The Accounting and Corporate Regulatory Authority (ACRA) is the regulator of business registration, financial reporting, public accountants, and corporate service providers. We are also responsible for developing the accountancy sector and setting the accounting standards for companies, charities, co-operative societies, and societies in Singapore. The online information portal set up by the accounting and corporate regulatory agency provides an accurate record of all registered businesses in Singapore. A Singapore company may choose a corporate secretarial provider to maintain its statutory records and ensure compliance with filing required information with ACRA. Residents of Singapore can easily access Bizfile+ through their Singpass or Corppass.
What are the benefits of using ACRA BizFile?
With BizFile+, it allows the public to access more than 400 services online and doing business in Singapore has become much easier and convenient. This includes the submission of statutory documents and retrieval of information about business entities registered with ACRA. BizFile has combined several online processes such as registration, discontinuation of the company, document administration, financial concerns, and reporting system.
How can I register my company using BizFile?
Statistics reveal that over 1 million transactions take place annually on BizFile+. A paper copy of the certificate is no longer issued with incorporation as it is not needed in Singapore. However, if a print copy is preferred, you can make an online request on BizFile+ after the company’s incorporation. If your registration is successful, ACRA will send an official email confirming the company’s incorporation.
The information of a company must be submitted to the Accounting and Corporate Regulatory Authority, i.e., ACRA, by anybody wanting to register a company in Singapore. Before 2004, business owners were required to visit the Registry of Companies and Businesses (RoC) and complete a basic understanding of forensic accounting the formalities in person. The process is much improved since ACRA introduced BizFile, an online web system that enables users to file, retrieve and buy business data.
The Functions Of ACRA
- This applies to all legal structures of businesses be it Sole Proprietorship, Limited Liability Partnership, Private Limited companies etc.
- Though these are the general guidelines, certain companies can submit the returns without conducting the Annual General Meeting.
- BizFile+ has proved to be an extremely useful customer-centric platform that makes it easier than ever to file and retrieve critical business information.
- Nevertheless, ACRA adheres to the Public Sector (Governance) Act and Government Instruction Manuals with respect to the way data is managed.
The Accounting and Corporate Regulatory Authority (ACRA) is a statutory board under the Ministry of Finance of the Government of Singapore. ACRA is the regulator of business registration, financial reporting, public accountants and corporate service providers. ACRA is also responsible for developing the accountancy sector and setting the accounting standards for companies, charities co-operative societies, and societies in Singapore. ACRA fosters a vibrant and trusted 11 best excel tips for beginners business environment that enables innovation and growth and contributes towards making Singapore the best place for business. The Accounting and Corporate Regulatory Authority (ACRA) is the regulator of business registration, financial reporting, public accountants and corporate service providers. ACRA’s role is to monitor corporate compliance with disclosure requirements and regulation of public accountants performing statutory audit.
We will track our environmental performance and reduce our environmental footprint through our procurement practice and usage of resources, in line with public sector sustainability commitments. We will also foster a culture of sustainability by encouraging and supporting our officers in embracing sustainable practices and making sustainability our way of life. The ACRA Act provides for ACRA to disclose personal data in discharging its functions. Nevertheless, ACRA adheres to the Public Sector (Governance) Act and Government Instruction Manuals with respect to the way data is managed.
Does ACRA Have the Power to Enforce Compliance?
On top of this, ACRA is responsible for overseeing financial reporting and the facilitation of enterprise. Explore our incorporation services or contact our team to get personalised advice today. However, the CPF Board and the Ministry of Manpower (MOM) must be informed separately in this regard. Visit the MOM portal and “Change particulars” to update the change of information. ACRA aims to boost Singapore’s efforts to comply with international standards and maintain a strong reputation as a trusted destination for business.
These powers will be utilised when companies fail to comply with their compliance requirements, as set down by the Companies Act. That means it how is inherent risk assessed by an auditor is responsible for the registration of new businesses, monitoring ongoing businesses and ensuring businesses are closed down properly when they cease to exist. BizFile+ has proved to be an extremely useful customer-centric platform that makes it easier than ever to file and retrieve critical business information. It is a highly secure, flexible, and cost-efficient system to maintain company information.
