Annual Return, Financial Statements, Audit and Annual General Meeting

Duty to lodge annual return

A company shall lodge with the Registrar an annual return for each calendar year not later than thirty days from the anniversary of its incorporation date.

The annual return of a company shall contain the following particulars:

(a) the address of its registered office;

(b) the nature of its business;

(c) the address of the places where its business is carried on including branch, if any;

(d) the address at which its register of members is kept, if not kept at the registered office;

(e) the address at which its financial records are kept, if not kept at the registered office;

(f) in the case of a company with a share capital, the summary of its shareholding strucutre, including debenture;

(g) the total amount of its indebtedness;

(h) the particulars of directors, managers, secretaries and auditors; and

(i) the list of its members.

Directors shall prepare financial statements

The directors of every company shall prepare financial statements within eighteen months from the date of its incorporation and subsequently, within six months of its financial year end.

Audit

The financial statements shall be duly audited before the financial statements are sent to every member or, in the case of a public company, sent to every member and laid before an annual general meeting.

Annual general meeting

Every public company shall hold an annual general meeting in every calendar year in addition to any other meetings held during that period. Audited financial statements and the reports of the directors and auditors will be laid.

The annual general meeting shall be held within six months of the company’s financial year end and not more than fifteen months after the last preceding annual general meeting.

A company shall not be required to hold an annual general meeting in the year of its incorporation or in the following year provided that the company hold its first annual general meeting within eighteen months of its incorporation.

If you have any enquiries or need clarification, please contact Bestar RW William.