Electronic Register of Members (eROM)
The Electronic Register of Members was implemented and made effective on 3 January 2016. It allows changes to be made electronically related to share ownership and shareholders’ particulars. Companies need to update Accounting and Corporate Regulatory Authority (ACRA) via BizFile+ by submitting the relevant transaction.
However, this implementation does not cover all companies but only private companies in Singapore. While the share details of all companies incorporated on or after 3 January 2016 would be recorded automatically, companies incorporated before 3 January 2016 had to update the details of all the share transactions.
It should be noted that eROM displays the member details of only a non-gazetted exempt private company incorporated in Singapore. And eRom aims to ensure there is a seamless and easy way for individuals to file changes on share-related transactions. Only the Directors, Chief Executive Officer, Secretary, Auditor and Members are allowed access to the ROM for a gazetted exempt private company.
Details Included in eROM.
- Currency – Stated the currency type accustomed to the company.
- Class of Shares – This refers to the type of share issued such as Ordinary, Preference, and Other types.
- Sub-Class of Share – This is a sub-category within the bounds of the same class. E.g. Class A Ordinary Shares, Class B Ordinary Shares, etc. This is due to the distinct voting and dividend rights.
- No. of Shares held (Sub-Class) and Amt. Of Issued Share Capital – This refers to the number of shares and the specific amount for the shared capital. You need to input the correct details.
- Shareholders Details – This includes names, ID No. or UEN, and other details of shares co-owned by two or more persons. Joint holders of shares are mentioned under the same group, denoted with a specific alphabet assigned to them.
- Shares held in Trust – This is to include whether there is an available share held in trust for an individual or cooperation (Optional).
- Name of Trust – The details of the beneficiary to the trust being held (Optional).
- Date entered as a member and Date ceased as a member – Date on which the shares were allotted or transferred to the shareholder on ACRA.
eROM does not contain the share certificate information, and it might get challenging to keep track of the share certificated issued by your company and their corresponding numbers.
The way eROM works, once there is an occurrence that would need the company to update the register of members’ information, it should be done concurrently—information such as transfer of shares and share buyback by the company inclusive.