|
Q：
|
What is a Section 386AIA Notice?
|
|
Q：
|
It is a mandatory annual verification notice issued by a company under the Companies Act. Its purpose is to confirm if an individual or entity is still a registrable controller and if their particulars in the register remain correct and complete.
|
|
Q：
|
Why has the company issued this notice to me?
|
|
Q：
|
Under the Companies Act, companies are legally required to ensure the information in the RORC is up-to-date and correct. This notice must be sent to each registrable controller at least once a year to verify their details and maintain compliance with ACRA regulations.
|
|
Q：
|
Am I legally required to respond to this notice?
|
|
Q：
|
Yes. The addressee of the notice must comply within 30 days from the date of the notice. The person named in the notice must respond, even if they are not a controller.
|
|
Q：
|
What information am I
required to verify or confirm?
|
|
A：
|
You must confirm:
-
If you are still a registrable controller of the company;
-
If a "relevant change" has occurred (i.e., you ceased to be a controller, or your particulars have changed);
-
If the particulars held by the company (e.g., name, address, nationality) are correct.
Even if there are no changes to your details, you must still confirm that the information remains unchanged to meet compliance requirements.
|
|
Q：
|
What are the implications of failing to respond to the notice?
|
|
A：
|
The consequences are defined by law:
For the controller: Failure to respond may, upon conviction, result in a fine not exceeding $25,000.
For the company and its officers: Failure to send annual verification notices may, upon conviction, result in a fine not exceeding $25,000.
|
SOALAN LAZIM
