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10 travel agencies suspended over failure to submit audited accounts, business profile returns

The Singapore Tourism Board (STB) has suspended the licences of 10 travel agencies on Tuesday (Dec 16) over their failure to submit necessary documents within six months after the close of their financial year.

Under the Travel Agents Act, licenced agencies must submit their auditor-certified financial statements to STB each year, within six months of the close of the licensee's financial year.

STB said the 10 agencies have failed to submit their audited statement of account and/or their annual business profile returns.

The annual business profile return is an electronic form lodged with the Accounting and Corporate Regulatory Authority that contains particulars of the company such as the name of its directors, secretary, members, and the date to which the financial statements of the company are up to.

The 10 travel agencies are:

ASAP International Travel Pte Ltd
Asiagoodlife Pte Ltd
Betel Box Asia Pte Ltd
Fox Brothers Travel Pte Ltd
Go City Pass Asia Pte Limited
Gululu Pte Ltd
Hotelux Pte Ltd
Huamei Holidays Pte Ltd
Native Inc Pte Ltd
Rayna Tours Pte Ltd

In a statement on Dec 17, STB said that the suspensions will remain in effect until the documentations are submitted, or for up to six months, whichever is earlier.

The agencies will still be required to fulfil their existing obligations to customers but will not be allowed to accept new travel bookings.

STB also warned licensed travel agencies that it takes a serious view against errant travel agents and will not hesitate to take necessary actions to protect the reputation of Singapore's travel industry.

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FAQ

1.What does STB warn licensed travel agencies about?

STB warns that it takes a serious view against errant travel agents and will take necessary actions to protect the reputation of Singapore's travel industry.

2.How long will the suspensions remain in effect?

The suspensions will remain in effect until the required documentations are submitted, or for up to six months, whichever is earlier.

3.What happens to the suspended agencies regarding new travel bookings?

The suspended agencies are not allowed to accept new travel bookings but are still required to fulfill their existing obligations to customers.

4.What is required from licensed travel agencies under the Travel Agents Act?

Licensed travel agencies must submit their auditor-certified financial statements to the Singapore Tourism Board (STB) each year, within six months of the close of their financial year.

5.Why were the licenses of the 10 travel agencies suspended?

The licenses were suspended due to their failure to submit necessary documents, specifically auditor-certified financial statements, within six months after the close of their financial year.

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