All you need to know about the ACRA in Singapore
All countries have primary regulators for incorporating businesses. For instance, for incorporating a company in the United Kingdom, the Companies House UK is the main regulatory authority. Similarly in Singapore, the Accounting and Corporate Regulatory Authority (ACRA) is established as the main regulator for business entities. The ACRA is also termed as the Registrar of Companies (ROC), Singapore. This regulator was formed through a merger between the Public Accountants Board and the Registrar of Companies.
All countries have primary regulators for incorporating businesses. For instance, for incorporating a company in the United Kingdom, the Companies House UK is the main regulatory authority.
Do I need to Register with the ACRA?
Any form of business entity that carries out operations in Singapore must register with the ACRA. Whether you start a sole proprietorship concern or a private limited company, you must register with the ACRA.
How to Register my Business?
Registering your business in Singapore is carried out through ACRA’s digital portal which is known as Bizfile+. This portal is used for online filing and retrieving information on companies. Previously, any individual interested in registering a business in Singapore had to physically submit the documentation to the company’s registry. The Bizfile+ portal provides an accurate record of all registered businesses in Singapore.
Bizfile+ Portal
Bizfile+ Portal is used for business incorporation in Singapore. Before Bizfile+, there was BizFile which was introduced in 2004. This portal was online information storage and digital portal which allowed information to be shared and loaded. Currently, there are more than 300 such electronic services available in the BizFile+ portal which is applicable to company incorporation.
Due to major updates, BizFile was converted to Bizfile+ in 2016. Bizfile+ portal incorporates all the provisions of the Companies (Amendment) Act, 2014. Before launching the portal, any individual who wanted to incorporate their business had to visit the Registrar of Companies and physically file all the documents along with the application.
Many entrepreneurs and businessmen preferred online filing when compared to the manual filing of an application. Through the Bizfile+ portal, everything can be carried out with a single click. An individual can easily reserve the name of the business through Bizfile+ or retrieve any data related to a company. Currently around more than 1 million transactions happen on this portal.
Addons to Bizfile+
The following are the addons that have been implemented on the Bizfile+ portal:
- Bizfile+ portal is more convenient to use when compared to the BizFile. Bizfile+ portal is made to comply with the requirements of the Singapore Companies Act (Chapter 50).
- Any form of entity can be incorporated through this portal. All incorporations are carried out electronically through this portal.
- Foreign Companies can also utilize this portal. However, if not present locally in Singapore, the foreign company must use the services of the registered Corporate Services Provider for incorporating a company in Singapore.
- Annual Filings and regular compliances can be carried out through the BizFile+ portal.
- This portal maintains major transactions of business entities and companies.
- Information on any company which is registered online can also be retrieved through this portal.
- Conduct name searches and approvals from respective authorities.
- Receive official notifications on company incorporations and SMS-related services.
The government of Singapore has emphasized the requirement of seamless company incorporation and ease of doing business. Due to this, all transactions related to establishing companies are carried out online through the Bizfile+ portal. Along with this, the government is stringent when it comes to compliances which companies must follow. The main idea behind this portal is to improve the transparency and governance of companies in Singapore.
When do I need to notify the ACRA?
Any business entity registered in Singapore must notify the ACRA through the Bizfile+ portal if there is any change in any business activities. The following changes must be notified to the ACRA:
- Change in the registered address of the business
- Change in the directors of the business
- Change in the number of shareholders in the business
- Appointment of Company Secretary for the business
- Appointment of an Auditor for the business
- Any change in the activities of the business
- Passing of any ordinary or special resolution for the business
Timeline in Processing Information
Usually, any information which is submitted in the portal would take about 15 mins. However, there are a few transactions that may take around 2 to 3 months depending on the compliance requirements from other regulators in Singapore.
Key Takeaways
The ACRA is the main regulatory body in Singapore for carrying out services related to establishing any business. Along with incorporation, this body also makes sure that companies in Singapore comply with the respective rules of the land. To facilitate ease of doing business in Singapore, this body was formed to make all transactions electronic.
