Company Administration in Singapore
Company Administration in SingaporeUpdated on Friday 18th September 2015
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Administering a company in Singapore
The Singapore Companies Law and the Accounting and Corporate Regulatory Authority (ACRA) provide all the required information about how a company must be administered. The Commercial Code has been amended several times with respect to company administration requirements in order to render this process as simple as possible. ACRA also simplified the requirements regarding company name and company secretary governance in Singapore. According to the Companies Law, a Singapore company is required to maintain and regularly update the following registers:
- - the register of members,
- - of directors,
- - of substantial shareholders’, for Singapore listed companies only,
- - the register of directors, secretary and auditors,
- - the registers of charges and debentures.
All companies are required to keep these records at their legal addresses in Singapore.
The Articles of Association in company administration in Singapore
All Singapore companies are required to file the Memorandum and Articles of Association when incorporating a company with ACRA. Recently, ACRA proposed that the Memorandum could be merged with the Articles of Association, which can be drafted according to the Fourth Schedule of the Companies Act, depending on the type of Singapore company. Any changes brought to the company’s Articles of Association must be registered with the Trade Register within 30 days.
Foreign or Singapore citizens are also required to provide their personal addresses to the Companies Registrar. Recently ACRA suggested an investor setting up a company in Singapore should be allowed to provide an alternate address for all legal notices to be sent.
Our Singapore lawyers may draft the Articles of Association for company registration.
Keeping a company’s records in Singapore
Part of the company administration process is also maintaining a company’s records. Singapore companies are required to keep electronic records according to the Electronic Transactions Act. The Companies Law, however, stipulates a Singapore company may keep its records under any form, as long as it is permanent. Companies are also required to keep any minutes and minute books, the task being completed by the company’s directors. The Singapore company’s directors must also ensure all the records are accurate and authentic.
For a complete list of all available administration services please contact our Singapore law firm.