A person who wishes to be registered as a qualified individual will need to be one of the following:
- An advocate and solicitor;
- A public accountant registered under the Accountants Act;
- A member of the Institute of Singapore Chartered Accountants;
- A member of the Association of International Accountants (Singapore Branch);
- A member of the Institute of Company Accountants, Singapore;
- A member of the Chartered Secretaries Institute of Singapore; or
- a corporate secretarial agent; i.e. a person who is carrying on the business of providing corporate secretarial services for one or more companies and has been doing so for at least 3 years in the preceding 5 years; and has been a secretary of a company for at least 3 years in the preceding 5 years.
Other requirements to be satisfied before a person may be registered or renewed as a qualified individual
ACRA may reject an application in the following circumstances:
- If the person has been convicted (whether in Singapore or elsewhere) of any offence involving fraud or dishonesty punishable with imprisonment for 3 months or more;
- If he is an undischarged bankrupt, whether in Singapore or elsewhere, or
- ACRA is otherwise not satisfied that the person he is a fit and proper person to be so registered.
In addition, ACRA shall reject an application if the person’s previous registration as a registered qualified individual had been cancelled as a sanction imposed by ACRA because of either a breach of a term or condition of registration, or a failure to pay a financial penalty imposed because of a breach of such a term or condition, and less than 2 years has elapsed since the date on which the registration was cancelled.
Legal Obligations of a registered qualified individual
From the time of registration or renewal, a registered qualified individual will be required to comply with the legal obligations contained in:
Part VIA of the ACRA (Amendment) Act;
- The ACRA (Filing Agents and Qualified Individuals) Regulations 2015, including the terms and conditions of registration contained in the Second Schedule of the Regulations; and
- Breach of these terms and conditions may subject the qualified individual to sanctions imposed by ACRA under Part VIA of the ACRA (Amendment) Act. These sanctions are: cancellation or suspension of registration, restriction of use of the electronic transaction system, financial penalties to $10,000 per breach, and censure.