Guide to Company Incorporation Singapore and the Role of ACRA

Last modified: March 31, 2016

Guide-to-Company-Incorporation-SingaporeThe key attribute that appeals to the entrepreneurs and motivates them to opt for a company incorporation Singapore is the conducive business environment in the island nation. Singapore’s company registrar – ACRA is the prime driver that makes the corporate environment of the nation reliable and responsive.

Singapore has been ranked as number one for the Ease of Doing Business indicator in the report by the World Bank for the last ten consecutive years. It offers progressive tax regime, liberal government, the state of the art infrastructure, strategic location, and robust economic structure.

The Accounting and Corporate Regulatory Authority of Singapore (ACRA) is the national regulator of Singapore business entities and public accountants. It is important to know about the roles and authority of ACRA especially for the one who is interested in Singapore company registration. This write up will throw light on the various aspects of Singapore business incorporation.

The prime mission of ACRA is to provide a trusted and responsive regulatory environment for business entities and public accountants in Singapore. ACRA is the enforcing authority that monitors the entities under its purview to abide by the statutory regulations.

Role and Authority of ACRA in Singapore Company Incorporation

  • ACRA is accountable to administer various legislation such as the Accounting and Corporate Regulatory Authority Act (Chapter 2A), the Accountants Act (Chapter 2), the Business Registration Act (Chapter 32), the Companies Act (Chapter 50), the Limited Liability Partnerships Act (Chapter 163A) and the Limited Partnerships Act 2008 (Act 37 of 2008).
  • ACRA is the supreme authority of company registration Singapore. To start a Singapore company, the name of the proposed business must be approved from ACRA.
  • All Singapore incorporated company except the exempted one’s need to hold their Annual General Meeting (AGM) and file their audited accounts with ACRA. Non-compliant business /companies will face penalties.
    ACRA has to report and make recommendations to and advise the Government on matters relating to Singapore company registration and regulation of business entities and public accountants.
  • The authority is responsible for promoting public awareness about new business structures, compliance requirements, corporate governance practice and any other matters under the purview of ACRA.
  • ACRA establish and administer a repository of documents and information relating business entities and provide access to the public to such documents and information.
  • The authority represents the Singapore Government internationally in matters relating to the Singapore company registration and its regulation.
  • Singapore business incorporation starts with ACRA and it is the final point which shows the exit to the companies in case of winding up / deregistration or to strike the company name off.
  • A sole proprietorship must renew their company registration with ACRA annually.
  • ACRA has brought innovation to its regulatory system by introducing a fully-fledged online portal – BizFile+ that facilitates more than 300 E-services relating to the setting up of a company in Singapore, XBRL filing, accounting and much more.

As the Singapore company registrar, ACRA plays an important role in developing the responsive business environment in the country. It helps the innovative and ambitious individuals in company incorporation Singapore and enable them to build a thriving business in a progressive way.

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