Compliance - Singapore Regulatory Environment
Compliance with the regulatory environment and rules is an important aspect of any organization. Depending on the nature of activities, company management need to submit regulatory filings an a monthly, quarterly or annual basis.
ACRA or the Accounting and Corporate Regulatory Authority in Singapore and is entrusted to provide a vibrant business environment in Singapore. ACRA attempts to achieve synergies between the monitoring of corporate compliance with disclosure requirements and regulation of public accountants performing statutory audit.
There are various acts that govern the regulatory environment in Singapore
- Accounting and Corporate Regulatory Authority Act (Cap 2A),
- the Accountants Act (Cap 2),
- the Business Names Registration Act 2014 (No. 29 of 2014),
- the Companies Act (Cap 50),
- the Limited Liability Partnerships Act (Cap 163A),
- the Limited Partnerships Act (Cap 163B) and
- the Variable Capital Companies Act 2018 (No. 44 of 2018)
Besides registration and regulation of business entities, corporate service providers and public accountants, ACRA provides a repository of documents and information, and represents the Government and promotes public awareness on business entities, compliance requirements and corporate governance practices.
In Singapore, Companies are required to appoint a Company Secretary within 6 months from the date of incorporation. The company secretary must be a natural person that is locally resident in Singapore and is responsible
- to maintain and update the company’s registers and minute books,
- administer, attend and prepare minutes of meetings of directors and shareholders
- remind directors on deadlines for Annual Returns and other filings required by ACRA
- update directors on changes in corporate regulations.
Besides ACRA, there could be other regulatory agencies like Monetary Authority of Singapore which is the Central Bank in Singapore in charge of regulating Banking, Capital Markets, Insurance and Payments along-with monetary policy for the Singapore government.
Ezee Pte. Ltd. is a registered corporate service provider and provides selected services including