Due to his negligence, scam proceeds were funnelled through one of the company’s bank accounts, a TODAY report said. Recently, ACRA has stepped up its enforcement action for non-compliant companies by issuing strike-off for companies who refuse to comply with the yearly mandatory ACRA Filing. This creates a disruption to the company operations when customers and suppliers know that the company is under strike-off process, which will also affect the reputation of the company and its directors. In Singapore, the Accounting and Corporate Regulatory Authority (ACRA) is responsible for the registration of business entities. ACRA stands for Accounting and Corporate Regulatory Authority of Singapore. It is the government body responsible for company formation, regulation, and cessation.
- Annual filings are mandatory for both active and dormant Singapore companies despite whichever type of entities that you have in Singapore.
- Сontact us if you have any additional questions about ACRA or if you require assistance with incorporation or managing a company in Singapore.
- The Business Profile is a PDF extract from ACRA containing your company’s information such as UEN, date of incorporation, principal activities, shareholder’s details and paid-up capital.
- Failing to do so can mean possible civil liabilities and criminal penalties.
- Directors of the company are responsible to keep the source documents, prepare the accounting records and submit the financial statements of the company which must follow the Singapore Accounting Standards.
- The Accounting and Corporate Regulatory Authority (ACRA) is a statutory board under the Ministry of Finance of the Government of Singapore.
It is similar to the registrar of companies that you might have in your country. Most of the information lodged with ACRA via BizFile+, ACRA’s on-line registry system, can be accessed by the public upon payment of a fee. Some of the information can also be obtained from ACRA’s authorised Information Service Providers (ISPs).
What you need to know about ACRA
The Bizfile+ system has more mobile-friendly features, making it seamless for users to access the portal on the go. The recent court cases have thrown up questions about the lack of due diligence among corporate service providers, they said. For example, the Singaporean with 980 directorships only performed amended returns and form 1040x simple online searches to check if his clients were linked to criminal investigations. To notify ACRA, you must log in to your company account in BizFile+ and submit an online form specifying the changes. If you fail to notify ACRA within 14 days of the change date, a penalty may be imposed by ACRA.
- The email notification will include Unique Entity Number (UEN) and is treated as the official certificate of incorporation in Singapore.
- Managing a company requires more than just a click of button to incorporate the company.
- In general, straightforward updates, such as changes to company addresses or contact details, can be processed within one to three business days.
If you cannot get a sufficient number of shareholders together to hold an AGM you can apply for an Extension of Time (EOT). The EOT gives your company an extra 30 days to hold an AGM and provides an extension to file annual returns. ACRA’s objective is to make it easy for a business or individual to set up and register a company in Singapore. Additionally, it is responsible for ensuring that registered companies comply with statutory regulations and maintain their corporate information with ACRA. This is also done to make information accessible to public agencies upon request. The idea is to introduce transparency in the ownership and control of business entities.
ACRA and IRAS Timeline
It was replaced by BizFile+ — its upgraded version — introduced in 2016 to handle a more significant number of services and improve the processing time. “It’s important to raise the standards of corporate service providers, as well as the awareness of potential abuse by bad actors,” said Kennedys Legal Solutions’ Mr Lee. They were referring to a recent court case involving a Singaporean who ran a business offering corporate services and became a director of 980 firms. He was fined and jailed for failing to fulfil his directorship duties after more than US$5 million (S$7.3 million) was laundered through some of the companies under him. Company Secretary who is a Registered Filing Agent must remind the directors to compile with the ACRA filing requirements.
Free incorporation Checklist
Visit the MOM portal and “Change particulars” to update the change of information. The paperless system makes information retrieval more convenient and efficient. On top of it, the online portal is a secure and flexible system, which can handle any simple to complex tasks. Statistics reveal that over 1 million transactions take place annually on BizFile+. If your registration is successful, ACRA will send an official email confirming the company’s incorporation. The email notification will include Unique Entity Number (UEN) and is treated as the official certificate of incorporation in Singapore.
Why Are Company Stamps Still Important in Singapore?
Most importantly, the property must still be used for residential purposes and the business activity must be kept at a small scale to avoid causing disamenities to your neighbours. Use this e-Adviser to get recommendations for a suitable business structure, based on your business requirements. Explore our incorporation services or contact our team to get personalised advice today. Not only this, your company might accrue a fine of up to S$5,000 for its failure to notify the ACRA. There may also be an additional default penalty for the company and its officers.
These powers will be utilised when companies fail to comply with their compliance requirements, as set down by the Companies Act. We care about you – within 30 days from your purchase, if you’re unhappy with our services, we’ll refund our fee. It generally takes only 5-15 minutes for Bizfile+ to process the transaction. However, the information might take even longer to process (even up to 2 months) in the event the process requires approval or review from an ACRA officer or any other agencies.
Bank Charges in Singapore – Types and Comparison
For instance, a company registration might be filed correctly but still get rejected by the Company Registry for reasons beyond our control. In the case that you purchase a service and later change your mind, we can’t issue a refund. Bizfile+ is updated regularly to incorporate amendments to the Companies Act to ensure statutory compliance of companies registered in Singapore. ACRA was formed on 1 April 2004 by the Accounting and Corporate Regulatory Act, which resulted in the merger of the then Registry of Companies and Businesses (RCB), and the Public Accountants’ Board (PAB). The merger was to synergise the monitoring of companies’ compliance with disclosure requirements,[3] and the regulation of public accountants performing statutory audit. BizFile is an online filing and information portal which used to provide various electronic services to Singapore businesses.
