CSIS – Summary Guide for Extended Circuit Breaker Measures
Summary Guide (for Extended Circuit Breaker Measures): click here
CSIS – Budget 2020 Summary Guide (Unity, Resilience and Solidarity)
Summary of Schemes (Unity, Resilience and Solidarity) for Individuals and households: Click here
(V2) Summary of Schemes (Unity, Resilience and Solidarity) for Enterprises relevant to CSPs: Click here
Summary of Schemes (Fortitude) for Enterprises relevant to CSPs: Click here
1) Updates on ACRA’s Services and Support Measures for Businesses during COVID-19
(i) Extension of Filing Deadlines for Companies Holding AGMs and Filing Annual Returns (AR)
In light of the COVID-19 situation, ACRA will grant a 60-day extension of time for all listed and non-listed companies whose AGMs are due during the period 16 April 2020 to 31 July 2020. Companies that had previously been granted extension of time to hold their AGMs within this period will also be given a further 60 days of extension from the last date of extension. The AR filing due dates for the period 1 May 2020 to 31 August 2020 for all listed and non-listed companies will also be extended for 60 days. There is no need for these companies to apply for the extension of time with ACRA.
For listed and non-listed companies whose AGMs are due during the period 1 to 15 April 2020, ACRA will also not impose any penalties if they hold the AGM within 60 days of the due date. Their AR filing due dates will also be extended for 60 days. There is no need for these companies to apply for the extension of time. For more details, please visit www.acra.gov.sg/covid19
Please refer to the following link for the press release: https://csis.org.sg/wp-content/uploads/2017/08/press-release_extension-of-time-for-agm-and-ar-web.pdf.pdf.pdf.pdf
(ii) ACRA’s Services during COVID-19
With the implementation of elevated safe distancing measures for COVID-19, all customers are encouraged to access ACRA’s services via non-physical channels, via the ACRA website (www.acra.gov.sg) or use e-services at www.bizfile.gov.sg.
With effect from 7 April to 4 May 2020, customers seeking assistance at ACRA’s service counters located at Revenue House must make an appointment at least one (1) working day in advance.
2) SGX RegCo grants automatic 60-day extension for issuers to hold AGMs
Singapore Exchange Regulation (SGX RegCo), in consultation with the Accounting and Corporate Regulatory Authority (ACRA) and the Monetary Authority of Singapore (MAS), will automatically extend by 60 days the deadline for all issuers with financial year-end (FY-end) on or before 31 March 2020 to hold their annual general meetings (AGMs)[1].
Issuers must issue their annual reports to shareholders and the exchange at least 14 days before the date of the AGM, except for issuers with 31 December 2019 FY-end, which will still need to issue their annual reports by 15 April 2020[2]. Please refer to the Annex for details.
This is in light of the latest government advisories and measures amid the COVID-19 situation which could make the holding of AGMs and the performance of statutory audits for full-year financial results challenging.
ACRA has also today announced that it will grant an extension of 60 days for all companies whose AGMs are due during the period 16 April 2020 to 31 July 2020.
Issuers will need to notify SGX RegCo by email to automaticagmwaivers@sgx.com of, and announce via SGXNet, the following:
- their relevant FY-end and the indicative timeline to convene their AGM; and
- the Board of Directors’ confirmation that the time extension will not be in contravention of any laws and regulations governing the issuer and its constitution (or the equivalent in the issuer’s country of incorporation).
Issuers need not apply to ACRA (if they are Singapore-incorporated companies) or MAS (if they are listed business trusts or real estate investment trusts), and no response will be required from SGX RegCo.
SGX RegCo had on 7 and 27 February 2020 announced measures to give time extensions for issuers with 31 December FY-end to hold their AGMs by end-June 2020. Today’s announcement is in addition to those announcements except in two matters where today’s announcement supersedes the earlier ones: the time extension which is now automatic and the extended deadline for AGMs for 31 December FY-end which is now 29 June 2020.[3]
Issuers are also strongly encouraged to provide at least 21 days’ notice to shareholders on the general meetings to allow shareholders to consider the matters, to pose questions if necessary and vote via proxy. Should there be any material adjustments subsequently made by auditors resulting in material variance from the previously announced unaudited full-year results, this must also be immediately disclosed pursuant to Mainboard Rule 704(6)/Catalist Rule 704(5).
We also note that the Prime Minister and the Ministry of Health have announced on 3 April 2020 elevated safe distancing measures and the closure of workplace premises. We are assessing the impact of these “circuit breaker” measures on the holding of AGMs and intend to guide the market shortly. We urge all issuers to adhere to the latest advisories and make timely disclosures to shareholders on the business impact of these developments. Issuers are also reminded to put in place arrangements to ensure that they will be able to release announcements on SGXNet.
[1] Listing Rule 707(1) provides that an issuer must hold its annual general meeting within four months from the end of its financial year.
[2] Please refer to SGX RegCo’s 27 February 2020 regulatory announcement.
[3] Issuers with 31 December FY-end must therefore hold their AGMs by 29 June 2020 and issue their annual reports by 15 April 2020.
To view the annex please click on this link.
To view the media release please click to this link
3) #StayHealthyGoDigital
Many of our local businesses have been affected by the COVID-19 outbreak. But in the latest Resilience Budget announced by DPM Heng, the Infocomm Media Development Authority (IMDA), together with Enterprise Singapore (ESG) and the industry, is launching a number of measures and providing grant support to help firms address urgent COVID-19 challenges.
Together with ESG, IMDA will be enhancing the SMEs Go Digital programme through:
Expanding the scope of PSG-supported pre-approved solutions to include remote working and visitor management
Increasing PSG support from a maximum of 70% to 80%; and Advanced Digital Solutions where businesses can enjoy up to 80% co-funding support to adopt more advanced solutions to deepen their capabilities.
IMDA will also set aside $10 million to help businesses to build strong foundations for digitalising business processes, such as e-invoicing, in the long term.
To help businesses “Stay Healthy, Go Digital”, IMDA has also put together a resource page for businesses, with a Digital Solutions Directory on relevant solutions that help businesses implement business continuity measures. This directory is jointly curated by IMDA and SGTech, by the industry, for the industry. There are solutions with limited time offers, free solutions, and those supported by government grants. Check it out at www.imda.gov.sg/BizGoDigital
4) Non-essential services:
Owners of non-essential businesses who need to visit the business premise alone to take care of crucial tasks that cannot be done remotely or to retrieve necessary materials or documents can do so. However, this should only be done when necessary. Employees are not permitted to go to the place of business. For further guidelines for non-essential services companies, please refer to the FAQs here.
For selected functions that need to continue but cannot be performed via telecommuting due to sensitivity (e.g. payroll processing), you can apply for a time-limited exemption here to obtain permission to activate a small number of employees to work at the business premise and/or designated locations for short periods of time (i.e. less than a day). The total number of employees activated should not exceed 10, or 25% of the total number of employees in your company, whichever is lower.
