The leaders of Singapore companies need to be aware that there may be penalties if they don’t schedule Annual General Meetings according to the country’s business laws. Some companies are slacking off in this important regard and these companies may need to go to court in order to prove compliance.
ACRA is a governing body in Singapore which is committed to ensuring that companies follow the rules. Since regulatory compliance rules are important, company owners and administrators need to stop cutting corners, by failing to hold these meetings. Corners are cut for various reasons, such as the desire to spend less and the desire to speed up the pace of business and decision-making
Discover AGM Basic Facts
Brushing up on Annual General Meeting rules will be the best way to ensure compliance. With this in mind, you should know that AGMs must be held within eighteen months of incorporating a company. As you can see, it’s not hard to figure out the deadline for an Annual General Meeting. Just checking out the certificate which was issued upon incorporation will reveal the incorporation date.
How to Get Ready for AGMs
If you’ve hired a corporate service provider at your company, look and see if the contract stipulates that compliance documents will be prepared ahead of an Annual General Meeting. In general, an array of documents are needed, one of which should detail the resolutions of the directors, as well as talking points for the meeting. As well, there should be a notice created which is designed to let people know that the meeting is being planned. The length of the meeting should also be noted, as well as who attended.
Rules will vary based on the types of companies. An LLC may have different AGM documentation rules than a partnership. It’s wise to hire a corporate service provider if you haven’t already. This type of professional will know all of the rules and work to guarantee compliance on the part of your company. These providers are able to create the right documents for AGMs in Singapore.
Plan Your Next AGM
If you’ve been lax about Annual General Meetings for your Singapore company, it’s time to move forward and turn things around. This means finding the right corporate service provider and letting this person prepare the right documents for your next meeting. The process of preparing for an AGM isn’t that time-consuming or difficult. However, it has to be done with a mind to compliance.
Naturally, there are other benefits to planning and holding this type of meeting. It will allow people who are involved with your company to discuss any concerns, ask questions, and gather valuable information about the direction of the company. Without this type of meeting, people may not be in the loop as they should be.
Now that you have a guide to the importance of holding a meeting, the value of planning one with the help of a corporate service provider, and the way that holding this type of meeting will help company members to share information, why not arrange an AGM today?