabiz Services has today launched its Annual General Meeting (AGM) Calculator service. The tool will help clients avoid unnecessary penalties and better meet regulations stipulated in the Singapore Companies Act.
The calculator allows users to determine when they should hold an AGM and file their annual returns. Commenting further, Mr. James Nuben, Head of Taxation at Asiabiz Services said, “The Asiabiz Services’ AGM Calculator is easy to use. Users need only enter either the date of incorporation or the previous AGM date, as well as their financial year end (FYE) date. The calculator will then generate when the AGM should be held as well as lodged with ACRA.”
In addition, the calculator also helps entrepreneurs find out possible late filing fees that could be incurred in the event that they have missed their AGM dates.
According to the Singapore Companies Act, entities that have opted for Singapore company registration are required to comply with three statutory requirements. They are as follows.
HOLDING THE AGM IN A TIMELY MANNER
Every company is required to hold its AGM once annually. This means that it should be held either within 15 months after the last preceding AGM or 18 months from the date of the registration of a company.
PRESENTING UP-TO-DATE FINANCIAL STATEMENTS
Directors of private limited companies are required to disclose the latest six months’ profit and loss accounts with shareholders during the AGM. Public listed companies, on the other hand, are required to present the latest four months’ profit and loss accounts.
PROMPT FILING OF ANNUAL RETURNS
The company is required to file its Annual Returns within a month from the date of the AGM.
The failure to comply with said requirement amounts to an offence and will be penalized.
Mr. Nuben added, “The AGM calculator is designed to unload directors and company secretaries from the burden of manually calculating their AGM and Annual Returns due dates. We are optimistic that this tool would be especially helpful to those who are tending to multiple companies, as this will help them maintain a good compliance record and avoid unnecessary penalties.”
To use Asiabiz Services’ AGM Calculator, please visit http://www.asiabizservices.com/tools/agm-calculator.
ABOUT ASIABIZ SERVICES
Asiabiz Services is a Singapore-based consultancy that offers business solutions for both local and foreign professionals, investors and entrepreneurs. Our areas of expertise include Singapore company registration, incorporation, offshore company setup, accounting, taxation and other related corporate services. Asiabiz Services also provides Singapore work visa and immigration services for foreign professionals wishing to relocate to Singapore.
120 Telok Ayer Street, Singapore 068589
Phone: +65 6303 4614