26 December 2024
Editor: ET
The Accounting and Corporate Regulatory Authority (ACRA) is integral to upholding Singapore’s reputation as a transparent and trusted business hub. ACRA ensures compliance with statutory regulations by investigating complaints involving breaches of specific business laws.
Further Reading: Common Mistakes to Note When Filing Financial Statements in XBRL
Understanding the types of statutory breaches ACRA handles can empower individuals and businesses to maintain ethical standards and accountability.
Types of Statutory Breaches ACRA Handles
ACRA investigates complaints about companies alleged to have violated the following key acts:
Business Names Registration Act 2014
Ensures that business names comply with Singapore’s regulations.
Breaches may involve the improper use of reserved or misleading business names.
Companies Act, Cap. 50
Governs company registration, administration, and obligations.
Offences under this act include failure to file annual returns, improper disclosure of financial statements, or director misconduct.
Limited Liability Partnerships (LLP) Act, Cap. 163A
Pertains to compliance by LLPs in Singapore.
Breaches may involve non-compliance with registration or reporting requirements.
Limited Partnerships (LP) Act 2008
Ensures LPs operate within the legal framework.
Common violations include failure to update partnership details or non-compliance with reporting obligations.
For a detailed overview of offences, refer to Chapter 3: Common Offences in ACRA’s compliance resources.
How to Lodge a Complaint with ACRA
Lodging a complaint with ACRA involves a straightforward process:
Identify the Breach: Ensure the alleged offence falls under ACRA’s jurisdiction and relates to one of the listed acts.
Provide Supporting Evidence: Gather relevant documentation or records to substantiate your complaint.
Submit Your Complaint Online: Use ACRA’s online platform for prompt and efficient processing.
The Importance of Reporting Statutory Breaches
By reporting statutory breaches, individuals and businesses contribute to maintaining a fair and transparent business environment in Singapore. ACRA’s enforcement of these laws ensures:
Ethical business practices
Protection of shareholder and stakeholder interests
Enhanced trust in Singapore’s business ecosystem
When to Seek Professional Advice
If you are unsure about the nature of a statutory breach or require assistance in filing a complaint, consider consulting experts like Expede. Their team specializes in corporate compliance and regulatory matters, offering tailored advice to address your concerns effectively.
Further Reading: Common Mistakes to Note When Filing Financial Statements in XBRL
ACRA’s role in addressing statutory breaches is pivotal to maintaining compliance and ethical business conduct in Singapore. By understanding the types of complaints they handle and taking appropriate action, you can play a part in preserving Singapore’s position as a trusted global business hub.
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