Singapore Accounting and Corporate Regulatory Authority (ACRA): The authority on corporate registration and public accounting

In Singapore, whether it is local entrepreneurs or international investors, if they want to conduct business activities, they must understand and be familiar with the Accounting and Corporate Regulatory Authority (ACRA). As the national regulator of corporate entities and public accounting in Singapore, ACRA not only undertakes the core function of corporate registration, but also strives to maintain market transparency, promote business integrity and promote Singapore as a leading global business center.

This article will take a deep dive into ACRA’s functions, roles and how its BizFile system has greatly simplified the company registration process. We will also explain in detail why you should choose ACRA for company registration and introduce the rich resources and services provided by its official website ( www.acra.gov.sg ).

1. Introduction to Singapore’s Accounting and Corporate Regulatory Authority (ACRA)

Established in 2004, the Accounting and Corporate Regulatory Authority of Singapore is a statutory body set up by the Singapore government to regulate and supervise corporate entities and the public accounting industry. As an important part of Singapore's business ecosystem, ACRA is responsible for managing the registration, compliance review and annual report submission of all companies. In addition, it also certifies and regulates public accountants to ensure the professionalism and transparency of the industry.

ACRA’s main responsibilities include:

• Business Registration and Management: All newly established businesses must be registered with ACRA to obtain legal operating qualifications.
• Public Accountant Supervision: Certification, training and supervision of public accountants to ensure they comply with relevant laws and professional ethical standards.
• Financial Reporting and Auditing: Oversee the quality and authenticity of corporate financial reports and ensure they comply with Singapore Financial Reporting Standards (SFRS) and International Financial Reporting Standards (IFRS).
• Policy formulation and implementation: Formulate and enforce laws and regulations related to corporate management and accounting to promote the healthy development of Singapore's business environment.

Through these functions, ACRA provides a solid foundation for Singapore's business environment, making it an ideal destination for global investors.

Why choose to register your business through ACRA?

The first step to start a business in Singapore is to complete the company registration. The main reasons for choosing to register through ACRA are as follows:

1. Legal requirements

According to Singapore law, any business engaged in commercial activities must be registered with ACRA, unless the business belongs to certain special industries and needs to apply for additional licenses from other government departments. For example, financial institutions need to apply for licenses from the Monetary Authority of Singapore (MAS), but even so, they still need to complete basic corporate registration with ACRA.

2. Efficient and convenient service

ACRA has launched an online platform, BizFile+, which greatly simplifies the business registration process. Through this system, applicants do not need to go to any government department in person, but only need to fill in the form online according to the prompts to complete the registration. The whole process usually takes only 15 minutes, and the service is available 24 hours a day, 7 days a week, all year round.

3. Transparency and Standardization

ACRA strictly follows the Singapore Companies Act and related regulations to ensure that every registered company complies with legal requirements. This transparent management method not only enhances investor confidence, but also earns Singapore a reputation as one of the "easiest countries for doing business in the world".

4. Comprehensive support for enterprise development

In addition to company registration, ACRA also provides a range of follow-up services such as annual report submission, company change registration, dissolution and liquidation, etc. These services help companies stay compliant and avoid fines or legal issues due to negligence.

3. ACRA’s BizFile+ system: making business registration easier

BizFile+ is an online service platform launched by ACRA, which aims to provide users with efficient and convenient business registration and management experience. The following is a detailed introduction to the BizFile+ system:

1. Functions of BizFile+

• Corporate registration: Provides a complete online registration process, including company name approval, shareholder information entry, director appointment, etc.
• Annual report submission: Assist enterprises to submit annual financial reports and other necessary documents on time.
• Company change registration: supports enterprises to update registration information online, such as address change, director replacement, etc.
• Query function: Users can use BizFile+ to query the basic information of registered companies, including company name, registration date, list of directors, etc.

2. Detailed registration steps

The following are the specific steps to register a business through the BizFile+ system:

1. Create an account: Visit ACRA's website , click on the BizFile+ link, register and log in to your account.
2. Choose the type of incorporation: Choose the appropriate incorporation type based on your needs, such as Private Limited Company (Pte Ltd), Sole Proprietorship or Partnership.
3. Fill in the registration form: fill in the relevant information according to the system prompts, including company name, registered capital, shareholders and directors details, etc.
4. Payment: After completing the information, pay the registration fee through electronic payment methods.
5. Waiting for review: After submitting the application, ACRA will complete the review and notify the result within 15 minutes.
6. Obtaining the Certificate: If your application is successful, you will receive an electronic copy of your Certificate of Incorporation.

3. Registration Fees and Time

The fees for registering a business through the BizFile+ system are relatively low, and the exact amount depends on the type of registration and the applicant’s status (Singapore citizen, permanent resident or foreigner). For example, the registration fee for a private limited company is about S$300, while the registration fee for a sole proprietorship is even lower.

As for time, as mentioned above, the entire registration process usually takes only 15 minutes to complete. This makes Singapore one of the fastest places to register a business in the world.

4. ACRA official website: a one-stop business resource platform

Visit the ACRA official website ( www.acra.gov.sg ) to find a wealth of resources and tools to help you better understand and meet Singapore’s business compliance requirements. Here are some of the key features and resources:

1. Online registration and management tools

Through ACRA’s official website, you can directly access the BizFile+ system to complete business registration, annual report submission and other management tasks. In addition, the website also provides detailed user guides and FAQs to help you operate smoothly.

2. Regulatory and policy information

ACRA regularly updates its website with information on laws and regulations related to corporate management and accounting, ensuring that users are always up to date with the latest developments. For example, you can check out the Singapore Companies Act, Financial Reporting Standards, and the Code of Practice for Public Accountants.

3. Data and Statistics

For researchers or investors who want to understand Singapore's business environment, ACRA's official website provides a wealth of data and statistical information. These data cover the number of registered companies, industry distribution, financial performance and other aspects, providing strong support for decision-making.

4. Education and training resources

To enhance the public’s understanding of corporate management and accounting knowledge, ACRA’s official website also provides a range of education and training resources, such as continuing education courses for public accountants and corporate compliance best practice guidelines.

V. Conclusion: ACRA helps Singapore’s business prosper

As the national regulator of corporate entities and public accounting in Singapore, the Accounting and Corporate Regulatory Authority (ACRA) of Singapore has played a key role in promoting business development and maintaining market transparency. Through its BizFile+ system, business registration has become faster and more convenient than ever before. At the same time, the rich resources and tools provided by the ACRA official website have also greatly helped users understand and comply with Singapore's business regulations.

Whether you are a startup entrepreneur or an experienced multinational corporation, ACRA is your indispensable partner in doing business in Singapore. By gaining a deeper understanding of ACRA’s functions and services, you can take the first step of starting a business in Singapore with greater confidence.