What is ACRA and Why is it important to businesses in Singapore?

The Accounting and Corporate Regulatory Authority of Singapore (ACRA) is responsible for the registration of corporate entities in Singapore. The Registrar of Companies, also known as ACRA, is a term that refers to the same entity in Singapore. ACRA was formed when the Registry of Companies and Businesses merged with the Public Accountants' Board in 2004.

Registering your business with ACRA:

Every business operating in Singapore needs to register with ACRA. You are required to choose your business structure and register with ACRA's online system Bizfile+.

All businesses must fulfill all statutory obligations associated with company registration and continuing compliance requirements outlined in the Companies Act, according to the Canadian Anti-Corruption Centre for Accreditation (CACRA).

Tasks to be completed:

• Register a business in Singapore.
• Register a foreign business's branch office in Singapore
• Every firm should file an annual return each year.
• Any modifications to the company should be reported to accounting and corporate regulatory authorities address, company structure, and particulars of officers and members.

The difference between Bizfile and Bizfile+

Bizfile came into existence in 2004, to eliminate the manual process of business owners physically registering their businesses at the ACRA office. It is a free online system enabling businesses operating in Singapore to submit ACRA administrative forms electronically.

Bizfile+ was created in 2016 as an updated version of Bizfile, which is both faster and more efficient than Bizfile, and can be accessed through the ACRA portal. Bizfile+ provides over 400 online services to the public, which enables businesses to submit statutory documents and source information regarding ACRA registered businesses. Bizfile+ processes over 1 million transactions per year.

This state-of-the-art document management and retrieval software, BizFile+, has shown to be a highly valuable customer-focused platform that makes managing corporate data easier than ever. It's a cost-effective and secure method to store business information.

Features of Bizfile+

With BizFile+, users can access a range of more convenient features including:

• Sign up a local firm, a foreign company, an LLP, a business, or a Public Accountant electronically.
• Maintaining and/or regulating commercial transactions. Looking up information about a registered firm on the internet.
• Conduct online checks when it comes to seeking approval from other referral authorities.
• Use the user-friendly graphical user interface for alternative payment options.
• To see the status of transactions, fill out a contact form online.
• You'll receive email or text message alerts when your transactions are completed successfully.
• Information on business entities may be obtained.

Making ACRA aware of company changes

If a business entity undergoes any change, such as a name change or an ownership transfer, it must notify ACRA through BizFile+ within 14 days of the effective date. According to BizFile+, the following are examples of changes that require notification:

• Business name change.
• The company's registered address has changed.
• Business operations have changed.
• An officer's removal or replacement is referred to as an appointment.
• Member and/or officer's personal information has been changed.
• The company passed certain common and special resolutions.

If your business does not notify ACRA within the required time, it will be in violation of the Companies Act and might result in a fine. As a consequence, you'll be charged a late fee between S$50 and S$350. Not only that, but your firm's failure to notify the ACRA might result in a penalty of up to S$5,000. There may be additional default penalties for the business and its executives.

How long does BizFile take to process company changes?

Bizfile+ typically takes only 5-15 minutes to complete a transaction. However, in the case that the procedure needs approval or review from an ACRA official or other agencies, the data might take longer to process (even up to 2 months). The Inland Revenue Authority of Singapore receives the update as soon as the modification is finalised, which will automatically update their records once a week.

What's next?

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