ACRA in Singapore: Essential Regulations for Businesses
The ACRA (Accounting and Corporate Regulatory Authority) is the government agency responsible for corporate registration, accounting, auditing, and regulation in Singapore. Its primary role is to ensure that businesses comply with legal requirements and maintain transparency and reliability.
- Key Functions of ACRA
- Corporate Registration and Management: All companies, partnerships, and branches in Singapore must be registered with ACRA. The registration process is handled through the BizFile+ online platform.
- Accounting and Audit Management: ACRA ensures that businesses maintain accurate accounting records and require independent audit reports from companies of a certain size.
- Corporate Regulation: ACRA monitors companies to ensure they fulfill tax reporting obligations, submit annual returns, and comply with legal requirements.
- Steps for Registering a Company with ACRA
- Name Reservation: First, a company name must be reserved and registered with ACRA.
- Legal Requirements: A minimum of one Singapore-resident director and one shareholder is required. The company address must be located in Singapore.
- BizFile+: Companies can complete registration, update information, and submit annual returns through the BizFile+ portal.
- Regulatory and Legal Obligations
- Accounting Standards: All companies must maintain accurate financial records. Larger companies are required to submit independent audit reports.
- Annual Filing: Companies must file an annual return with ACRA within seven months of the end of their financial year.
- Other Legal Requirements: Any changes to directors, shareholders, or company addresses must be reported to ACRA promptly.
- ACRA’s Online Services
ACRA provides BizFile+, an online service that allows businesses to handle company registration, information updates, financial filings, and more. ACRA also offers various educational materials and seminars to help businesses comply with regulatory requirements.
ACRA plays a vital role in ensuring the credibility and transparency of Singapore’s business environment, assisting companies in complying with legal obligations and maintaining good governance.
