Keeping Your Company Information Up-to-Date: A Guide for Singapore Businesses

19 June 2024

Editor: ET

Maintaining accurate and up-to-date company information is not just a regulatory requirement but also a best practice for business transparency and integrity.

Maintaining accurate and current company information with the Accounting and Corporate Regulatory Authority (ACRA) is a fundamental responsibility for businesses in Singapore. 

Further Reading: Understanding Tax Exemption Schemes for Singapore Businesses

Ensuring that your company's details are up-to-date not only complies with regulatory requirements but also enhances transparency and trust with stakeholders.

Why Keeping Company Information Current is Crucial

As your company grows and evolves, various aspects of your business information may change. It is the duty of company directors and secretaries to keep ACRA updated with any changes. This obligation ensures that the information accessible to the public is accurate, facilitating trade, business interactions, and due diligence processes.

Key Updates to Report to ACRA

Here are the primary changes that must be reported to ACRA:

1. Change in Company Address and Operating Hours

• Whenever your company relocates or changes its operating hours, you must update ACRA.

1. Change in Business Activity

• If your company diversifies or shifts its core business activities, this needs to be reflected in ACRA’s records.

1. Appointment of Directors, Company Secretary, CEO, and Auditor

• Any new appointments must be reported to ensure the current leadership is accurately represented.

1. Cessation of Directors, Company Secretary, CEO, and Auditor

• When a director or key officer leaves the company, it is important to update ACRA promptly.

1. Change in Particulars of Directors, Company Secretary, CEO, and Auditor

• Any updates to the personal or professional details of these key officers should be communicated to ACRA.

1. Change in Particulars of Shareholders

• Shareholder information must be current, reflecting any changes in ownership or contact details.

1. Allotment of New Shares

• Issuing new shares to investors or employees needs to be recorded.

1. Transfer of Shares Between Shareholders

• Share transfers among shareholders should be updated to maintain an accurate register of ownership.

Filing Updates with ACRA

Changes must be reported to ACRA within 14 days of the event by filing the appropriate transaction via BizFile+, ACRA's online filing system. Failure to notify ACRA within this timeframe can result in penalties.

Enhancing Transparency and Trust

Most of the business information filed with ACRA is made publicly accessible. This transparency facilitates better business interactions and allows members of the public to perform due diligence on companies and their management. Keeping your company’s information up-to-date helps in building trust and credibility with clients, investors, and business partners.

Further Reading: Maintaining Company Registers: Electronic Register of Chief Executive Officers (CEOs)

Maintaining accurate and up-to-date company information is not just a regulatory requirement but also a best practice for business transparency and integrity. Regularly updating ACRA ensures compliance and fosters trust with stakeholders.

For more insights and detailed guidance on maintaining your company registers, visit expede.com.sg.