Acra Singapore: Everything You Need to Know about the Accounting and Corporate Regulatory Authority

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If you’re looking to start a business in Singapore, you’ll need to become familiar with the Accounting and Corporate Regulatory Authority (ACRA). ACRA is the national regulator of business entities, public accountants, and corporate service providers in Singapore. Its primary function is to ensure compliance with laws and regulations related to business registration and financial reporting.

The iconic skyline of Singapore's Marina Bay, with the stunning architecture of the ArtScience Museum and the futuristic Helix Bridge

ACRA offers a range of services to help businesses get started and stay compliant. These services include e-filing of documents, access to public information about businesses, and training and education for professionals. Whether you’re just starting out or you’re an established business looking to expand, ACRA can help you navigate the complex world of business registration and compliance in Singapore.

In this article, we’ll take a closer look at ACRA and its functions, including how to register a business in Singapore and what compliance requirements you need to be aware of. We’ll also answer some frequently asked questions about ACRA and its services to help you get the most out of this valuable resource.

Understanding ACRA and Its Functions

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ACRA Singapore is the national regulator of business entities, public accountants, and corporate service providers in Singapore. As a business owner, it is important for you to understand ACRA and its functions to ensure compliance with statutory obligations. In this section, we will provide you with an overview of ACRA, its roles and responsibilities, and its leadership.

Overview of ACRA

ACRA is responsible for business registration, financial reporting, public accountants, and corporate service providers in Singapore. It is also responsible for developing the accountancy sector and setting the accounting standards for companies, charities, co-operative societies, and societies in Singapore. ACRA’s mission is to provide a responsive and trusted regulatory environment for businesses and public accountants.

ACRA is a statutory board under the Ministry of Finance and is governed by a board of directors appointed by the Minister of Finance. The board is chaired by Mrs Chia-Tern Huey Min, and the Chief Executive is Ms Ng Yao Loong.

Roles and Responsibilities

ACRA’s roles and responsibilities include overseeing the registration and regulation of businesses in Singapore. It administers the Companies Act and various other legislations, ensuring that businesses comply with statutory requirements. ACRA also issues Unique Entity Numbers (UENs) to businesses and maintains the BizFile system, which allows businesses to file and retrieve information with ACRA.

ACRA is also responsible for the regulation of public accountants and corporate service providers in Singapore. It sets standards for the accounting profession and conducts inspections and investigations to ensure compliance with regulatory requirements.

ACRA’s Leadership

ACRA is led by a board of directors appointed by the Minister of Finance. The board is responsible for setting the strategic direction of ACRA and ensuring that it fulfils its statutory obligations. The board is chaired by Mrs Chia-Tern Huey Min, who has extensive experience in the public and private sectors. The Chief Executive of ACRA is Ms Ng Yao Loong, who is responsible for the day-to-day operations of ACRA.

In conclusion, understanding ACRA and its functions is essential for business owners in Singapore. ACRA plays a vital role in ensuring compliance with regulatory requirements and providing a responsive and trusted regulatory environment for businesses and public accountants.

Business Registration and Compliance

A person is filling out paperwork at a desk, surrounded by shelves of files and binders. A computer screen displays the ACRA Singapore website

When starting a business in Singapore, it is important to understand the registration process and reporting requirements to ensure compliance with the legal framework and avoid any potential offences.

Registration Process

To register your business, you must first reserve a business name and provide a business address. You can then submit your application to the Accounting and Corporate Regulatory Authority (ACRA). The registration process differs depending on the type of business entity you choose, which can be a sole proprietorship, partnership, limited partnership, limited liability partnership, or corporation.

Reporting and Disclosure Requirements

Once your business is registered, you must comply with reporting and disclosure requirements. This includes filing annual returns and financial statements, which must comply with accounting standards and be accompanied by necessary documents. Failure to comply with reporting and disclosure requirements can result in penalties and offences under the Companies Act.

Legal Framework and Enforcement

The legal framework for business registration and compliance in Singapore is overseen by ACRA, which regulates business entities, public accountants, and corporate service providers. ACRA takes a proactive approach to investigation, compliance, and enforcement matters, and can impose penalties and prosecute offences in the accountancy sector.

To ensure compliance with the legal framework, it is important to stay up-to-date with changes in regulations and accounting standards. You can also seek professional advice from public accountants and corporate service providers to help you navigate the registration process and reporting requirements.

In summary, registering your business in Singapore requires you to follow a specific process and comply with reporting and disclosure requirements. By understanding the legal framework and seeking professional advice, you can ensure compliance and avoid potential offences.

Frequently Asked Questions

How can I search for a company in the ACRA registry?

To search for a company in the ACRA registry, you can use the online search function available on the ACRA website. Simply enter the name of the company or its registration number, and the search results will display the relevant information.

What functions does ACRA perform in Singapore?

ACRA is the national regulator of business entities, public accountants, and corporate service providers in Singapore. It oversees the registration and regulation of companies, businesses, and partnerships, and maintains the public register of business entities in Singapore.

Is it mandatory to register my business with ACRA?

Yes, it is mandatory to register your business with ACRA if you plan to operate a business in Singapore. All businesses, including sole proprietorships, partnerships, and companies, must be registered with ACRA.

What are the costs involved in registering with ACRA?

The costs involved in registering with ACRA depend on the type of business entity you are registering. The fees for registering a company, for example, range from SGD 50 to SGD 600, depending on the type of company and the services required.

How do I log in to the ACRA BizFile system?

To log in to the ACRA BizFile system, you will need to have a SingPass account. Once you have a SingPass account, you can log in to the BizFile system using your SingPass ID and password.

What steps should I follow to obtain an ACRA Business Profile?

To obtain an ACRA Business Profile, you can apply for it online through the BizFile system. Simply log in to your BizFile account, select the “Request for Information” option, and follow the on-screen instructions to obtain your Business Profile. The cost for obtaining a Business Profile is SGD 5.50.