Jan/Feb 2022 Issue of ACRAConnect

Ask Ada

Renew or cease your business registration via the chat interface with ACRA’s new digital assistant, Ada. With Ada, the first digital assistant to be enabled with Corppass authentication, you can now renew your business registration without having to login to BizFile⁺. Ada can also answer your queries on matters relating to sole-proprietorships and partnerships and offer advice on ACRA’s business information products.

Updated Guidance on the Conduct of General Meetings

Shareholders of companies listed on the Singapore Exchange Main Board or Catalist can look forward to having their queries answered before the general meeting and lodgement of proxy forms. According to the updated Guidance on the Conduct of General Meetings under the COVID-19 (Temporary Measures) (Alternative Arrangements for Meetings) Orders, issuers that do not utilise both real-time electronic voting and real-time electronic communication at their general meetings must organise a virtual information session for certain corporate actions and publicly address all substantial and relevant questions received from shareholders within the stipulated period before the closing time for the lodgement of the proxy forms.

Strengthening financial reporting

ACRA Chief Executive Mr Ong Khiaw Hong has urged companies to review their internal processes to improve the quality of financial statements. According to study commissioned by ACRA, auditors had proposed over S$79 billion of audit adjustments between 2018 and 2020. About $67 billion or 85% of these proposed adjustments were primarily to correct factual or misclassification errors. This highlights the need for companies to review the financial reporting process and controls. Companies should also consider investing in digital solutions and automation of financial processes to minimise errors and improve the efficiency of financial year-end reporting processes.

Find out more in the press release

Helping Businesses Start Fast and Start Right

Aspiring entrepreneurs can now register a sole-proprietorship or partnership with ACRA through the GoBusiness platform and stay updated on the status of their business registration via the new GoBusiness Dashboard.

ACRA, in partnership with the Ministry of Trade and Industry, the Smart Nation and Digital Government Office (SNDGO) and GovTech has launched the new e-service on GoBusiness to make it easier for new businesses to complete their business registration journey.

ACRA's e-Newsletter for professional stakeholders

This e-newsletter is intended for general information only and should not be treated as a substitute for specific professional advice for any particular situation. While we endeavour to ensure the contents are correct to the best of our knowledge and belief at the time of writing, we do not warrant their accuracy or completeness nor accept any responsibility for any loss or damage arising from any reliance on them.

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