ACRA Bizfile is the online portal of Accounting and Corporate Regulatory Authority (ACRA) used to facilitate the registration of business, incorporation of company as well as all the submission of documents and details to comply with Companies’ Act and ACRA’s regulations. ACRA regulates business entities, public accountants and corporate service providers in Singapore and oversees the development of business entities and the public accountancy profession.
Before ACRA Bizfile portal was set up, business registration had to be performed in person at the government agency. With ACRA Bizfile, the registration of businesses has changed to allow electronic submission and approval online. It has made the registration of businesses very convenient. ACRA Bizfile also facilitates post-registration matters like updating business particulars. It is a one-stop portal for business owners, companies’ representatives and filing agent (i.e. agent filing the necessary documents for companies and business) to perform the following tasks:
- Apply for Business’ or Company’s name
- Register a Business (i.e. Sole Proprietor or Partnership) or Incorporating a Company
- Renew Business
- Renew Licence for Filing Agent
- Apply for Extension
- Change of Particulars of Business or Company
- Cease a Business or strike off a Company
- File necessary documents and Annual Return
Purchase of Business Information via ACRA Bizfile
ACRA Bizfile allows you to purchase information of companies and businesses quickly through its online iShop. For example, the business profile of a Company (i.e. the shareholders and directors, the paid up capital, etc). You can also use the ACRA bizfile to search if a business is genuinely registered in Singapore and whether they comply to ACRA filing requirement (i.e if the rating shows a green tick, it means good compliance behaviour; if it shows a red cross, it means poor compliance or non-compliance). You can also purchase some other useful information on Corporate compliance and reporting from the iShop of ACRA Bizfile.
ACRA’s Financial Statement Reporting and Audit Requirements
Over the years, ACRA has simplified the Financial Statements Reporting requirements for small companies by excluding them from Statutory Financial Audit requirement. This is to reduce the compliance cost and encourage new businesses to set up.
A company is exempt from Statutory Financial Audit if it is a private company in the relevant financial year and meets at least 2 of 3 following criteria for immediate past two consecutive financial years:
- Total annual revenue is not more than SGD10million;
- Total assets is not more than SGD10million; and
- Number of employees is not more than 50.
If a company is part of a group of companies, the group must also meet the above conditions on a consolidated basis in order to qualify for the Statutory Financial Audit exemption.
For companies which are not exempted, comprehensive Financial Statements have to be prepared for the Statutory Financial Audit.
Our professionals shall assist you in business registration and ensure that we free up your time from administrative work like corporate secretarial filing so that you can focus on more important tasks like developing your business. We provide good and prompt services and take initiative to remind you on the filing due dates and requirements. Our objective is to maintain a good compliance status in ACRA for your business. Pick up your phone and call us now at +65. You may also email us for other services like Accounting Services, Tax Service, Corporate Secretarial Service, Consulting Service and Other Business and Accounting Related Services.
Technological advancement has allowed us to use powerful computers and cloud solutions for capturing business transactions and producing standard financial reports. It is time for Small Medium Enterprises or SME to consider using such cloud accounting software like Quickbooks Online and Xero.
Business funding can come from various sources. Sometimes, business owners may have utilized all their streams of funds for business operations and expansion. When this happens, we may be able to help. Whether we assist you in getting grants, loans or alternative sources of funding like initial coin offering and cloud funding.
Our staff have both accounting and tax knowledge to ensure that necessary adjustments are made for tax compliance purpose. For most effective corporate services, let us handle both your accounts and tax after your company registration. Our one-stop seamless service ensure maximum convenience for you.