Compliance With Statutory Requirements
Directors are held responsible for maintaining proper statutory records as required by the Companies Acts. It is the company’s responsibility to update the Registrar of the changes in its registered particulars.
The following are the changes which are commonly filed via BizFile:
(1) Change of company name
(2) Change of company address
(3) Change of share capital or transfer of shares
(4) Change of principal activities
(5) Registration of charge
(6) Change of particulars of directors, secretaries, managers and auditors
All locally-incorporated companies are required to hold their Annual General Meeting (AGM) and file their Annual Returns (ARs) under S175, S197 and S201 of the Companies Act. At the AGM, directors shall present a true and fair view of the company’s accounts to their shareholders.
Prosecution Against Companies and its Officers in Default
Companies are registered with ACRA under the Companies Act, Cap. 50 and are subject to a number of statutory obligations such as the holding of AGMs and submission of ARs. ACRA seeks to enforce compliance with these statutory requirements as we need to provide a trusted regulatory environment and to protect the interests of relevant stakeholders.
To deter late submission, companies are subject to late lodgement penalties. ACRA will only consider prosecuting companies and its officer for non-compliance as a last resort when efforts to remind the companies through letters and education have failed.
Numbers of statutory obligations are imposed by the Companies Act. It is strenuous and challenging to ensure compliance with the statutory requirements. Prosecution and penalties will ensue non-compliance of statutory requirements which will significantly affect a company’s financial position and business operation. It is therefore important to appoint a company secretary in Singapore who is experienced in handling company secretarial matters.
AG’s Company Secretarial Services
AG provides secretarial services to help our clients to ensure compliance with statutory requirements and to keep proper statutory records from time to time.