13 June 2024
Editor: ET
Maintaining accurate and up-to-date company registers is crucial for corporate governance and compliance in Singapore. One essential component of this is the Electronic Register of Secretaries, which companies must update whenever there is a change in the company secretary or their particulars.
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Here's a detailed guide on how to manage these updates effectively.
What is the Electronic Register of Secretaries?
The Electronic Register of Secretaries is a digital record maintained by the Accounting and Corporate Regulatory Authority (ACRA) in Singapore. This register includes details of the company secretaries and must be updated promptly to reflect any changes in appointments or personal particulars.
Key Requirements for Maintaining the Register
Appointment and Cessation of Company Secretaries
When appointing or ceasing the appointment of a company secretary, you must update ACRA via BizFile+. This ensures that the electronic register reflects the current status of your company officers.
Changes in Secretary’s Personal Particulars
Any changes in the personal details of the company secretary, such as name, nationality, or identification number, must also be updated through BizFile+.
Regular Updates and Compliance
It's essential to keep the register current to comply with the Companies Act. Failing to update these records can result in penalties and legal complications.
Steps to Update the Register
1. Log in to BizFile+
Access the BizFile+ portal using your Singpass. This is the online platform provided by ACRA for managing company information.
2. Use the Appropriate Transaction
For Changes in Appointment: Navigate to the “Change in Company Information including Appointment/Cessation of Company Officers/Auditors” section to update the appointment or cessation of a company secretary.
For Changes in Personal Particulars: Select the option to update the personal particulars of company officers.
3. Submit the Relevant Information
Enter the necessary details and submit the form. Ensure that all information is accurate and up-to-date.
4. Confirm the Update
After submission, confirm that the changes have been reflected in the electronic register. This can usually be done by checking the updated records in BizFile+.
Important Considerations
Timeliness: Updates must be made within 14 days from the date of change to ensure compliance with regulatory requirements.
Singapore Citizens and PRs: Note that Singapore citizens and Permanent Residents (PRs) do not need to update ACRA on changes to their residential address, name, nationality, identification type, and number. Such changes should be reported to the Immigration & Checkpoints Authority (ICA).
Benefits of Maintaining an Accurate Register
Legal Compliance: Ensures that your company adheres to Singapore’s regulatory framework, avoiding fines and legal issues.
Corporate Governance: Enhances transparency and accountability within your company, facilitating better governance.
Ease of Business: Simplifies interactions with stakeholders and government agencies, as accurate records are readily available.
Maintaining the Electronic Register of Secretaries is a critical aspect of corporate compliance in Singapore. By keeping your company’s records accurate and up-to-date, you can ensure smooth operations and adherence to legal requirements.
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