The Accounting and Corporate Regulatory Authority (ACRA) is a Singapore-based public regulatory body of corporate services and public accountants. Its main aim is the promotion of a trustworthy and an energetic ecosystem for corporations to develop. The ACRA plays a vital role in improving Singapore’s economy and making its businesses successful. This regulatory body was established in 2004 after the merger of two significant government agencies. These were the Registry of Companies and Businesses (RCB) and Public Accountants Board (PAB).
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 the 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 with setting up and relocating your respective business in Singapore.
Things to Know About ACRA’s AGMs
ACRA must have an Annual General Meeting (AGM) to present its financial statements to the business shareholders. The shareholders of a company have 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. It is important for Singapore-based companies 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. The time between two AGMs must be less than 15 months. 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 to 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. ACRA provides an extension of two months at a cost of S$200.
Performing of Responsibilities and Functions by ACRA’s AGMs
ACRA is a regulatory body for the corporate services and businesses. AGMs held by businesses discuss the health of the company. Hence, ACRA is accountable for the below functions at an improved level.
- ACRA must administer the Accounting and Corporate Regulatory Authority Act (Cap 2A), Accountants Act (Cap 2), the Companies Act (Cap 50), the Business Names Registration Act (Cap 32), Limited Partnerships Act 2008 (Act 37 of 2008), and the Limited Liability Partnerships Act (Cap 163A)
- The authorities establish and administer a depository of the documents. They also include information related to corporate service sources, business entities, and public accountants. They must also present the company’s data and documents to the public.
- In ACRA’s AGM, reports and recommendations are made. Advice is given to the government on matters that are related to the regulations and registration of public accountants, business entities, and corporate service providers.
- People will be informed about the latest business formations, corporate governance practices, compliance requirements, and any other related subjects related to the authorities.
- ACRA also represents the government on an international level on matters regarding registration and regulation of the public accountants, business entities, and corporate service providers.
For proper compliance and application of the stipulated rules and regulations, business owners can take the help from a reputed company secretary or chartered accountants who are well-versed in looking after matters concerning the office of the company or company registration. Paul Hype Page & Co can help you with professional assistance from setting up of your company to its performance and conducting AGMs. We render help to both local residents who want to start their own business and foreign entrepreneurs who wish to set up their business in Singapore. Our professionals will provide guidance for every step of the process. You can even see our cost structure here to get a better view of our service fees.
Significant Topics Discussed at ACRA’s AGMs
ACRA promotes a trusted environment among the businesses that are operating in Singapore. Other than providing excellent services, many important topics are discussed at ACRA’s AGMs by the board of directors and other members. These topics help the business entities, corporate service providers, and public accountants to improve their business. In the recent ACRA meeting, there were many vital topics discussed and approved by the directors.
- Approval of new regulatory documents for the agency that include the following policies:
- Policy on the trading of securities and personal ownership
- Policy on conflict of interest management
- Pricing policy designed for the additional services
- Other topics were related to rating the committee regulations, rating the action procedures, strategy regulation, and regulation on the dividend policy.
- At ACRA’s AGMs, the topics related to the matters that are to be conveyed to the government are discussed. They are about taxation, compliance requirements, business regulations, policies, and the like.
- Changes required in administration of the Companies Laws and Acts.
- Discussion of topics related to corporate governance practices, business structures, rules and regulations, compliance requirements, and the like.
- The directors, shareholders, and other members also carry out the discussion about the bonds and shares in the ACRA meeting.
The purpose of discussing all these topics at the ACRA AGMs meeting is to help businesses, public accountants, and corporate service providers to keep themselves updated about the changing policies from time to time.This will help local and foreign entrepreneurs alike run their business according to the government’s business laws.
How ACRA AGMs Affect Taxpayers and Business Owners
At every ACRA AGM, the taxation laws may change according to the latest business regulations and decisions of regulatory bodies. The foreign and local entrepreneurs need to understand the budget updates, laws regarding the businesses, economy, and the like. ACRA also helps the government departments make rules related to taxation and businesses. Therefore, if you are keen to know how ACRA AGMs will affect your tax-paying capability and the company, then take the services of the professionals of Paul Hype Page & Co.
We have a team of experienced and certified tax consultants who will assist you in understanding new Singapore laws and their effect on your company. Whether you are a local or a foreigner who wants to establish a business in Singapore, we will provide a distinct range of taxation services. We also extend auditing services to business to get an approved audit report from the IRAS by taking S$4,500 onwards. Our tax consultants will help you to pay the goods and services tax, corporate tax, and other related taxes punctually. We will also help business owners with any legal needs under the Singapore Companies Act.
Businesspeople who are awaiting updates on ACRA and its related compliance requirements can reach out to advisors from Paul Hype Page & Co. Call us to know more!
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