Yes. For a guarantee company, its annual return will no longer be filed with reference to the date of Annual General Meeting (“AGM”) as an AGM may be dispensed with under section 612 of the new CO.
Pursuant to sections 662(3) and (4)(b) of the new CO, the annual return of a guarantee company is required to be filed (together with certified true copies of the relevant financial statements, directors’ report and auditor’s report) within 42 days after the company’s return date, i.e. 9 months after the end of the company’s accounting reference period. The accounting reference period is the period by reference to which the company’s annual financial statements are to be prepared. For example, if a company prepares its financial statements up to 31 December every year, the accounting reference period is from the 1 January of a year to 31 December of the same year.
The requirement is to deliver the annual return in respect of every financial year of the company instead of in each calendar year.