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Importance of the Company Registrar in Singapore
Posted by Bryan wong over 3 years ago
For any government agency in Singapore the Company Registrar is one of the most important key personnel responsible for the company. The company registrar has a huge role to play as his responsibilities are most significant to the extent of developing Singapore’s dynamically developing economy and therefore has a very important contribution to make towards the growth of the Asian continent itself. The Accounting and Corporate Regulatory Authority (ACRA) acts as the Company Registrar in Singapore. The creation and enforcement of all regulatory and statutory requirements of all businesses and also public accountants lies in the hands of the ACRA. Therefore, it is mandatory to register all companies in Singapore with ACRA. All the companies that are incorporated must religiously follow the Accounting and Corporate Regulatory Authority of Singapore and all the rules and regulations as set by same.


Any foreign company, investor or entrepreneur who is contemplating to setup a business in Singapore must first of all get his proposed company name approved from the Accounting and Corporate Regulatory Authority. Once the name has been approved the next step will be to proceed to the company incorporation process which once again has to be registered with the ACRA. The statutory requirements set by ACRA are to be followed strictly by all the companies that have been incorporated. All businesses that operate in Singapore are kept under vigil by the Company Registrar who is responsible to check if all regulatory requirements are followed and maintained at every level every time.


After company registration the Accounting and Corporate Regulatory Authority will be in charge of the company and has the authority to maintain all the company details along with all relevant documents. All public records of the company operating in Singapore are also supposed to be maintained by the ACRA. The details include director particulars, shareholder particulars and registered business address of a company and so on. While making any kind of changes pertaining to regulatory affairs or otherwise must definitely be informed to the ACRA which is responsible to update the records accordingly. Such changes include structure of the company, changes in shareholders or shareholding pattern and so on.


The accounting regulations enforced by ACRA must also be held in authority by the same as their core job criteria is related to being Accounting Regulatory authority. The public accountants in Singapore must definitely follow the guidelines set by the Accounting and Corporate Regulatory Authority and therefore keep them informed on facing any kind of financial disturbances in a company. It’s not only the incorporation of a company that ACRA is responsible for but it also holds the authority to liquidate or dissolve a company in Singapore if it deems fit.


AUTHOR BIO:-
Bryan Wong is a business analyst in the Asia-Pacific region and in his free time writes business articles. In this article, Bryan talks about Singapore Company incorporation and Singapore Subsidiary Company.
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