ACRA Terminates Qualified Persons and Filing Agent Registration Due to Regulatory Violations

  • March 24, 2023


  1. The Accounting and Corporate Regulatory Authority (ACRA) cancelled the registrations of a qualified individual (RQI) Liang Jiansen and filing agent (RFA) Yuansen Business Pte. Ltd. (YBPL), for breaches of the ACRA (Filing Agents and Qualified Individuals) Regulations 2015. This follows an investigation by ACRA where it was uncovered that both Liang and YBPL had submitted false annual filings to ACRA for multiple years.
  2. Liang had committed a false filing with ACRA, claiming that his then-employee had been appointed as a director of Roto Textile Pte. Ltd. However, this was not the case, and the employee had no knowledge nor consented to the appointment. ACRA prosecuted Liang for the false filing offence under section 401 (2A)(a) of the Companies Act. On 9 January 2023, he pleaded guilty and was fined S$10,000. Under the Companies Act, any person who makes a false filing may be fined up to S$50,000 or imprisoned for up to 2 years or both.
  3. Liang was the RQI in YBPL. In committing the false filing offense, Liang had breached his statutory obligations as an RQI. At the same time, as Liang was also the sole director and shareholder of YBPL, YBPL had violated its statutory obligations by allowing such false filing to be carried out. As a result of these breaches, ACRA cancelled both the registrations of Liang as RQI and YBRL as RFA.
  4. ACRA is committed to maintaining the accuracy of the information filed with it. This case was aggravated by Liang’s abuse of his authority as an employer, by misusing his employee’s details. He had acted dishonestly in his capacity as an RQI and an RFA.
  5. RQIs and RFAs are responsible for ensuring that their clients’ filings with ACRA are carried out correctly and that the information provided is accurate. If they fail to meet these obligations, they may be fined up to $10,000 or $25,000 per breach or have their registration with ACRA suspended or cancelled.

Obligations of RQIs and RFAs

6. Under the Companies Act, an RQI provides corporate secretarial service to business entities, such as helping them file annual returns and update company information. An RFA is a business entity that provides such services. QIs and FAs must be registered with ACRA and fulfill general requirements such as being fit and proper persons before they can be registered. The names of RQIs and RFAs whose registrations have been suspended or cancelled are published on ACRA website and BizFile+, the ACRA’s online business filing and information portal.

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