The hallmark Of doing business in Singapore is that great emphasis is put on executing substantial degrees of corporate governance. Singapore’s institutions are continuously working towards building corporate governance as well as the as of late declared steps by Singapore’s Accounting and Corporate Regulatory Authority, ACRA, demonstrates this vision. In an attempt to encourage Singapore companies to follow regulatory requirements, ACRA has introduced three non-penal steps to tackle the issues of suitable preparation of annual financial statements, holding of Annual General Meetings (AGMs) and filing of annual returns.
The three measures include:
* Color-coded Compliance Rating and Certificate of Compliance: Businesses with a nice record for holding convenient AGMs, tabling and submitting forward-thinking financial statements, and submitting annual returns will be green ticked as having a positive compliance score by ACRA, while companies that are resistant will be rated with a red cross marked against them. In any case, green ticked businesses are qualified for a Certificate of Compliance issued by ACRA. This evaluation will be regarded as ACRA’s free online Directory of Registered Entities that is available for review by general society.
* End of Financial Year (FY) Reminder Letters: Effective May 2010, ACRA will issue alert letters to personal and non-listed public companies beyond the fiscal year-end as a reminder to take necessary action to satisfy their regulatory prerequisites.
* Shorter Extension of Time: Currently, businesses may apply for augmentation of year of provided that a quarter of a year to maintain their AGM. Strong July 2010, ACRA would enable an expansion of as long as two weeks as it had been. This move is to ensure that financial statements held up are not outdated.
For details, allude to ACRA’s media release.
According to acra business profile the three requirements of holding AGMs, preparing financial statements and submitting annual returns are the most widely recognized compliance breaches by Singapore companies.
Most Companies are focused around growing their company and might be unaware of the compliance requirements or may often pay inadequate attention to the continuing compliance requirements for Singapore companies. We at Janus offer ongoing management services and would be delighted to assist you build your governance framework by ensuring that your organization consents to all of the regulatory requirements. Thinking About establishing a company in Singapore? Find out More about Singapore company incorporation.