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Case study How to avoid Enforcement action by ACRA

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Case study How to avoid Enforcement action by ACRA

  1. 1. HOW TO AVOID FACING ENFORCEMENT ACTION BY ACRA -List of Statutory need to comply -List of Option if NOT able to comply -What is Composition Fine, Prosecution Action, Debarment Regime
  2. 2. IS YOUR OBLIGATION TO COMPLY WITH THE FOLLOWING : SECTION NEED TO COMPLY 201 Up to date financial statement must be presenting at the AGM 175 AGM must be held in within 15 months from the last AGM date OR 18 months from the date of Incorporation 197 Company must lodge annual return with ACRA within 30 days from the date of Annual General Meeting
  3. 3. LIST OF OPTION IF NOT ABLE TO COMPLY A) APPLY STRIKE OFF WITH ACRA Criteria need to comply with : *Obtain Consent from all shareholder *Company had ceased operation ⃰ NO outstanding amount ⃰⃰ NO liabilities *NO involvement in any legal proceeding inside or outside Singapore
  4. 4. LIST OF OPTION IF NOT ABLE TO COMPLY B) ATTEND DIRECTORS COMPLIANCE PROGRAMME (DCP) • A copy of letter will address to director *Offered to 1st time offenders ONLY * Extension of time will be granted after attended the Program
  5. 5. NO ACTION TAKEN ? THEN PREPARE FOR THE FOLLOWING *COMPOSITION FINE *PROSECUTION *DEBARMENT
  6. 6. NO ACTION TAKEN + PAY COMPOSITION Statutory Act was not complied Before Court summons issued After Court Summons issued After warrant of Arrest issued for failing to attend court Amount Payable S175 S$300 S$600 S$900 Up to S$900 per breach S197 S$300 S$600 S$900 Up to S$900 per breach
  7. 7. PAY LATE FILING Statutory Act was not complied Nature of Amount Amount Payable S175 Composition sum S$300 per breach S197 Late filing penalty S$300 per late filing S201 Composition sum S$300 per beach
  8. 8. PROSECUTION ACTION TAKEN Court Summon will be issue with the following FINES Statutory Act was breached Court Fines Payable S175, Not holding AGM Up to S$5,000 S197 Not filing AR Up to S$5,000 NO ACTION TAKEN
  9. 9. NO ACTION TAKEN Company director will be DEBAR from taking on NEW appointment as company officer of other companies DEBARMENT OF DIRECTOR

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