What is the penalty for late AGM?

Upon request, the company will give a copy of the minutes of the AGM to the member within seven days of request. If the minutes are not given by seven days of the request, the company shall be liable to a penalty of Rs. 25,000 and every officer of the company who is in default shall be liable to a penalty of Rs. 5,000.

What happens if annual return is late?

Failure to File on time: Failure to file an annual return on time can have several consequences including the imposition of the late filing fee, prosecution of the company and/or its directors, the loss of the audit exemption or the possible involuntary strike-off and dissolution of the company.

Can a director withdraw money from company account Singapore?

Generally, it is not permitted for a director to take a loan from the company. However, it is possible to do so if you follow the rules in place to ensure proper corporate governance.

Can a company suspend a director?

By Companies Act 2006, sec168, any company director can be removed from office by an ordinary resolution of the shareholders. removing a director who is also a shareholder in the company may amount to unfairly prejudicial conduct giving the removed director grounds for legal redress.

Can AGM be adjourned beyond due date?

(1) 15 months from date of the last AGM (2) the last day of the calendar year (3) 6 months from the close of the financial year. An AGM can be adjourned but such adjourned AGM should also be held within the latest day on which meeting should have been held.

Can AGM be held without accounts?

You could hold the annual general meeting without laying the accounts, then lay the accounts later at a general meeting. Accounts are normally laid at an AGM (if they are laid), but subject to anything to the contrary in the articles it is permitted to lay them at a general meeting.

Can I file my own annual return?

By far the easiest way to submit your Annual Return is online through the Companies House WebFiling system. It is pretty straightforward so you can file it yourself, or your accountant may well offer to do this on your behalf.

When must annual returns be filed?

Annual Return Filing Period and Fee Structure Companies are required to file annual returns within 30 business days after the anniversary date of its incorporation. Close corporations are required to file annual returns within the anniversary month of its incorporation up until the month thereafter.

Can a director pay himself a salary?

The short answer is that there’s no fixed amount. As a rule of thumb, however, paying yourself a low salary topped up with dividends is the most tax-efficient way to make money.

Do I have to pay myself a salary as a director?

As a limited company director, you will usually pay yourself a small salary, and draw down most of your income as dividends.

Who can dismiss a director?

Shareholders
Shareholders who command a majority (51%) of the company’s shares can remove a director by passing an ordinary resolution after giving special notice of a general meeting.