Whether you already run a business or intend to organize your first corporation, you need to be aware that businesses everywhere are subject to restrictions. Every nation has a body in charge of establishing, managing, and keeping an eye on the operations of its corporations.
The responsible government body in Singapore is Accounting and Corporate Regulatory Authority (ACRA). You probably have questions regarding ACRA if you’re thinking about incorporating your business in Singapore. In this article, we have compiled the most frequently asked questions regarding ACRA.
What is ACRA?
The Accounting and Corporate Regulatory Authority is known by the initials ACRA. It is comparable to the company registrar that you might have in your nation.
Like every other registrar of companies in another country, ACRA Singapore registers new firms, keeps track of corporate records and business profiles, and guarantees that corporations close down properly. ACRA is in charge of overseeing ongoing enterprises and their financial reporting, in contrast to other registrars.
The goal of ACRA is to make Singapore a reliable and alluring location where businesses can prosper. Consequently, you should comprehend the advantages that ACRA offers as a business owner.
All Singapore Companies are Registered with ACRA
In Singapore, ACRA is the only government agency that registers businesses. Therefore, you must go through the ACRA incorporation process if you intend to operate a business in Singapore. A seasoned corporate service provider can assist you with the easy, efficient, and error-free registration of a corporation.
ACRA Services are Available Online
There is no longer a requirement for you to fly to Singapore, print the paperwork, and wait in line to submit it. All company registration procedures can now be completed online. All you need is an internet connection and a laptop. The BizFile and BizFile+ products from ACRA are what make it all possible.
What is ACRA BizFile and BizFile+?
BizFile is an online information and filing platform that formerly offered different electronic services to Singaporean companies. In order to manage a larger number of services and accelerate processing, BizFile+, its enhanced version, was introduced in 2016.
More than 300 online services are available through ACRA BizFile+. These services include submitting statutory paperwork, accessing and buying data about business entities, selecting a company name, making necessary alterations to a firm’s corporate structure, getting yearly reports, etc.
Can Foreigners Self-Register a Company with ACRA?
No, it is not currently feasible to do this. You must use SingPass to log onto BizFile+, as was previously mentioned, to register a corporation. Moreover, SingPasses cannot be issued to foreign nationals. To access ACRA BizFile+ on their behalf, foreign nationals who want to establish a business in Singapore must cooperate with a corporate service provider. Seek a professional accounting firm in Singapore, if you are a foreigner who intends to set up a business in Singapore, or use online applications such as EBOS Corp Sec App for quick and hassle free incorporation: HERE
What Documents Does ACRA Issue Upon Company Registration?
If your registration is approved, ACRA will send a formal email confirming the incorporation of the company. The Unique Entity Number (UEN) will be included in the email notification, which is regarded as the legal certificate of incorporation in Singapore.
As it is not required in Singapore, a paper copy of the certificate is no longer provided with incorporation. After the company is incorporated, you can submit an online request on BizFile+ if a print copy is preferred.
ACRA Filing Requirements?
All businesses must submit an Annual Return to ACRA within 30 days after convening an Annual General Meeting (AGM) following the Singapore Businesses Act. The firm’s financial statements and the most recent company information, such as the names of the company’s directors and shareholders, are included in annual returns.
Conclusion
Singapore is a global centre for financial services and technological innovation, attracting thousands of entrepreneurs and investors annually. Registering your company in ACRA will make it simpler for customers to recognize, locate, and do business with your company. enabling you to acquire intellectual property or patents for innovative goods and technologies while taking part in government tenders and providing your company with access to state funds, such as those offered by Enterprise Singapore.
For more information on ACRA, go to https://ebos-sg.com/acra-filing/
