ACRA (Accounting and Corporate Regulatory) is the main regulator of the business for its registration along with financial reporting and service providers in the corporate field. It also helps in facilitating the enterprise.
They provide a trusted and vibrant environment for the business which is to flourish and thrive. It will also provide the main contribution to making Singapore the unique and best place for business. The main motive of ACRA is to provide the best business environment in Singapore which will prove beneficial in terms of trust and faith for Singapore people.
Singapore ACRA Compliance
Singapore ACRA compliance will have to fulfil some corporate goals which include high business growth along with high compliance. It will also cover down the customer experience in an excellent way along with getting an experience of a high team which is well performing in nature.
It is important for the Singapore companies that are private in nature have to comply with the ACRA requirements.
ACRA Compliance for Dormant and Active Companies in Singapore
It is important for the companies to go for annual filings with ACRA as it is important for both the dormant and active companies in Singapore.
If the companies are failing to meet the ACRA compliance then they have to come across with legal consequences that are imposed against the companies. Companies have to file with ACRA within one month from the annual general meeting.
Companies who are under the ACRA compliance will have to
- Advice and report to the government on the matters relating to the registration along with the regulation of the business entities.
- To promote the awareness about the new business along with fulfilling the compliance requirements.
- It is the duty to represent the government from internal matters along with regulations and regulation of business entities. It will also cover down the main areas of public accountants and corporate service providers.
The shareholders place a significant role in the company because they have purchased a part of the company and their placement holds an important position.
It is imperative to understand that shareholders’ agreement is important to a company as it covers myriads of issues like dividend policies, capital structure, board composition and companies’ business plan.
It also highlights the rights, obligations and responsibilities of the directors, shareholders and investors of the company.
Advantages of a Shareholders’ Agreement
Advantages of shareholders’ agreement
- Not available for the common man
- Used to fascinate investors by highlighting investor protection and rights
- It increases the company’s competitiveness
- Discusses rules to govern matters which are not covered by the company constitution
- It also protects the right of the minor shareholders and they can form a quorum in the company’s important meetings
The shareholder agreement serves the purpose of giving proper information about the company to the shareholders and they can decide whether they should invest their money in this company or not.
It is also related to the protection of the minor shareholders. The shareholders agreement is done in two ways. First, the agreement is done between the shareholders. Secondly, the agreement is done between the shareholders and the company.