Exempt private companies (EPC) are companies which have no more than 20 shareholders, and none of the shareholders are corporations. A small EPC are those that have an annual turnover of $5 million or less.
EPC does not need to file its annual financial statements as long as it is solvent.
Q3. Are private companies required to appoint a Company Secretary?
Private Companies need to appoint a company secretary.
Q4. What are the requirements relating to Meeting, Written Resolutions and AGMs?
The notice period for shareholders meetings is 14 days.
The law allows members to pass a resolution without a physical meeting provided that at least 75% of the members approve (for special resolution) or at least 51% of the members approve (for ordinary resolutions).
These written resolutions may be passed via electronic channels, e.g. email.
All companies in Singapore must hold an Annual General Meeting (AGM) every year unless they are private companies and the shareholders unanimously agree in a general meeting that an AGM is not required and agree to dispense with it. However, even without holding an AGM, matters to be decided at an AGM have to be resolved via written means.
