UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549



Form 20-F/A



Amendment No. 1



(Mark One)

☐ REGISTRATION STATEMENT PURSUANT TO SECTION
12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934



OR



☒ ANNUAL REPORT PURSUANT TO SECTION 13
OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934



For the fiscal year ended December 31, 2021



OR



☐ TRANSITION REPORT PURSUANT TO SECTION
13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934



For the transition period from ___________
to ___________



OR



☐ SHELL COMPANY REPORT PURSUANT TO SECTION
13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934



Date of event requiring this shell company report
_________________________

Commission file number: 001-40848



GUARDFORCE AI CO., LIMITED

(Exact Name of Registrant as Specified in Its Charter)



Not Applicable

(Translation of Registrant’s Name Into English)



Cayman Islands

(Jurisdiction of Incorporation or Organization)



10 Anson Road, #28-01 International Plaza, Singapore
079903

Tel: +65 6702 1179

(Address of Principal Executive Offices)



Lei Wang, CEO

+65 6702 1179

olivia.wang@guardforceai.com

10 Anson Road, #28-01 International Plaza, Singapore
079903

(Name, Telephone, E-mail and/or Facsimile number
and Address of Company Contact Person)



Securities registered or to be registered pursuant to Section 12(b)
of the Act:



|Title of Each Class                             |  | Trading Symbol(s) |  | Name of Each Exchange On
Which Registered
|----------------------------------------------- |  | ----------------- |  | -----------------------------------------
|Ordinary Shares,
    par value $0.003 per share |  | GFAI              |  | The Nasdaq Stock Market LLC              
|Warrants,
    No par value                      |  | GFAIW             |  | The Nasdaq Stock Market LLC              



Securities registered or to be registered pursuant to Section 12(g)
of the Act.



None

(Title of Class)



Securities for which there is a reporting obligation pursuant to Section
15(d) of the Act.



None

(Title of Class)



Indicate the number of outstanding shares of each
of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report (December 31, 2021):
There were 21,201,842 shares of the registrant’s ordinary shares outstanding, par value $0.003 per share.











Indicate by check mark if the registrant is a
well-known seasoned issuer, as defined in Rule 405 of the Securities Act.



Yes ☐ No ☒



If this report is an annual or transition report,
indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act
of 1934.



Yes ☐ No ☒



Indicate by check mark whether the registrant
(1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months
(or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements
for the past 90 days.



Yes ☒ No ☐



Indicate by check mark whether the registrant
has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding
12 months (or for such shorter period that the registrant was required to submit such files).



Yes ☒ No ☐



Indicate by check mark whether the registrant is a large accelerated
filer, an accelerated filer, or a non-accelerated filer.



|Large Accelerated Filer  ☐ | Accelerated Filer  ☐ | Non-Accelerated Filer  ☒ | Emerging growth company  ☒
|-------------------------- | -------------------- | ------------------------ | --------------------------



If an emerging growth company that prepares its
financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition
period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐



Indicate by check mark whether the registrant
has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial
reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or
issued its audit report. ☐



Indicate by check mark which basis of accounting
the registrant has used to prepare the financial statements included in this filing:



|U.S. GAAP ☐ |  | International Financial Reporting ☒      |  | Other ☐
|----------- |  | ---------------------------------------- |  | -------
|            |  | Standards as issued by the International |  |        
|            |  | Accounting Standards Board               |  |        



If “Other” has been checked in response
to the previous question, indicate by check mark which financial statement item the registrant has elected to follow.

☐ Item 17 ☐ Item 18



If this is an annual report, indicate by check
mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).



Yes ☐ No ☒


















TABLE OF CONTENTS



|                              | Page
|----------------------------- | ----
|EXPLANATORY NOTE              | 1   
|PART II                       |     
|Item 16G Corporate Governance | 1   
|PART III                      |     
|Item 19 Exhibits              | 2   
|SIGNATURES                    | 3   



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EXPLANATORY NOTE



This Amendment No. 1 on Form 20-F/A (this “Amendment”)
amends the Annual Report on Form 20-F of Guardforce AI Co., Limited (the “Company”) for the year ended December 31, 2021,
which was filed with the Securities and Exchange Commission on March 31, 2022 (the “Original Filing”).



The Company is filing this Amendment solely for
the purpose of updating the disclosure in Item 16G of Part II of the Original Filing. In accordance with Rule 12b-15 promulgated under
the Securities Exchange Act of 1934, as amended (the “Exchange Act”), Item 16G of Part II of the Original Filing is hereby
amended and restated in its entirety. In addition, pursuant to Rule 12b-15 under the Exchange Act, the Company is including new certifications
by the Company’s principal executive officer and principal financial officer as exhibits to this Amendment pursuant to Rule 13a-14(a)
of the Exchange Act and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350).



Except as described above or as otherwise expressly
provided by the terms of this Amendment, no other changes have been made to the Original Filing. Except as otherwise indicated herein,
this Amendment continues to speak as of the date of the Original Filing, and the Company has not updated the disclosures contained therein
to reflect any events that occurred subsequent to the date of the Original Filing.



ITEM 16G. CORPORATE GOVERNANCE



We are incorporated in the Cayman Islands and
our corporate governance practices are governed by applicable laws of the Cayman Islands and our memorandum and articles of association.
In addition, because our ordinary shares and warrants are listed on the Nasdaq Stock Market, or Nasdaq, we are subject to Nasdaq’s
corporate governance requirements.



For the fiscal year ended December 31, 2021, we
were a “controlled company” within the meaning of the Nasdaq Listing Rules, where more than 50% of the voting power of our
securities for the election of directors was held by an individual, group or another company and, as a result, qualified for and relied
on exemptions from certain Nasdaq corporate governance requirements, including, without limitation (i) the requirement that to hold an
annual meeting of shareholders no later than one year after the end of its fiscal year; (ii) the requirement that the compensation of
our officers be determined or recommended to our board of directors by a compensation committee that is comprised solely of independent
directors, and (iii) the requirement that director nominees be selected or recommended to the board of directors by a majority of independent
directors or a nominating and corporate governance committee comprised solely of independent directors. Since we relied on the “controlled
company” exemption, we were not required to have either a compensation committee or a nominating and corporate governance committee
composed solely of independent directors.



On January 20, 2022, we ceased to be a “controlled
company” under the rules of Nasdaq. However, as a foreign private issuer, Nasdaq Listing Rule 5615(a)(3) permits us to follow home
country practices in lieu of certain requirements of Listing Rule 5600, provided that we disclose in our annual report filed with the
SEC each requirement of Rule 5600 that we do not follow and describe the home country practice followed in lieu of such requirement.



We are currently following some Cayman Islands
corporate governance practices in lieu of Nasdaq corporate governance listing standards as follows:



| | ● | We
                                            are currently following Cayman Islands corporate governance practice in lieu of Nasdaq
                                            Rule 5605(d)(2), which requires a compensation committee to compose entirely of independent
                                            directors. Mr. Terence Wing Khai Yap, our Chairman and Ms. Lei Wang, our Executive Director,
                                            serve as non-independent directors in the compensation committee.
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | ● | We
                                            are currently following Cayman Islands corporate governance practice in lieu of Nasdaq
                                            Rule 5605(e)(1)(B), which requires a nominating and corporate governance committee to compose
                                            entirely of independent directors. Mr. Terence Wing Khai Yap, our Chairman and Ms. Lei Wang,
                                            our Executive Director, serve as non-independent directors in our nominating and corporate
                                            governance committee.
| | - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





1







| | ● | We
                                            are currently following Cayman Islands corporate governance practice in lieu of Nasdaq
                                            Rule 5635(a), which requires shareholder approval prior to the issuance of securities in
                                            connection with the acquisition of the stock or assets of another company in certain circumstances.
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | ● | We
                                            are currently following Cayman Islands corporate governance practice in lieu of Nasdaq
                                            Rule 5635(c), which requires shareholder approval for the establishment of or any material
                                            amendments to equity compensation or purchase plans or other equity compensation arrangements.
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | ● | We
                                            are currently following Cayman Islands corporate governance practice in lieu of Nasdaq
                                            Rule 5635(d), which requires shareholder approval in order to enter into any transaction,
                                            other than a public offering, involving the sale, issuance or potential issuance by the Company
                                            of ordinary shares (or securities convertible into or exercisable for ordinary shares) equal
                                            to 20% or more of the outstanding share capital of the Company or 20% or more of the voting
                                            power outstanding before the issuance for less than the greater of book or market value of
                                            the ordinary shares.
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Our Cayman Islands counsel has provided
relevant letters to Nasdaq certifying that under Cayman Islands law, we are not required to seek shareholders’ approval in the above
circumstances.



ITEM 19. EXHIBITS



|Exhibit
    No. |  | Description                                                                                        
|--------------- |  | ---------------------------------------------------------------------------------------------------
|12.1*           |  | Certifications of Chief Executive Officer Pursuant to Rule 13a-14(a) or Rule 15d-1(a)              
|12.2*           |  | Certifications of Chief Financial Officer Pursuant to Rule 13a-14(a) or Rule 15d-1(a)              
|13.1**          |  | Certifications of Chief Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|13.2**          |  | Certifications of Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002



| | *  | Filed herewith.    
| | -- | -------------------
| | ** | Furnished herewith.



2







SIGNATURES



The registrant hereby certifies that it meets
all of the requirements for filing on Form 20-F and that it has duly caused and authorized the undersigned to sign this Amendment No.
1 to the annual report on its behalf.



| | GUARDFORCE AI CO., LIMITED
| | --------------------------
| |                           
| | By:                       
| | Name:                     
| | Title:                    



Date: April 14, 2022





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