Singapore ACRA from anandu Vinayak's blog

If you intend to register your business in Singapore, the Accounting and Corporate Regulatory Authority (ACRA) is going to be your first stop. This authority is the equivalent of Companies House in the UK or the Registrar of Companies in India.

This article will tell you what the ACRA’s mandate is, why it maintains the BizFile, and how you can use that interactive digital database to conveniently register your company from anywhere in the world

you can read more about" Singapore Acra" here

Role of the ACRA?

As mentioned before, the ACRA is both Registrar and regulator for corporate services.

This authority is responsible for registering and overseeing all businesses, corporate service providers as well as licensed accountants. The ACRA also suggests ways of easing the environment for business and helps in the development of business products and services.

It was established on 1 April 2004 by the Accounting and Corporate Regulatory Act. The ACRA essentially combined the existing Registrar of Companies and Businesses (RCB) and the Public Accountants’ Board (PAB).Other duties of the ACRA:

Enforcing the Companies Act, the Limited Liability Partnerships Act, the Accounting and Corporate Regulatory Authority Act, the Variable Capital Companies Act, and other related Acts and their Amendments.

Keeping and Updating corporate records and business information.

Providing inputs and recommendations to Singapore’s lawmakers in building a practical system that makes life easier for businesses.
Understanding the BizFile

The BizFile is ACRA’s online portal for capturing information for business registration, filing, and reporting. Introduced in 2004, it was replaced in 2016, by a younger, more powerful system called the BizFile+.The newer portal made processes streamlined, quicker, and could handle much larger volumes of users. It is this system that makes it possible to register and set up reporting remotely.The BizFile+ is based on the XBRL (XML-based Business Reporting Language). This means that financial and business analysis tools are able to glean more information from the data you (the business user) feeds into the e-forms that form part of the system.Using the BizFile+ Portal to Register Your Business

1. Logging In

You have to log in at the BizFile+ portal using your SingPass to register a sole proprietorship or partnership. All legally recognized business owners, including partners or authorized representatives, must indicate their acceptance via BizFile before the business can be registered.Alternatively, you may engage the duties of a registered filing agent (e.g. law firm) to complete the online application on your behalf.

2. Payment of fees

There is a $15 name application fee. You have to submit this amount before filing for registration at the BizFile+ portal. Then there is a $100 registration fee on the website for company registration.If you want to renew your application, then you have to submit $30 for this.

You can easily pay these fees using different modes such as:

Debit or Credit Card, VISA, American Express

Paypal

Apple Pay

Google Pay

3. How Long Does it Take?

For sole proprietorships and partnerships, registrations are usually authorized within 15 minutes after the registration fee is paid and confirmed.If an application needs to be sent to another government agency for authorization, registration takes around 14 days to 60 days for approval. For example, the setting up of private schools must be authorized by the Ministry of Education before the business can be enrolled. For partnerships, the business is officially registered only after all the partners or authorized representatives have approved or licensed the application.

What is the SingPass?

The Singapore Personal Access Pass or SingPass is a digital login system that stores and automatically identifies you when you transact with Government authorities in Singapore. This online password gives you one-touch access to attempt transactions with the majority of government agencies online.

What is the CorpPass?

The CorpPass is a virtual identity for authorizing transactions between you (a business, society, or certain commercial organizations) and the government of Singapore.A CorpPass authorizes these associations to enter into agreements with multiple government agencies online. It is a single login method to begin the government for business transactions

Read More: Singapore CorpPass Guide