In Singapore, the Accounting and Corporate Regulatory Authority of Singapore (ACRA) is responsible for the registration of business entities. ✅ Exceptional Customer Service – We go the extra mile to ensure your satisfaction, making us a trusted partner for businesses. As a Singapore businessperson, you need to interact with BizFile regularly. Here is a list of essential activities you or your company securities and exchange commission secretary can perform using the BizFile platform.
Who Needs To Register With ACRA?
The introduction of the BizFile+ system makes it so much easier for businesses in Singapore to submit their information to ACRA. There is plenty of information available on the website to help you get started in using the system. It’s important to both you and your business that you comply with the filing requirements set down by the Companies Act and enforced by ACRA. ACRA has some statutory requirements of documents to file and things it needs companies to do every year to remain compliant. This applies to all legal structures of businesses be it Sole Proprietorship, Limited Liability Partnership, Private Limited companies etc.
Singapore Registrar how many hours should i study for the cpa exam of Companies (ROC) and ACRA are used interchangeably for the same entity. The merger of the Registry of Companies and Businesses with the Public Accountants’ Board in 2004 resulted in the formation of ACRA. If your company name violates ACRA rules or is already used, you might be refused to register a company under your chosen name.
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They will have to choose their business structure and take the necessary steps to register their business with ACRA. Сontact us if you have any additional questions about ACRA or if you require assistance with incorporation or managing a company in Singapore. We have also created a tool to check your future company’s name availability easily and quickly.
An ACRA Business Profile is valid as of the date of issuance and for a period of 14 days from the date of issuance. ✅ Expertise – Our skilled team boasts years of experience in the field, ensuring your business is in the safest hands. Some industries may even require the BizFile as part of acquiring licenses. For example, some licenses required to start a food beverage business in Singapore will have you submitting your BizFile.
What Documents Does ACRA Issue Upon Company Registration?
- Before the launch of BizFile in 2004, a business owner was personally required to go to the ROC to fill out and submit form(s) for any corporate actions of a company.
- In Singapore, the responsible government body for this is Accounting and Corporate Regulatory Authority (ACRA).
- The ACRA Act provides for ACRA to disclose personal data in discharging its functions.
- The introduction of the BizFile+ system makes it so much easier for businesses in Singapore to submit their information to ACRA.
The documents required for filing the Annual returns are the company’s financial statements and the latest information about the company, such as the details of company directors and shareholders. In 2016, to incorporate the growing number of transactions and improve the processing time, BizFile was redesigned to create an upgraded platform, BizFile+. Today, thanks to BizFile+, businesses can access around 400 services electronically.
As a result, your company will accrue a late fee between S$50 and S$350. Not only this, your company might accrue a fine of up to S$5,000 for its failure to notify the ACRA. There may also be an additional default penalty for the company and its officers. The paperless system makes information retrieval more convenient and efficient. On top of it, the online portal is a secure and flexible system, which can handle any simple to complex tasks. Every company conducting business in Singapore needs to register with ACRA.
What are the benefits of using ACRA BizFile?
It contains essential information such as the entity’s registered name, Unique Entity Number (UEN), registered address, business activities, and information about its directors and shareholders. The Business Profile serves as an official record and is commonly used for due diligence, business verification, and other legal or commercial purposes. The company is required to submit the annual returns through BizFile within 30 days after AGM to avoid penalties. An extension can be granted if the companies cannot submit the returns within 30 days, but continuous failure to do so can result in hefty fines. Though these are the general guidelines, certain companies can submit the returns without conducting the Annual General Meeting. BizFile+, formerly known as Bizfile was introduced in 2004 as an online portal for businesses to use in uploading, storing, and retrieving business data for companies in Singapore.
It is similar to the registrar of companies that you might have in your country. If you are planning to incorporate your company in Singapore, you likely will have questions about ACRA. In this article, we have combined the most common frequently asked questions about this regulatory authority and provided answers. Most of the information lodged with ACRA via BizFile+, ACRA’s online registry system, can be accessed by the public upon payment of is common stock an asset a fee. Some of the information can also be obtained from ACRA’s authorised Information Service Providers (ISPs). With Piloto Asia, you’re not just hiring a company secretary, you’re gaining a reliable partner committed to your business’s success.