In Singapore, company secretarial compliance is crucial for businesses to maintain a good corporate reputation and avoid penalties. As a company secretary, it is essential to stay informed about the various requirements and regulations to ensure compliance. This guide aims to provide an overview of the key company secretarial information requirements in Singapore, helping businesses to stay compliant and avoid potential issues.
Company Registration and Incorporation
When incorporating a company in Singapore, it is mandatory to register with the Accounting and Corporate Regulatory Authority (ACRA) within 60 days of incorporation. The following documents must be submitted to ACRA:
- Memorandum and Articles of Association (M&A)
- Declaration of Compliance
- Notice of Registered Office
Additionally, companies must also file their annual returns and submit audited financial statements within 150 days of the financial year-end. Failure to comply with these requirements can result in penalties and fines.
Annual General Meetings (AGM) and Annual Return
Companies must hold an AGM within 18 months of incorporation and at least once every 15 months thereafter. The AGM must be held within 5 months of the financial year-end. The following documents must be prepared for the AGM:
- Annual Report
- Financial Statements
- Director’s Report
The company secretary must also file the annual return with ACRA within 30 days of the AGM. The annual return must include information such as the company’s financial year-end, number of directors, and shareholder information.
Directorship and Shareholding
Company directors must meet certain eligibility criteria, including being at least 18 years old and not being an undischarged bankrupt. Directors must also disclose their shareholdings and interests in the company, as well as any potential conflicts of interest.
Share Capital and Shareholder Information
Companies must maintain accurate records of share capital, including the number of shares, share class, and shareholdings. Shareholders must also be notified of any changes to the company’s share capital or shareholdings.
Compliance with Singapore Laws and Regulations
Companies must comply with various Singapore laws and regulations, including:
- Companies Act
- Companies (Amendment) Act
- Income Tax Act
- Goods and Services Tax Act
Failing to comply with these laws and regulations can result in severe penalties, fines, and even criminal charges.
Conclusion
Staying compliant in Singapore requires a thorough understanding of company secretarial information requirements. As a company secretary, it is essential to ensure that the company meets all regulatory requirements, including company registration, annual general meetings, and compliance with Singapore laws and regulations. By following this guide, businesses can avoid potential issues and maintain a good corporate reputation.
FAQs
Q: What is the purpose of a company secretary?
A: A company secretary is responsible for ensuring that the company complies with all regulatory requirements, including company registration, annual general meetings, and compliance with Singapore laws and regulations.
Q: What is the deadline for submitting annual returns to ACRA?
A: The deadline for submitting annual returns to ACRA is 30 days after the annual general meeting.
Q: What are the requirements for directorship in a Singapore company?
A: Directors must be at least 18 years old and not be an undischarged bankrupt. They must also disclose their shareholdings and interests in the company, as well as any potential conflicts of interest.
Q: What are the consequences of non-compliance with company secretarial requirements?
A: Non-compliance with company secretarial requirements can result in penalties, fines, and even criminal charges. It is essential to maintain accurate records and follow all regulatory requirements to avoid these consequences.
