What is ACRA?
ACRA is the Accounting and Corporate Regulatory Authority of Singapore which is a statutory board under the Ministry of Finance of the Singapore Government. The function of ACRA is to act as a regulator for businesses, public accountants and corporate service providers in Singapore.
ACRA’s main role is to enforce Singapore’s Company Law and to keep a register of up-to-date information about companies and business that are incorporated in Singapore. ACRA also play part in advising the Singapore legislature in helping create a regulatory ecosystem that makes it easier for companies to manage their business in Singapore.
In addition, ACRA is enacted with the rights to impose composition fines and issue court summonses to companies that have defaulted on the ongoing compliance requirements as set out under the Companies’ Act.
Is ACRA the same with Singapore Registrar of Companies (ROC)?
Yes, ACRA and Singapore Registrar of Companies (ROC) are the same entity. ACRA was formed in 2004 after the 2 government agencies: Public Accountants’ Board (PAB) and Registry of Companies and Businesses (RCB) merged. Fundamentally, ACRA administers the register of all businesses in Singapore and often referred as Singapore Register of Companies. In other countries such as United Kingdom, India and Bermuda, ACRA is commonly known as Registrar of Companies.
What is ACRA Bizfile?
Bizfile is ACRA’s an online portal where you can fill out and submit company registration applications and ongoing compliance forms.
Before Bizfile came into the frame, all applications and submissions for instance an application for the incorporation of a company, had to be done manually by queueing up at the ACRA’s service centre. Today, all that is made easy by allowing companies to just apply and submit electronically through Bizfile. This move has certainly helped in making the process faster and convenient for all. On top of that, companies as well as all members of the public can retrieve the applications and submission electronically too.
Although the process seems uncomplicated, it is likely that your application may have minor mistakes. Hence, it is reasonable for companies to consult a professional corporate service and seek advice and assistance to ensure everything is in place. It is only ideal that a company should not portray any sign of error in its online application to Bizfile, as potential investors or joint venture partners may access to such information before they decide to invest or work with the company.
How Can I Access Bizfile?
First you need to get a digital ID called CorpPass to access Bizfile. Singapore government has introduced this CorpPass digital ID for business users to file all business transactions with numerous government agencies, and Bizfile is one of it.
SingPass is login method that was used previously for all business transaction and CorpPass is gradually replacing this now. Both SingPass and CorpPass are only available to Singapore citizens, permanent residents, and certain work pass holders. If you are a foreigner, you will need to engage a corporate service provider for all Bizfile transactions.
Basically, you may complete all company registration and ongoing compliance tasks required by ACRA within Bizfile itself.
This includes the registration of a new Singapore company, or Singapore branch office of a foreign company, filing of company’s annual return and notification of any changes to the company’s structure or information.
Before you register a company with ACRA, do take note on the following :
- As Bizfile is hosted online, it accessible not only in Singapore, but from any country. However, the Bizfile website only supports Internet Explorer 8.0 and below. If your browser is currently update to the latest version, you may face some difficulties in accessing some parts of the website.
- To make any application or submission through Bizfile, one is required to have the SingPass which acts as an electronic identity, but this pass is only given to Singapore citizens and Permanent Residents. Foreigners with work visas may submit an application to obtain a SingPass and upon approval, it will be sent to your local address in 4 working days.
How to register a company with ACRA?
Unless you are familiar and well versed with the Singapore company law, it is advisable to engage an agent for the registration filing process and managing the ongoing compliance for your company as Singapore company law states that all foreigners should register through a professional corporate service provider.
As much as these processes seems easy and can be done yourself, provided that you have prior knowledge and detailed information on the requirements and procedure, it is seemly sensible to allow a professional corporate service provider to do it for you as to prevent any error, fasten the process and avoid any costly delays with ACRA.
With Paul Hype Page, we can ensure all company registration and compliance forms meet the high degree of preparation and knowledge of Singapore company law required by ACRA.
Why Choose Us?
Our team as a professional corporate service provider at Paul Hype Page will assist you from registering your company with ACRA, to filing your annual returns with ACRA and notifying any changes in your company to ACRA.
As a certain level of understanding and familiarity is required before making the applications and submissions, it is only imperative to engage with knowledgeable and experienced experts.
Paul Hype Page & Co – Acra service provider and Asean Chartered Accountant.
Paul Hype Page & Co. have 3 physical offices in Singapore, Malaysia and Indonesia
Our Firm Goal is to assist Foreigner and Foreign Companies to set up business in Asean.
How we can help you:
Step 1- Listen to your Business plan and Relocation needs.
Step 2- Analysis your Singapore Tax Planning
Step 3- Recommend the most suited type of Company Incorporation , Open Bank account and
Step 4- Arrange for your Spouse and Children Visa
Step 5- Assist as your company to hire staffs and handle all HR matters
Step 6- Every financial year end, we assist you with your yearly Acra Financial and Tax Compliance
Step 7- Assist you to expand business to Malaysia, Indonesia , Vietnam and Thailand.
Get in Touch with Us Today.
Paul Hype Page
Categories: Company Secretary Service