Singapore has been at the forefront of the global response to the COVID-19 pandemic, and as the country continues to reopen and recover, companies must adapt to the changing regulatory landscape. In this article, we will explore the latest updates to Singapore company secretarial requirements and provide guidance on how to stay compliant in a post-pandemic world.
As of 1 January 2022, the Singapore Companies Act has been amended to introduce new requirements for companies, including the obligation to maintain a digital register of shareholders and to file annual returns electronically. These changes aim to improve transparency and reduce the administrative burden on companies.
One of the key changes is the introduction of the “Digital Register of Shareholders” (DRS), which requires companies to maintain a digital register of shareholders. This register must be updated within 14 days of any changes to the company’s shareholding structure. The DRS will provide a centralized and easily accessible database of shareholder information, making it easier for companies to manage their shareholdings and for regulators to monitor compliance.
Another significant change is the requirement to file annual returns electronically. As of 1 January 2022, companies must file their annual returns with the Accounting and Corporate Regulatory Authority (ACRA) through the BizFile+ system. This system allows companies to submit their annual returns online, reducing the need for physical filing and increasing the speed and efficiency of the process.
In addition to these changes, companies must also ensure that they comply with the revised requirements for the appointment and resignation of directors. As of 1 January 2022, companies must file a notice of appointment or resignation of a director with ACRA within 14 days of the change. This notice must include the director’s name, address, and date of appointment or resignation.
Companies must also ensure that they comply with the revised requirements for the maintenance of company records. As of 1 January 2022, companies must maintain a register of directors, a register of shareholders, and a register of debenture holders. These registers must be kept at the company’s registered office and must be made available for inspection by the public during business hours.
Another important change is the introduction of the “Company Search” function on the ACRA website. This function allows users to search for company information, including the company’s name, registration number, and registered address. This function provides a convenient and efficient way for users to access company information and for companies to verify their own information.
To stay compliant with these new requirements, companies must ensure that they have a robust company secretarial function in place. This includes maintaining accurate and up-to-date records, filing annual returns and other documents with ACRA, and ensuring that directors and shareholders are properly appointed and notified.
In addition to these changes, companies must also be aware of the revised requirements for the appointment and resignation of auditors. As of 1 January 2022, companies must file a notice of appointment or resignation of an auditor with ACRA within 14 days of the change. This notice must include the auditor’s name, address, and date of appointment or resignation.
Companies must also ensure that they comply with the revised requirements for the maintenance of company financial records. As of 1 January 2022, companies must maintain accurate and complete financial records, including financial statements and tax returns. These records must be kept at the company’s registered office and must be made available for inspection by the public during business hours.
Finally, companies must be aware of the revised requirements for the filing of annual returns. As of 1 January 2022, companies must file their annual returns with ACRA within 30 days of the company’s financial year-end. This return must include the company’s financial statements, a director’s report, and a statement of compliance with the Companies Act.
In conclusion, the post-pandemic world brings new challenges and opportunities for companies in Singapore. To stay compliant with the latest updates to Singapore company secretarial requirements, companies must ensure that they have a robust company secretarial function in place, maintain accurate and up-to-date records, and file annual returns and other documents with ACRA in a timely and accurate manner.
FAQs:
Q: What is the Digital Register of Shareholders (DRS)?
A: The DRS is a digital register of shareholders that companies must maintain and update within 14 days of any changes to the company’s shareholding structure.
Q: How do I file my annual returns electronically?
A: Companies must file their annual returns with ACRA through the BizFile+ system. This system allows companies to submit their annual returns online, reducing the need for physical filing and increasing the speed and efficiency of the process.
Q: What are the revised requirements for the appointment and resignation of directors?
A: Companies must file a notice of appointment or resignation of a director with ACRA within 14 days of the change. This notice must include the director’s name, address, and date of appointment or resignation.
Q: What are the revised requirements for the maintenance of company records?
A: Companies must maintain a register of directors, a register of shareholders, and a register of debenture holders. These registers must be kept at the company’s registered office and must be made available for inspection by the public during business hours.
Q: How do I access company information on the ACRA website?
A: The ACRA website provides a “Company Search” function that allows users to search for company information, including the company’s name, registration number, and registered address.
Q: What are the revised requirements for the appointment and resignation of auditors?
A: Companies must file a notice of appointment or resignation of an auditor with ACRA within 14 days of the change. This notice must include the auditor’s name, address, and date of appointment or resignation.
Q: What are the revised requirements for the maintenance of company financial records?
A: Companies must maintain accurate and complete financial records, including financial statements and tax returns. These records must be kept at the company’s registered office and must be made available for inspection by the public during business hours.
Q: How do I file my annual returns?
A: Companies must file their annual returns with ACRA within 30 days of the company’s financial year-end. This return must include the company’s financial statements, a director’s report, and a statement of compliance with the Companies Act.
