Common offences for variable capital companies (VCCs)

Not holding annual general meetings (AGMs) on time

Unless exempted, you must hold an AGM within six months after your financial year ends (FYE).

More details: Penalties for not holding a VCC AGM, section 77, section 78

Not filing annual returns on time

You must file your annual returns:

• After its AGM each year

• Within seven months after its FYE

Read more: Penalties for late annual return filing, section 97

Not reporting changes to key officers

You must notify ACRA within 14 days of any changes to your:

• Director

• Manager

• Secretary

• Auditor

Penalty: Fine up to $5,000 plus default penalty. This applies to both the VCC and each officer in default.

More details: Section 72, section 173A of the Companies Act

Not maintaining a registered office

You must have a registered office in Singapore from incorporation that:

• Must be open for at least three hours during normal office hours each day (excluding Saturdays, Sundays, and public holidays).

• Must be accessible to the public during these hours.

• Must be able to receive communications and notices.

Penalty: Fine up to $5,000 plus default penalty. This applies to both the VCC and each officer in default.

More details: Section 45, section 142 and section 143 of the Companies Act

Not reporting changes to a registered office

You must notify ACRA within 14 days of any changes to:

• Registered office address

• Office hours

Penalty: Fine up to $5,000 plus default penalty. This applies to both the VCC and each officer in default.

More details: Section 45