Tuesday, July 07, 2015

Poor service from ACRA

I submitted my company's return to ACRA more than one week ago. I received this message from ACRA today.

ACRA had been inconsiderate in the following aspects:
1. They provide a long email containing information that may or may not be relevant to me.
2. They could have checked the computer records to ensure that I have filed it, instead of giving the statement in para 6. Is the system of ACRA so outdated that they have to generate their letter so many days in advance?
3. They sent the reminder at the last minute, instead of sending it in advance.

Dear Sir/Madam

Company Registration No. : 200700231C

1.    Our records show that the Annual General Meeting (AGM) of your company will be due on 16/08/2015.

2.    Under section 175 of the Companies Act, every company has to hold its first AGM within 18 months of its
incorporation. Thereafter, the AGM must be held once in every calendar year and not more than 15 months after the holding of the last preceding AGM.

3.    A private company may, by resolution passed in accordance with section 175A(2) of the Act, dispense with the holding of the AGM. Such a company may do anything required at an AGM by passing resolutions by written means instead. Section 197(4) of the Act requires any company without an overseas branch register to lodge the  Annual Return with ACRA within 1 month after the AGM.

4.    Section 201 of the Act also requires the directors of the company to lay before the company at its AGM its (1)
profit and loss account*, (2) balance sheet, (3) director or (4) auditor's reports (if applicable). In addition, the
profit and loss account of an unlisted company must be made up to a date not more than 6 months before the date of the AGM.

5.    If your company is not able to comply with the above requirements, and require more time to
comply, your company should apply online via Bizfile at www.bizfile.gov.sg for an extension of time. The company can check the status of application online via Bizfile under the heading "Status Enquiry". Please comply with the Act to avoid paying fines and/or court prosecution. For your convenience, we have placed the application guidelines as well as penalty and other useful information on our homepage at www.acra.gov.sg for your easy reference.

6.    As this reminder letter was generated in advance before posting, your company  may  have  filed  the  Annual
Return by the time you receive this letter.  If  your company has filed the Annual Return, thank you for your efforts to ensure timely compliance.

* Following the revision of the Financial Reporting Standard (FRS) 1 Presentation of Financial Statements, for
financial periods beginning on or after 1 January 2009, the "profit and loss account" and "balance sheet" may also be known as "Statement of Comprehensive Income" (and where applicable, "Income Statement") and "Statement of Financial Position" respectively. Please refer to Practice Direction No. 4 of 2009 for more information.

Thank You

Accounting and Corporate Regulatory Authority (ACRA)
10 Anson Road
#05-01/15 International Plaza
Singapore 079903

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