05 July 2024
Editor: ET
In Singapore, companies are required to hold an Annual General Meeting (AGM) and file their annual return within specific deadlines. However, if you need more time to meet these requirements, you can apply for an Extension of Time (EOT) of up to 60 days.
Further Reading: How to Set Financial Goals for Your Business in Singapore
This article provides a detailed guide on how to apply for an EOT, including the necessary steps and important considerations.
Why Apply for an Extension of Time (EOT)?
An EOT can be crucial for various reasons, such as needing additional time to prepare financial statements, awaiting audit completion, or addressing unforeseen circumstances that delay the AGM. Applying for an EOT ensures that your company remains compliant with Singapore regulations without rushing through important procedures.
Who Can Apply?
An EOT application can be made by:
A company officer, such as a company secretary or director.
A professional firm on behalf of the company.
Application Fee
The application fee for an EOT is SGD 200.
Step-by-Step Guide to Apply for an EOT
Step 1: Go to BizFile+
Access the BizFile+ portal, the online filing and information retrieval system provided by the Accounting and Corporate Regulatory Authority (ACRA) in Singapore.
Step 2: Select Local Company
Under the "File eServices" section, choose "Local Company."
Step 3: Select Extension of Time for AGM/Annual Return
Navigate to the "Annual Filing" section and select "Extension of Time for AGM/Annual Return."
Step 4: Provide Reasons for the Application
Detail the reasons for requesting the EOT. Listed companies must attach relevant documents, including any comments from the Singapore Exchange (SGX) on the application.
Step 5: Complete the Transaction
Verify that the transaction is complete. A confirmation email will be sent to the person making the application, confirming that the application has been successfully submitted.
When to Apply for EOT
It is important to apply for an EOT before your AGM/annual return deadline. ACRA may require up to 14 working days to process the application. If further clarifications are needed, this process could take longer. Therefore, it is advisable to submit your application and payment well in advance—preferably more than 14 days before the deadline.
Further Reading: Exemptions from Holding AGMs for Private Companies in Singapore
Applying for an EOT to hold your AGM or file your annual return can provide your company with the necessary time to ensure compliance and accuracy in your financial reporting. By following the steps outlined above, you can navigate the application process smoothly.
For professional assistance, consider reaching out to experts at Expede.com.sg, who can guide you through the process and ensure your application is handled efficiently.
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