Further extension of time for private companies to update shareholder information
In December 2015, ACRA announced that it would be maintaining the registers of members for private companies setup in electronic form (EROM) from 3 Jan 2016 onwards. Private companies were required to update shareholder information that will be recorded in the EROM. These companies were given up to 6 months to update their shareholder information, unless their annual return filing due date falls before 3 Jul 2016.
Taking into account feedback from companies, private companies with annual filing dates after 4 Jul 2016 but before 3 Jan 2017 will now be given more time. They will now be required to update their shareholder information, by the time of the filing of the annual return, instead of by 4 Jul 2016. While the timeline has been extended, companies should take this opportunity to update their shareholder information as soon as possible, to ensure the accuracy and timeliness of their EROM.
Private companies are to update shareholder information using the “Notice to Update Paid Up Share Capital” form in BizFile+, which can be filed free of charge, and may continue to update the EROM as and when changes happen, without a fee.
Please visit Electronic Register of Members for more information on how to update the EROM.