An AGM is a mandatory annual meeting of shareholders. At the AGM, a company will present its financial statements (also known as “accounts”) before the shareholders (also known as members) so that they can raise any queries regarding the financial position of the company.
Under the Companies Act, Cap. 50, a private company is required to hold its first AGM within 18 months of its incorporation, and in any event no later than 6 months from the close of the company’s financial year, whichever is the earlier date. Subsequent AGM has to be held once in every calendar year and not more than 15 months after the holding of the last preceding AGM.
Once the AGM is held, the company has to file the Annual Return with ACRA within one month from the date of holding its AGM.
Depending on the type or status of each company, some companies are required to file audited/unaudited financial statements in full XBRL format (“XBRL accounts”) when they lodge the Annual Return with ACRA.