What is the Directors Compliance Programme?
The Directors Compliance Programme (DCP) is an initiative by Accounting and Corporate Regulatory Authority (ACRA) in response to finding that finding many directors are unaware of what is statutorily required under the Companies Act and their responsibilities.
The programme consists of one half-day session that covers topics which are essential and of direct relevance to directors of companies in Singapore. These include fiduciary and statutory duties, penalties for non-compliance, and the various administrative requirements under the Companies Act.
Why have I been asked to attend the Directors Compliance Programme?
If ACRA has sent a letter stating that you are required to attend the DCP (the “Letter”), it is because you have not fulfilled your statutory obligations of:
- conducting an Annual General Meeting (AGM) within 15 months from end of your last financial year (18 months from the date of incorporation in the case of a new company); and/or
- filling your company’s annual returns,
- and you have never been prosecuted by ACRA previously.
Significance of the Directors Compliance Programme
Your attendance at the DCP is compulsory and failure to attend will result in you facing financial penalties for the default of your statutory obligations.
Directors who attend and complete the DCP will be given an extension of 60 days to hold their AGMs, lay their accounts at the AGMs and file their annual returns without having to pay any late filing penalty.
However, you may still face the financial penalties for your default(s) if you fail to make the rectifications necessary for compliance within the extended 60-day period.
What are my available options?
Option 1: Attend the DCP
- Select the session that you are able to attend and register before the deadline stipulated in the Letter. Please contact ACRA at firstname.lastname@example.org(if you have any questions or issues with regarding registration.
- Pay the S$250 registration fee that includes Goods and Services Tax (GST), course materials and light refreshments. Note that the DCP does not qualify for Singapore Workforce Development Agency disbursement.
- Attend the session in person (representatives are not allowed) and make sure you arrive punctually – you will be deemed absent if you arrive more than an hour late from the registration time for the session you have selected.
Option 2: Make sure you have complied with your statutory obligations and proceed to notify ACRA
You may contact ACRA at email@example.com for any questions or issues pertaining to enforcement.
In cases where you have fulfilled your statutory obligations within the statutory time limits and the Letter was mistakenly sent to you, ACRA will not require you to attend the DCP and no financial penalties will be imposed against you.
In cases where you only complied with your statutory obligations between the time you received the Letter and before the deadline for registration, ACRA will consider the individual circumstances of your case when deciding whether you are still required to attend the DCP.
If they decide that your attendance is not required, then that is the end of the matter. If they decide otherwise, please refer to the steps under Option 1.
Option 3: Striking off your company
Attendance at the DCP is not required under such circumstances. However, the striking off application must be made by the due date stipulated in the notification letter inviting the director to the DCP and subject to ACRA’s approval.
More information on the striking off procedure can be found on ACRA’s website and you may contact ACRA at firstname.lastname@example.org if you remain unsure of how your striking off application will impact the requirement for your attendance at the Directors Compliance Programme.