The RCB, a department under MOF, oversees the formation of companies and businesses in Singapore, and maintains a repository of corporate records and business information. The PAB, a statutory board under MOF, registers and regulates public accountants in Singapore. Details of both agencies are at Annex A.

The merger brings together two agencies with regulatory oversight of businesses, one to assure compliance with the laws for companies and businesses, and the other to assure professional standards in the audit of company accounts. The recent enhancements to Singapore’s corporate regulatory and governance framework means more effort to monitor the observance of business regulations, simplification of rules as much as possible to facilitate business, helping companies to comply with the code of governance, and enforcing compliance with the prescribed accounting standards. Merging the two agencies will create synergies in the oversight of businesses and greater responsiveness to their needs.

The new statutory board will work closely with other Government agencies such as the Attorney-General’s Chambers, the Monetary Authority of Singapore and the Commercial Affairs Department, as well as professional organisations such as the Law Society, the Institute of Certified Public Accountants of Singapore and the Singapore Association of the Institute of Chartered Secretaries and Administrators, to maintain standards and help companies adopt good practices in corporate governance. It will support the Council on Corporate Disclosure and Governance.

The implementation details for the merger are being worked out by a team led by MOF.

For media queries, please contact:

Mr Chee Hong Tat

Head (Regulatory Services), MOF

Tel: 6332 7373

Email: Chee_Hong_Tat@mof.gov.sg

Annex B: Pen Picture of Chief Executive (designate)

~ END~

The Registry of Companies and Businesses (RCB) is a government department that administers the Business Registration Act (BR Act), the Companies Act (CA), and the Trust Companies Act. RCB regulates the formation of business firms and companies. It is also a centre of information where one may obtain registered particulars of corporate and business entities.

The mission of RCB is to cultivate a conducive and dynamic corporate and business regulatory environment by:

• being a business partner to the business community through the provision of an efficient, innovative and user-friendly system that caters to the registration and continual disclosure requirements of corporate and business entities;
• facilitating business development through the provision of timely, accurate and value-added information on registered corporate and business entities in Singapore;
• promoting and providing a comprehensive system to facilitate, encourage and ensure compliance of the requirements under CA and BR Act; and
• facilitating the development of an effective, up-to-date and conducive legal regime for corporate and business entities.

The Registrar of RCB is Ms Juthika Ramanathan. The current staff strength of RCB is 89.

The core activities of RCB are:

• To regulate the formation of business firms and companies, and ensure their compliance with the requirements under the CA and the BR Act;
• To register documents, notices and returns filed by business firms and companies;
• To create a business-friendly environment for corporate and business entities in Singapore; and
• As a central information hub of all registered corporate and business entities in Singapore.

The Public Accountants Board (PAB) is a statutory board under the Ministry of Finance that administers the Accountants Act and regulates public accountants in Singapore.

The mission of PAB is to ensure that the highest standards of professional practice and conduct are maintained by public accountants in Singapore.

The Chairman of PAB is Mr Koh Cher Siang, who is also Commissioner of the Inland Revenue Authority of Singapore. The Registrar is Ms Ong Beng Kim. There are seven staff members in PAB.

The main functions of PAB are as follows:-

• To control and regulate the practice of the profession of accountancy by public accountants and accounting corporations;
• To register public accountants;
• To keep and maintain a Register of Public Accountants and a Register of Public Accounting Corporations;
• To determine the qualifications of persons for registration as public accountants;
• To approve applications for companies or proposed companies to be accounting corporations and to regulate such companies which provide public accountancy services in Singapore;

• To discourage dishonourable conduct and practices by public accountants and for this purpose hold inquiries into the conduct of public accountants;
• To prescribe the standards, methods and procedures to be followed by public accountants when doing any work in the course of their profession; and
• To ascertain whether public accountants adhere to professional standards.