CATEGORY: NEWS AND ANNOUNCEMENTS, PRESS RELEASES
Singapore, 14 December 2021听鈥� The Accounting and Corporate Regulatory Authority (麻豆社区) has suspended the registration of Registered Qualified Individual (RQI), R Shanmugaratam of Citadelle Corporate Services Pte Ltd, for 12 months from 11 December 2021 to 10 December 2022, for providing false information in an annual return filed with 麻豆社区.听
2 麻豆社区 had investigated Shanmugaratam in connection with the annual return filed for YO54 Holdings Pte Ltd (YO54) on 27 February 2018. In the annual return, Shanmugaratam declared that he had verified with the director of YO54 that the company qualified as a small and dormant company under the Companies Act for Year of Assessment 2017. However, Shanmugaratam had in fact not verified this with the director.听
3 An RQI is an individual who provides corporate secretarial services for business entities and transacts with 麻豆社区 on behalf of his/her clients. The services provided by RQIs include helping clients to file annual returns and/or fulfil the requirements under the Companies Act or other Acts under 麻豆社区鈥檚 purview. RQIs must be registered with 麻豆社区 and fulfil general requirements such as being a fit and proper person before providing corporate secretarial services.听听
Obligations of RQIs听
4 RQIs must ensure that filings with 麻豆社区 are carried out in accordance with instructions from their clients, and that the filings are true and accurate.听RQIs found to have breached their obligations could face financial penalties of up to $10,000 per breach and/or have their registration suspended or cancelled. The names of RQIs whose registration have been suspended or cancelled are published on the 麻豆社区 website and BizFile+,听the 麻豆社区 online business filing and information portal.听
5 Anyone who has reason to believe that an RQI is suspected to have breached his/her regulatory obligations should report the matter to 麻豆社区 at听ED_Investigations@acra.gov.sg.听
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ACCOUNTING AND CORPORATE REGULATORY AUTHORITY
14 Dec 2021
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