Companies are required to carry out the following compliance requirements under the Companies Act on an annual basis, failure of which, may become liable to penalties.
Annual General Meeting (AGM)
An AGM of shareholders must be held annually either via online or in-person attendance.
Directors Report
A Directors Report prepared by the board of directors must be filed with the Registrar of Companies within 15 days of holding a company’s AGM or within a period prescribed by the Registrar.
Annual Accounts
The annual accounts of the company must be filed with the Registrar of Companies within 15 days of holding a company’s AGM or within a period prescribed by the Registrar.
Audit
Companies meeting the criteria determined by the Registrar of Companies must prepare an annual audit report by a licensed external auditor and present it at the AGM.
Board Meetings
At least 4 board meetings must be held annually. Board meetings can be convened online or by using electronic means in accordance with the company’s Articles of Association.