The Annual Return Filing (AR Filing) is done when the company has completed its Annual General Meeting (AGM). Here at Raffles Corporate Services, we will remind our corporate clients that the AGM needs to be held.

There are generally three ways to hold the AGM. Physically, virtually or in writing.

A physically held AGM would mean that all the shareholders would meet at a stated time, date and venue. The directors are supposed to send out the company’s financial statements ahead of the AGM for the shareholders to peruse. At the AGM, the shareholders can question the directors on the financial statements. A resolution on all agreed matters would be drafted. Typically, the shareholders approving the financial statements and electing the directors (new or existing) to the board.

A virtual AGM is one where the venue is online. There would still be a stated time and date but the shareholders would meet online. Most commonly, on Zoom. Similarly, the directors are supposed to send out the company’s financial statements ahead of the AGM to the shareholders who can question the financial statements. Similar resolutions would be drafted.

An in writing AGM means that the shareholders do not meet at a set date and time. The relevant resolutions are circulated to the shareholders and the shareholders would sign on the circulated resolutions. The resolutions would typically state things like the shareholders approve the financial statements and the election of directors to the board.

So once the AGM is done, the company will need to file their AR with ACRA. At this point in time, if the company is an exempt private company, the uploading of financial statements (FS) is not compulsory. Many exempt private companies still choose to upload their FS

The usual question that individuals with exempt private companies will ask us is “do we need to prepare a set of unaudited financial statements (FS)?”

The answer is yes. Even though ACRA does not require you to upload the document.

There are some of our clients who requested that Raffles Corporate Services do not upload the FS. They may also inform us that they will prepare the FS on their end and they do not intent to pass it to us as they will keep it on their end. This despite the fact that the company’s file is located with us and such documents should be in the company’s file which contains all the statutory records.

Moving forward, Raffles Corporate Services will include the Annual Return Filing fees in our annual corporate packages.

Our annual corporate package is priced at $550 (as of 6th January 2025)

The annual return filing fee (payable to ACRA) is $60

We will combine the both and charge a flat fee of $600. This is so that we do not have to collect the $60 filing fee whenever it is due.

Raffles Corporate Services will file the AR once the resolutions to be signed at the AGM are completed. Our main focus will be to adhere to the AR Filing deadlines of the company. Do note that the shareholders would have stated in the resolution that they have approved the FS for the relevant financial period.

If you have any queries regarding the filing of AR, the AGM process or our pricing at Raffles Corporate Services you may contact the Raffles Corporate Services team at [email protected].

 

Yours sincerely,
The editorial team at Raffles Corporate Services