One of the legislative changes to the Companies Act is that ACRA will maintain the Registers of Members for private companies in electronic form (EROM) from 3 Jan 2016. Companies will need to update shareholder information that will be recorded in the EROM.
Extension of time for private companies to update shareholder information
In December 2015, ACRA announced that as this will be the first time current private companies will be updating their EROM, companies would be given up to 6 months to update their shareholder information, unless their annual return filing due date falls before 3 Jul 2016.
Further extension of time for private companies to update shareholder information
Taking into account feedback from companies, private companies with annual filing dates after 4 July 2016 but before 3 Jan 2017 will now be given more time. They will now be required to update their shareholder information, by the time of the filing of the annual return, instead of by 4 Jul 2016
Companies that have yet to update shareholder information with ACRA will not be able to file Annual Returns (effective 3 Jan 2017)
Please note that private companies that have yet to update the shareholder information by 3 Jan 2017 will not be able to file their annual returns for FY 2016 via BizFile+, until the EROM has been updated. We urge companies to update their shareholder information as soon as possible to avoid causing any delay in the filing of their annual returns.
Update as of 19 Dec 2016
Key steps to note when updating EROM:
-
Use the "Notice to Update Paid Up Share Capital" form - no fee charged
Current private companies should use the “Notice to Update Paid Up Share Capital” form in BizFile+ for updating of shareholders information, which can be filed free of charge. Once this form has been filed, the information provided will be recorded in the EROM. These companies may then continue to update the EROM as and when changes happen, without a fee. Please refer to the e-guide below for step-by-step instruction on filing the "Notice to Update Paid Up Share Capital".
Access to EROM
With effect from 3 Jan 2017, members of the public who wish to access the EROM of companies that have updated their shareholder information may purchase a copy of the EROM from ACRA iShop at a fee of $20.Members of public will not be able to access EROMs that have not been updated by the companies
For companies that have updated the EROM, ACRA will waive the $20 fees for company officers and its members so that they can access the EROM free of charge. To enjoy the fee waiver, company officers and its members must login to BizFile+ with their SingPass before purchasing the company's EROM from ACRA iShop.
Resources
-act-2014/erom.png "EROM")