ACRA launched its first handbook for directors titled “ACRA & I – Being an Effective Director” on 28 July 2011. The handbook is written for new or aspiring directors to better understand their responsibilities and duties. It also serves as a practical hands-on guide for these directors on the know-how in performing their statutory duties and meeting their legal and compliance requirements. The director’s handbook is launched as a part of ACRA’s suite of initiatives in the promotion of voluntary compliance among companies.
Written from a regulator’s perspective and in a style that is easy to read, the handbook is based on ACRA’s past experiences and dealings with directors in default. The handbook provides information such as the requirements of directors, common statutory requirements under the Companies Act, passing of resolutions, capital maintenance, fiduciary duties, striking off a company and many more. Real examples of non-compliance by directors and companies and the lessons learnt are also featured in the handbook, so as to serve as useful reference points for directors and professional advisers of companies.
In addition, the handbook addresses offences commonly committed and enforced by ACRA which many directors of small and medium-sized companies may not be aware of. To assist these in compliance, the handbook also offers step-by-step guides for electronic form filings done online via Bizfile (ACRA’s one-stop business services portal), such as the Filing of Annual Return and common forms used by directors for example, directors’ resolution.
ACRA & I: Being an Effective Director is available for download for free. The handbook may take a few minutes to download, depending on the speed of your Internet connection. For those who prefer a hardcopy for handy reference, the handbook is also available for sale at $15 (inclusive of GST) at ACRA’s office at 10 Anson Road, #05-01/15, International Plaza. The modes of payment accepted are cash and NETS.
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