ACRA: Accounting and Corporate Regulatory Authority
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 the difference between expenses and losses request on BizFile+ after the company’s incorporation. If your registration is successful, ACRA will send an official email confirming the company’s incorporation.
Maximising Efficiency: Integrating Business Process Optimisation with Accounting and Expense Management
This includes putting in place processes and procedures to prevent disclosure of data under circumstances other than those allowed under the ACRA Act. On 1 April 2023, ACRA, the Singapore Accountancy Commission (SAC) and the Accounting Standards Council (ASC) merged as one entity, taking on the name, ACRA. The merger aimed to strengthen the effectiveness of regulation, standards-setting, and sector development by harnessing synergies across complementary accountancy-related functions. Businesses can use the system to both submit documents to ACRA and retrieve information regarding other businesses. BizFile+ is ACRA’s online filing portal, through which companies can make applications and submissions. ACRA also has the power to impose fines and issue court summons to companies.
When you register a company in Singapore online through BizFile, you will need the below information. If you currently run a business in Singapore or are thinking of setting one up, you’ll find that you come into contact with ACRA regularly. You have to go through the necessary steps to register the business with ACRA and then submit your application through BizFile+. This makes for a safer environment for both businesses and customers in Singapore.
Notifying ACRA about changes to the company
ACRA’s role is to monitor the corporate compliance of businesses and ensure they meet their disclosure requirements. ACRA considers it essential that information on the company registers be kept up-to-date. Therefore the incorporated companies must keep ACRA informed about a change of company name, business activities, new appointments or removal of a company director or secretary etc. It will automatically remind you of upcoming filing obligations, and our team will proactively handle the filing tasks for your company, to make compliance smooth and worry-free for balancing your cash drawer you. A Business Profile from ACRA (Accounting and Corporate Regulatory Authority) is a document that provides detailed information about a registered business entity in Singapore.
What Documents Does ACRA Issue Upon Company Registration?
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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 provision accounting were required to visit the Registry of Companies and Businesses (RoC) and complete 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.
- Now with BizFile+, you can easily search the ACRA directory, access FAQs, calculate the company’s AGM date, and a range of other services.
- Most of the information lodged with ACRA via BizFile+, ACRA’s online registry system, can be accessed by the public upon payment of a fee.
- ACRA aims to boost Singapore’s efforts to comply with international standards and maintain a strong reputation as a trusted destination for business.
- If you currently run a business in Singapore or are thinking of setting one up, you’ll find that you come into contact with ACRA regularly.
- The Singapore Companies Act requires your company to file annual returns with ACRA.
- 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.
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.
These powers will be utilised when companies fail to comply with their compliance requirements, as set down by the Companies Act. That means it 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.
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.
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