03 June 2024
Editor: ET
Maintaining accurate and up-to-date company registers is a critical requirement for businesses operating in Singapore. The Companies Act mandates that all companies maintain registers of key individuals and roles within the company.
Further Reading: The Role of an Accountant in Business Growth and Success
This ensures transparency, compliance, and facilitates trust among stakeholders. Here, we provide a comprehensive guide on maintaining company registers, with insights from Expede.com.sg.
Key Registers Required by the Companies Act
The Companies Act requires all companies to maintain up-to-date registers for the following roles:
Members (Shareholders): Individuals or entities that own shares in the company.
Directors: Individuals responsible for managing the company's operations.
Secretaries: Individuals appointed to ensure company compliance with legal requirements.
Auditors: Professionals who review the company's financial statements.
CEOs: Chief Executive Officers who oversee the company's overall operations.
Controllers (Beneficial Owners): Individuals who have significant control over the company.
Electronic Maintenance of Registers
In Singapore, the Accounting and Corporate Regulatory Authority (ACRA) maintains these registers (except for the register of members for public companies) in electronic form. This streamlined approach facilitates easy access and updates.
Updating Company Registers via BizFile+
Whenever there are changes in appointments or particulars of directors, secretaries, auditors, or CEOs, it is mandatory to update this information via BizFile+ within 14 days from the date of the change. For changes related to shareholders or share capital, the appropriate share-related transactions must also be filed via BizFile+.
Expede.com.sg Insight: Regular updates to company registers help maintain compliance and avoid potential penalties. Ensuring accurate records also enhances the credibility and transparency of the business.
Public Accessibility of Registers
All registers, except for the Register of Registrable Controllers, are accessible to the public. This accessibility is crucial for:
Facilitating Trade: Businesses can easily verify the legitimacy and details of potential partners.
Enhancing Transparency: Publicly accessible registers build trust and accountability.
Enabling Due Diligence: Stakeholders can conduct thorough background checks on business entities and key individuals.
Expede.com.sg Insight: Transparency is a cornerstone of good business practice. By maintaining accessible and accurate registers, companies can foster trust and confidence among investors, customers, and partners.
Maintaining company registers is more than a legal obligation; it is a fundamental practice that supports business integrity and transparency. In Singapore, leveraging digital tools like BizFile+ for timely updates ensures compliance and enhances the company’s reputation.
For expert guidance on maintaining your company’s registers and other compliance-related matters, visit Expede.com.sg.
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