A Comprehensive Guide to Understanding the Registrar of Companies in Singapore
Commonly known as the Registrar of Companies in countries such as the United Kingdom, India and Bermuda, Singapore’s national regulator of business entities and public accountants is called the Accounting and Corporate Regulatory Authority (“ACRA”). Generally, ACRA is the statutory board that oversees the regulation of companies and public accountants in Singapore and facilitates the development of companies. In addition, ACRA is vested with the power to impose composition fines and issue court summonses to companies that have defaulted on the ongoing compliance requirements as set out under the Companies’ Act.
Given Singapore’s drive to nurture a climate that is attractive, useful and comprehensive for all businesses, companies should view the ongoing compliance requirements as beneficial to their companies and their business operations. For example, with ACRA’s recent implementation of the new XBRL system, companies are now able to get free data analysis, which will either compare the company’s performance against three other peer companies and the industry median or assess the company’s financial performance over a period of up to five years.
If ACRA is the National Regulator, why do I make Submissions and Applications via Bizfile? Are Bizfile and ACRA related?
Similar to other government agencies and statutory boards, Bizfile is ACRA’s electronic portal through which companies may make their applications and submissions. The Ministry of Manpower also uses an electronic portal that can be separately accessed, known as EPOL (“Employment Pass Online”).
Prior to 2003, all applications and submission, such as an application for the incorporation of a company, had to be done manually, by queuing up at ACRA’s service centre. In present day however, ACRA has expedited the process by allowing companies to make applications and submissions electronically through Bizfile. Moreover, applications and submissions can be retrieved electronically as well by companies, as well as members of the public.
Hence, it would be prudent for companies to consult a professional corporate services provider to seek advice and assistance for any applications and submissions. Ideally, a company should avoid making mistakes in its online applications to Bizfile, as certain applications and submissions made to Bizfile, (including Notices of Error) are available for purchase to the public. Given that potential investors and potential joint venture partners may access such information before deciding to invest or work with a company, it would naturally not be preferable for a company’s business reputation to be impacted by such minor mistakes.
Read more about ACRA: Singapore Registrar of Companies (ROC) at Rikvin.com.
