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All the answers for your company related FAQs

Company Related FAQs



Top 10 Frequently Asked Questions

  1. Paid-up capital refers to the issued capital that is paid up by the shareholders.
  2. Section 171 of the Companies Act requires a company to appoint a company secretary. The office of secretary shall not be left vacant for more than 6 months at any one time. Private limited companies need not appoint a professionally qualified secretary.However a secretary must still be appointed. Only public companies must appoint a professionally qualified secretary. Examples of professionally qualified secretaries are lawyers, accountants and chartered secretaries.
  3. Issued capital refers to the share capital which has been allotted to the shareholders.
  4. Yes. However, a company which is exempted from audit requirements under the Companies Act is exempted from the requirement to appoint an auditor of the company.
  5. A Business Profile is a computer-generated report that contains salient information about a registered entity. The Business Profile serves as a quick check on a business entity or when you need to open a bank account. The fee for a Business Profile is $5.50 per report.
  6. You may log into BizFile (www.bizfile.gov.sg)to apply for a copy of the Certificates. For more information, please refer to http://www.acra.gov.sg/Quick+Links/Purchase_of_Information/About+iShopatACRA.htm.
  7. If your company does not have a professional number and wish to apply for one, the authorised person need to apply via http://www.bizfile.gov.sg using his SingPass.Requirements forletter of authorisation are as follows:

    (1) A letter from a partner/director of the professional firm that the individual is authorised to apply for a Professional Number.

    (2) The letter is to state the authorised person(s)qualifications i.e. whether he is: (a) an advocate and solicitor; (b) an accountant registered with the Institute of Certified Public Accountants of Singapore; (c) a member of the Association of International Accountants (Singapore Branch) (d) a memberof the Institute of Company Accountants, Singapore; (e) a member of the Singapore Association of the Institute of Chartered Secretaries and Administrators; (f) a corporate secretarial agent ; i.e a person who is carrying on the business of corporatesecretarial services for one or more companies and who has been a secretary of a company for at least 3 years of the preceding 5 years. (g) a member of a professional association which has been approved by the Minister and published by notification inthe Gazette.

    (3)If authorised person satisfies (f), please provide the following details: – Name of one company he has been a secretary of – State period he has acted for company.

    (4) If authorised person satisfies (g), please providename of professional association.

    (5)The letter should contain the professional membership number (if any) of the individual i.e. ICPAS or SAICSA membership number.

    (6) The letter should be signed by the partner/director of theprofessional firm and the name of the signatory clearly stated.

    (7) Please ensure that your attachments do NOT contain links to other text/graphic files. If your submitted documents contain such links, they would not be accessable.
    For moredetails, please click here and refer to Practice Direction No 6 of 2002.

  8. As a transitional measure, you may use a rubber stamp to indicate the company registration number on your existing stock of stationery.
  9. For statutory obligations, the Companies Act in many cases provides that both the company as well as the officers in default (in most cases the directors) are responsible for carrying out the statutory obligations of the company under theCompanies Act. This means the directors of the company may be prosecuted if these statutory obligations are not complied with. You need to look at the particular provision of the Companies Act for a more complete answer.
    For civil liabilities,the officers of the company (including directors) are generally not liable for the civil liabilities of the company as each company has a separate corporate personality distinct from its members (or shareholders) and officers. However, there are certainexceptions. Under the Companies Act, officers of the company (including directors) may be personally liable in the following circumstances

    (a) signing, issuing or authorising the signing or issuing of certain instruments in which the name of thecompany does not properly appear (see section 144(2)(c) of the Companies Act);

    (b) where the officer contracted debts on behalf of the company where there is no reasonable or probable expectation of the debts being paid (see section 339(3), readwith section 340, of the Companies Act);

    (c) where the officer is guilty of fraudulent trading that is, being party to the carrying on of business by a company to defraud creditors or for a fraudulent purpose (see section 340 of the CompaniesAct); and

    (d) where dividends are paid when there are no available profits out of which to pay them (see section 403(2)
    (b) of he Companies Act).
    There may be other statutes under which a director may be liable for the civil liability ofthe company and you should seek professional advice for more information.

It depends. While every company must have a secretary, only a public company is required to appoint a secretary (or each secretary if more than one is appointed) who has the prescribed professional qualifications as set out in section 171 of theCompanies Act (examples of these are persons who are lawyers, public accountants etc.) For all other companies, the directors need only appoint a secretary who appears to them “to have the requisite knowledge and experience to discharge the functions ofa company”. For more information, please refer to section 171 of the Companies Act.

FAQs on e-Services Authorisation System (EASY)

  1. EASY is a self-service on-line update facility provided by the government as part of the e-Government initiative. This service enables you to have the flexibility and control over your staff who can access, update and perform e-transaction with the Government on your behalf. You no longer need to write to the various government agencies to apply for change of authorisation access of your staff. You can also authorise a third party to perform e-transaction on your behalf. Similarly, appointed third parties can use this service to authorise their staff to transact on behalf of the clients.Click here for more FAQs related to EASY
  2. It is an unique 8-digit alphanumeric Access Code issued to organisations to authorise their staff or third party to access government e-Services on their behalf via EASY.Click here for more FAQs related to e-Service Access Code
  3. SingPass stands for “Singapore Personal Access”. It is an alphanumeric password of between 8 to 24 characters. It is your common password to transact with different Government online services.

    For Singapore Citizens & Permanent Residents, your SingPass ID is your NRIC number (e.g. S1234567X) or CPFB unique account number (e.g. SA123456Z).

    For Personalised Employment/Employment/Dependant/S-Pass & Work Permit holders, your SingPass ID will be your Foreign Identification Number (FIN) e.g. F1234567X or G1234567Z.Click here for more FAQs related to SingPass and IRAS PIN

  4. You can refer to the list of e-Services which deploy EASY. For more information on the authorisation of the different e-services, please refer to the user guide which is available at the top right hand corner of the EASY website.Click here for more FAQs related to Authorise Staff/ Third Party for government e-Services
  5. Please read the user guide on how to view/Edit/Delete Records for clients.

    Please read the user guide on how to revoke ALL authorizations granted to my staff.Click here for more FAQs related to View/Edit Authorised Staff/ Third Party records for government e-services

  6. The <View Change History> shows all updates/authorisations made by the organisation within one year from the current date. It displays the date/time of change, the Authorised Staff / Third Party Organisation Name and ID, the type of changes made and the Name of the User who made the changes. To view, click on View Change History at <Main Menu> screen.
    Please read the user guide on how to view Change History.
  7. The service allows you to receive SMS alerts instantaneously whenever there are any changes to authorised staff records in EASY.Click here for more FAQs related to EASY-SMS Alert Service
  8. SAID/ SID (Staff Administrative ID/ Staff ID) are system generated identification numbers issued to large tax agent firms to manage their clients’ tax matters through EASY. It can only be used for IRAS’ e-Services. The Staff ID (SID) allows tax agent firm to authorise or link groups of clients to the SID in place of a staff NRIC/ FIN/ ASGD. The person(s) holding the SID and its password can then access the myTax Portal to perform e-Services on behalf of the clients that are tied to the SID. The Staff Administration ID (SAID) allows the holder to request for the Staff ID (SID) as well as reset or suspend the SID password. It performs a function similar to that of an EASY Administrator (person holding the Access Code) but manages only the tax agent client’s tax matters. This system removes the need to authorise/ re-authorise new staff in the Tax Agent firm to act for its clients for reasons such as staff resignation or staff movement. The SID password can be changed by tax agent firm’s Administrator holding the SAID, without affecting the authorisation of clients that are tied to the SID. Click here for more FAQs related to Staff Administrative ID (SAID) or Staff ID (SID) – For tax agents

See all the company related FAQs from ACRA
See all the company related FAQs from IRAS