Overview of ACRA
The Singapore Register of Companies (ROC) and ACRA are the same entity. ACRA manages the business register of Singapore-based companies. ACRA also advises Singapore’s legislature on how to create a well-run business ecosystem which makes it easier to run companies.
The responsibilities of ACRA include the following:
- Render a responsive and reliable background for corporate providers, business owners, and public accountants.
- Release court summons or force fines if any company has been found to have defaulted on stated compliance requirements.
- Work with the public accountants’ regulations and carry the statutory audit.
- Monitors the corporate compliance provided as well as the disclosure needs.
- Work on significant business goals such as being a respected business and accounting regulator, becoming a foremost business registrar, providing excellent services, and improving productivity, efficiency, and creativity.
- Assist businesses to preserve their values by prioritizing collaboration, truth, responsiveness, politeness, and attention to detail.
Companies that are unaware of compliant requirements in Singapore and the ACRA laws can hire a reputed agency like Paul Hype Page & Co. Our experts will assist you in setting up and relocating your respective business in Singapore.
Things to Know About ACRA’s AGMs
ACRA requires the company to have an Annual General Meeting (AGM) to present its financial statements to the business shareholders. The shareholders of a company have the full right to ask questions about the business’s progress and overall health. Therefore, it is necessary to hold an AGM to address the related concerns of the shareholders. Singapore-based companies need to organize and attend an AGM.
New companies in Singapore must hold their first AGM after 18 months from the date of registration. Thereafter, businesses must organize the annual meeting once every financial year. Business owners must declare the date of AGM to ACRA while filing the annual return of the company using BizFile+. If the company is exempted from holding an AGM or dispensed, then details are to be submitted at the time of annual return.
Here, the dispensation of AGM under ACRA comes under Section 175 (A) of the Singapore Companies Act where private limited companies after the shareholder approval and members’ agreement pass a written declaration not to organize the AGM. Some requirements of this rule are as follows:
- Financial statements of businesses must be prepared towards the end of each financial year
- Circulate of the AGM resolutions which shareholders must approve on paper
- Send the financial statement and other related documents, including the Statement and the report of directors to members and the shareholders
However, in any case, if a business needs an extension of time to hold its AGMs, then one can approach ACRA with an application for Extension of Time (EOT) under Section 175 or Section 201 of the Companies Act. Furthermore, the BizFile+ portal can also be used to file an extension.