Understanding the Electronic Register of Members (eROM)

Electronic Register of Members (eROM)Summary: A digital platform allowing private companies in Singapore to efficiently manage and report alterations related to share ownership, shareholder details, and other relevant information.

The Electronic Register of Members, commonly known as eROM, kicked off on 3 January 2016. It offers a digital means to make alterations related to share ownership and the personal details of shareholders. To implement these changes, companies are required to notify the Accounting and Corporate Regulatory Authority (ACRA) through the BizFile+ platform by submitting the associated transaction.

However, keep in mind that not all companies come under the umbrella of eROM. This service predominantly is targeted at private companies based in Singapore. For firms that have been established on or after 3 January 2016, their share details would be automatically recorded in the register. On the contrary, companies that predated 3 January 2016 are required to manually include the particulars of their share transactions.

It’s notable that eROM provides member specifics only for non-gazetted exempt private companies registered in Singapore. The aim of eROM is to facilitate a streamlined and effortless process for individuals to archive changes regarding share-related transactions. Access to the ROM for a gazetted exempt private company is limited exclusively to individuals such as Directors, CEOs, the Secretary, Auditor, and Members.


Snapshot of the Information Included in eROM

The following information is included in eROM:

  1. Currency: The type of currency that is used by the company.
  2. Class of Shares: This specifies the classification of the share issues – for example, Ordinary, Preference, and Other varieties.
  3. Sub-Class of Share: These are fine-tuned categories within the overarching share class. For instance, Class A Ordinary Shares or Class B Ordinary Shares, which are distinguished by unique voting and dividend privileges.
  4. Quantity of Shares and Issued Share Capital: This refers to the total number of shares and the value of the shared capital. It’s crucial that the correct specifics are recorded.
  5. Shareholders’ Information: This section includes the names, ID numbers or UEN, and details if multiple individuals co-own shares. Co-owners of shares are grouped together and marked with an assigned alphabet.
  6. Shares held in Trust: This reveals whether any shares are held in trust for an individual or a corporation (this is optional).
  7. Name of Trust: This accounts for the details of the beneficiary (optional).
  8. Entry and Departure Dates as a Member: This records when the shares were either assigned to or moved from the shareholder in the ACRA.

eROM does not procure data about the share certificate, which might make it a bit difficult to keep tabs on share certificates distributed by your company along with their sequential numbers.

In a nutshell, the eROM necessitates that any changes that warrant an update in the members’ registry of the company be accomplished simultaneously. These changes encompass instances such as the transfer of shares or the buyback of shares by the company.