Singapore is one of the most convenient places in the world to set up a company. If all the documentation is complete, a company can be set up in less than a day. Once a company is set up, the responsibility is placed on the directors to adhere to the constitution of the company and the Companies Act. These two documents essentially lay out the rules and regulations of how certain matters should be handled. Not adhering to these rules and regulations may land company directors in trouble with the Accounting and Corporate Regulatory Authority (ACRA). ACRA is the organisation that regulates companies in Singapore.