Appointment/ Cessation Of Company Officers And Auditors
For companies incorporated in Singapore, the appointment of directors and auditors is key to the smooth running of most operations because they are the key company officers according to ACRA.
According to the Companies Act (CA), every company in Singapore must have at least one director who is responsible for managing the affairs of the company and providing it with direction.
The Companies Act also lays out requirements relating to several aspects of company audits including the appointment of auditors.
Why Should You Appoint A Company Director?
Your Company's directors, along with the corporate secretary are legally responsible for:
- Overseeing Annual General Meetings (AGMs);
- Filing Annual Returns to Accounting Compliance Regulatory Authority (ACRA);
- Submitting corporate taxation returns to Inland Revenue Authority of Singapore (IRAS).
The Singapore Government maintains that the director is the one to be held accountable to all statutory requirements. Failure to comply with the statutory compliance is an offence that results in fines, penalty and prosecution.
ACRA states that a director must make decisions objectively, act in the best interest of the company, avoid conflicts of interest, and be honest and diligent in carrying out his duties.
