Change of Company Officers in Singapore

All You Need to Know About Change of Officers and their Particulars in Singapore

While registering a company, there are several statutory requirements that businesses must comply with to successfully incorporate a company and make a change of company officers in Singapore during the subsequent process of company operation.

You must notify ACRA if you appoint/remove a director, a company secretary, or an auditor. The company should provide the key details about the employee including the appointment and cessation date wherever applicable. You may find it tedious and time-consuming to address all the mandatory requirements of such changes and usually find it necessary to seek help from an external company secretarial services in Singapore.

Singapore Company Officers

A Singapore company officer is defined as a high-level management official hired by the board of directors or the owner of a business. Officers can be shareholders or directors of your company or both and they include the president, vice president, secretary, financial officer or chief executive officer (CEO), and many others depending on the specific industry.

In the course of carrying out your business operations, you might find it necessary to make a change of company officers in Singapore as you may like to appoint new key personnel or an auditor for your company.

The Personal Particulars of Singapore Company Officers

Name, Nationality, Identification type, Identification number, contact number, Email Address, Residential Address, and Alternate Address are the personal particulars needing timely update during a change of company officers in Singapore.

The Process of Changing the Personal Particulars of Singapore Company Officers

Any changes to your company’s legal structure including change of officers in Singapore, which includes the personal particulars of Singapore company officers must be filed with ACRA within 14 days of such change as the changes are timely updated in the records of the ACRA.

All local, as well as foreign companies, must compulsorily update their particulars by filing them via BizFile using CorpPass.

To update these changes, you must visit https://www.bizfile.gov.sg > File eServices > Local Company > Make Changes > Change in Personal Particulars of Company Officers.

Cost to Change Personal Particulars of Singapore Company Officers

There is no fee to update records arising out of a change of company officers in Singapore but there is a penalty of up to SGD 350 for late filing.

Furthermore, company officers pay SGD 40 when applying for an alternate address to be used which must be within the same jurisdiction as their residential address where the officer can be contacted. ACRA prohibits the use of P.O. Box addresses.

Removal of Directors

Removal of Directors vide section 152(9) Companies Act (CA)depends on the company’s constitution. Generally for private companies and subject to the company’s constitution, directors can be removed by the passing of an ordinary resolution with more than 50 percent of the shareholders’ vote in favor of removal at a general meeting.

The shareholders must give at least 14 days’ written notice although the requirement may be waived off if agreed by more than 95 percent votes.

In the case of public companies, section 152 of the CA provides that shareholders may by ordinary resolution remove a director before the expiration of their period of office if voted by more than 50 percent of the shareholders. When the shareholders call a general meeting to initiate the process of removal, special notice must be served 28 days before the meeting and if not practicable at least 14 days before.

As per section 152(1) of the CA, until a successor is appointed, the removal of the director shall not take effect.

Takeaway

Any change of officers in Singapore appointed to safeguard the interests of corporate governance and/or shareholders’ interests must be done following Singapore CA.

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