Maintaining Company Registers: Electronic Registers of Directors in Singapore

11 June 2024

Editor: ET

Maintaining an up-to-date electronic register of directors is a fundamental responsibility for companies in Singapore.

Maintaining accurate and up-to-date company registers is a crucial aspect of corporate governance and compliance in Singapore. One key register that companies must manage is the Electronic Register of Directors.

Further Reading: How to Choose the Right Accountant for Your Business in Singapore

This article provides a detailed guide on how to maintain this register effectively, ensuring your company remains compliant with the regulations set by the Accounting and Corporate Regulatory Authority (ACRA).

Why Maintaining the Register of Directors is Important

The Register of Directors contains essential information about the individuals who manage and oversee the company's operations. Keeping this register current is vital for several reasons:

1. Regulatory Compliance: It ensures that your company adheres to ACRA’s requirements.

2. Transparency: It provides clear information about the company’s governance structure.

3. Legal Obligations: It fulfills legal obligations related to corporate governance.

Updating ACRA via BizFile+

When there are changes in your company's directorship, you must update ACRA through BizFile+, the online filing and information retrieval system. This includes when a director joins or leaves the company, as well as any changes in their personal particulars.

Key Transactions for Updating Director Information

1. Director Appointments and Cessations

• Use the "Change in Company Information including Appointment/Cessation of Company Officers/Auditors" transaction.

• This is for appointing new directors or when existing directors cease their roles.

1. Changes in Directors’ Personal Particulars

• Use the "Change in Personal Particulars of Company Officers" transaction.

• This covers changes in personal details such as residential address, name, nationality, identification type, and number.

How to Update Information

Step-by-Step Process

1. Log in to BizFile+

• Access BizFile+ using your Singpass credentials.

1. Select the Appropriate Transaction

• Navigate to the relevant transaction based on whether you are updating a director’s appointment/cessation or personal particulars.

1. Submit the Changes

• Enter the required information and submit the changes. BizFile+ will automatically update the company’s electronic register of directors.

Special Note for Singapore Citizens and PRs

Singapore citizens and permanent residents (PRs) are not required to notify ACRA separately for changes to their residential address, personal name, nationality, identification type, and number. These updates are automatically reflected when they notify the Immigration & Checkpoints Authority (ICA).

Importance of Timely Updates

• Legal Compliance: Failing to update the register within the stipulated time frame can result in penalties.

• Corporate Governance: Accurate records ensure effective management and oversight of the company.

Benefits of Electronic Registers

• Efficiency: Simplifies the process of maintaining and updating records.

• Accessibility: Provides easy access to updated information for stakeholders.

• Accuracy: Reduces the risk of errors associated with manual record-keeping.

Further Reading: Maintaining Company Registers: Electronic Register of Members in Singapore

Maintaining an up-to-date electronic register of directors is a fundamental responsibility for companies in Singapore. By ensuring timely updates via BizFile+, companies can stay compliant with ACRA’s regulations and uphold strong corporate governance standards.

For more insights and assistance with maintaining company registers, visit Expede.com.sg.