Long before ACRA ever came into being, all businesses in Singapore were overseen by the RCB. The RCB was tasked with the management of all company registration and incorporation in the country. This came to an end in 2004 when the RCB merged with the PAB to create ACRA, which exists to this day.
Between 1983 and 2004, all companies and businesses in Singapore were overseen by the Registry of Companies and Businesses (RCB). The RCB was created in 1983 after a merger of the Registry of Companies and Registry of Businesses. However, despite the merger, the Registry of Companies and Registry of Businesses would each function as a separate department within the RCB. The RCB provided a great many services to companies in Singapore which required such services. Of course, as was implied by the full name of the RCB, the primary services provided by the RCB were those which were directly related to the registration and incorporation of all companies which were established in the country.
On that note, we should take a moment to mention that at Paul Hype Page & Co, the primary services we provide to clients are those related to the registration and incorporation of a company in Singapore. When we work with you in order for your company to be properly incorporated, you should know that you will receive services at a level which will be in line with all of your incorporation needs. We will also contact any necessary authorities or agencies in order to expedite the process if such happens to be required at any point during the process of incorporation.
Returning to the topic of the RCB, other services which were provided by the RCB included a directory service which was provided through certain terminals in the information hall of the RCB. This service was to be used to verify if a specific business had officially been registered. A registered business would have its name and registration number displayed on the terminal screen. A business profile and extract could also be obtained through services provided by the RCB. It was also possible to obtain other information about any registered business in Singapore through the RCB. Such information included strategic business information, statistical information, and the registry of company documents. Thus, during the 21 years for which it was in operation, the RCB played an important role in catering to the needs of all businesses and business owners all over Singapore.
We offer Singapore company incorporation, consultancy services, auditing, taxation, immigration work visas & annual compliance services.
The Merger of the RCB and the PAB
A major change came to the setup of the RCB in 2004 due to the approval of the Accounting and Corporate Regulatory Act. This was a vital piece of legislation which would serve to enforce a merger of the RCB and the Public Accountants’ Board (PAB). The primary purpose of this merger was to ensure that it would be the same government body which would be in charge of overseeing the compliance matters of Singapore’s companies as well as the actions of the public accountants of Singapore, particularly when they conducted any statutory audits. This government body would be known as the Accounting and Corporate Regulatory Authority (ACRA). ACRA would operate as part of the Ministry of Finance. Upon its establishment, ACRA would become the country’s primary regulator of corporate service providers, businesses and their owners, and public accountants all over Singapore. It would also play an important role in the development of the country’s public accountancy profession as well as business development in Singapore.
The government also endowed ACRA with certain powers which were deemed necessary for the carrying out of its functions. ACRA has been granted the authority to punish any company which has failed to fulfill the compliance requirements which have been specified in the Companies Act. Such punishments may take the form of either the issuance of court summonses or the imposition of composition fines of varying values. ACRA also manages a portal known as Bizfile. Bizfile is to be used by prospective company owners in Singapore. The purpose of Bizfile is that of making any necessary applications and submissions for reasons related to Singapore company incorporation. The introduction of Bizfile has ensured that there is no longer a requirement for one to physically go to ACRA’s service center and manually make any necessary submissions or applications.