ACRA get through on Singapore Directors in regards to accounting standards

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ACRAACRA fines Singapore Directors over accounting standards
The Accounting and Corporate Regulatory Authority’s otherwise known as ACRA is Singapore’s regulatory body for corporate accounting. They have recently imposed big fines on 3 Singapore Directors for failing to comply with accounting standards, the fines were allegedly double the normal amount yet the legal officers from ACRA that made the prosecution wanted to impose even greater fines. ACRA wants it to be seen that they do not tolerate any neglect of accounting standards, the 3 Singapore directors were accused of the failure to hold an annual general meeting (AGM) and or the failure to submit the company’s annual returns.
Accounting standards, AGM and Annual returns
ACRA’s Companies Act requires all locally incorporated companies to hold their Annual General Meeting (AGM) and file their annual returns under Section 175, Section 197 and Section 201. The first AGM or Annual General Meetings should be held within 18 months of the company’s incorporation date and then every year thereafter with a maximum of 15 months between any 2 AGM’s. At the AGM’s it is the Director’s responsibility to present to the shareholders a true and accurate representation of the company’s accounts. According to the accounting standards the Annual Return must be submitted within 1 month of the AGM. For a more detailed view of accounting standards and when and how to hold AGM’s and submit Annual Returns also audited / unaudited account requirements please follow the link to ACRA’s web page.
Help with your Singapore accounting AGM’s and Annual Returns
Eltoma Corporate Services is a multi-national local service provider in Singapore with more than 10 years of experience and a highly qualified team to help with all your needs. Whilst helping you with the incorporation of your company we will if necessary provide you with local nominee directors as this is a requirement in Singapore, we will also assist you in all your accounting and bookkeeping needs, including AGM’s and Annual returns. If you would like to know more please feel free to contact us or take a look at our website for more on accounting standards and Singapore compliance.