Companies that have yet to update shareholder information with ACRA will not be able to file Annual Returns (effective 3 Jan 2017)
ACRA had previously informed the Companies that following legislative changes in the Companies (Amendment) Act 2014, private companies are required to update shareholder information to facilitate ACRA’s maintenance of electronic Registers of Members (EROM) of private companies effective 3 Jan 2016.
Companies were given up to 6 months to update their shareholder information, unless their annual return filing due date falls before 3 Jul 2016. In June 2016, taking into account feedback from companies, private companies with annual filing dates after 4 Jul 2016 but before 3 Jan 2017 were given an extended timeline of up to 3 Jan 2017 to update shareholder information.
With effect from 3 Jan 2017, private companies that have yet to update shareholder information in the EROM will not be able to file their annual returns with ACRA until the EROM has been updated. To avoid any delay in filing their annual returns, companies should update their shareholder information as soon as possible. The updating should be done using the “Notice to Update EROM and Paid Up Share Capital” form in BizFile+, which can be filed free of charge. Any further updates to the EROM as and when changes happen, can also be filed free of charge.
Also effective from 3 Jan 2017, members of the public who wish to access the EROM of companies that have updated their shareholder information may purchase a copy of the EROM from the ACRA iShop at a fee of $20. For companies that have updated the EROM, ACRA will continue to waive the $20 fees for company officers and its members so that they can access the EROM free of charge.
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