What Is ACRA BizFile and Why It’s Essential for Businesses in Singapore
The information of a company must be submitted to the Accounting and Corporate Regulatory Authority, i.e., ACRA, by anybody wanting to register a company in Singapore. Before 2004, business owners were required to visit the Registry of Companies and Businesses (RoC) and complete the formalities in person. The process is much improved since ACRA introduced BizFile, an online web system that enables users to file, retrieve and buy business data. Nowadays, you can incorporate your Singapore company online.
In 2016, to incorporate the growing number of transactions and improve the processing time, BizFile was redesigned to create an upgraded platform, BizFile+. Today, thanks to BizFile+, businesses can access around 400 services electronically. In this article, we share with you common features of the portal used by all entities and businesses in Singapore.
How can I register my company using BizFile?
To register a company in Singapore, you need to log in to BizFile+. For the first time registration, the users will need to use their SingPass. SingPass, the Singapore Personal Access Password, serves as a digital signature that verifies your identity. SingPass is available only for Singapore residents. Foreign individuals and companies who want to access BizFile transactions (like incorporating a company) need to work with Corporate Service Providers, who can access BizFile on their behalf.
After the company is set up, you will need to register for CorpPass. The CorpPass is required for making transactions in BizFile+ for your entity. Just like SingPass, CorpPass is only granted to Singapore residents, some work pass holders, and permanent residence holders.
What details do I need to submit online to BizFile for company incorporation?
When you register a company in Singapore online through BizFile, you will need the below information.
Details of what type of company it is.
Intended company name: The name of the company must be approved before proceeding to registration.
Key activities of the company.
Details of the company directors: Both foreigners, Singapore citizens or Singapore PRs can be company directors. A company needs at least one director who is a Singapore citizen, Employment pass holder or permanent resident.
Details of the contributors or shareholders. A Singapore company can have either an individual or a corporate as a shareholder.
Share capital.
Registered address: It must be a locally registered Singapore address. PO box is not accepted. Usually, the premises you rent can serve as your registered address. Another common option is a co-working space. Finally, you may elect to engage a corporate service provider for their virtual office service to fulfil your registered address requirement.
What things can I do with ACRA BizFile?
As a Singapore businessperson, you need to interact with BizFile regularly. Here is a list of essential activities you or your company secretary can perform using the BizFile platform.
Online business registration.
Cessation or discontinuation of the company.
Inform ACRA about the changes in the company's address.
Inform ACRA about the changes in the company's hierarchy.
Filling annual returns with ACRA Singapore.
Filling financial statement with the Singapore Government.
Change in personal details of the company officers, controllers, and members.
Search and access the central directory of the unique identification numbers (UEN).
Using BizFile, companies can interface with other key systems, such as the Inland Revenue Authority of Singapore.
Getting data, such as industry reports.
Buy business information, such as ACRA business profile.
Performing online investigations for approval, along with other referral professionals.
Performing online investigations concerning the Medisave partners and CPF owner status.
BizFile has a user-friendly interface that shows different methods of payment available. Users get an email or SMS notification after a successful transaction.
Some industries may even require the BizFile as part of acquiring licenses. For example, some licenses required to start a food beverage business in Singapore will have you submitting your BizFile.
How can the company file Annual Returns with ACRA Singapore?
The Singapore Companies Act requires your company to file annual returns with ACRA. The companies can file the return online through BizFile. The documents required for filing the Annual returns are the company's financial statements and the latest information about the company, such as the details of company directors and shareholders.
Here are some steps the company can follow to submit the Annual Returns:
After the company's financial year-end (FYE), prepare the financial statements for the company. The financial statement is commonly prepared by your in-house finance staff or an outsourced accountant.
Schedule an Annual General Meeting (AGM) where the board of directors presents the financial statements to the shareholders. For most listed companies, this function is done by their in-house chartered corporate secretaries. Small or medium-sized companies often engage external secretarial teams to assist with their AGM duties.
Once approved by the shareholders, the financial statements and the other required company details can be uploaded to BizFile.
The company is required to submit the annual returns through BizFile within 30 days after AGM to avoid penalties. An extension can be granted if the companies cannot submit the returns within 30 days, but continuous failure to do so can result in hefty fines. Though these are the general guidelines, certain companies can submit the returns without conducting the Annual General Meeting.
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What are the benefits of using ACRA BizFile?
ACRA BizFile manages the company's end-to-end transactions. BizFile has combined several online processes such as registration, discontinuation of the company, document administration, financial concerns, and reporting system. With BizFile's paperless approach, companies can save a lot of time that was earlier required in official transactions. It also has made transactions easy and faster as compared to paper-based methods. Before the launch of ACRA BizFile, these processes would take days to complete. But now companies can perform these transactions online in mere minutes.
Here are some key benefits of using ACRA BizFile:
Better operational performance.
Great convenience to businesses.
Increase in acceptance concerning regulatory requirements.
Cost-effective as compared to paper-based transactions.
Improvement in the accuracy of data.
Understanding Your Business Profile in Singapore
What is a Business Profile from ACRA?
A Business Profile from ACRA (Accounting and Corporate Regulatory Authority) is a document that provides detailed information about a registered business entity in Singapore. It contains essential information such as the entity's registered name, Unique Entity Number (UEN), registered address, business activities, and information about its directors and shareholders. The Business Profile serves as an official record and is commonly used for due diligence, business verification, and other legal or commercial purposes.
How do you check your ACRA Business Profile?
There are several ways to check your ACRA Business Profile:
Use ACRA's online directory search function: You can search for your business entity's name or registration number on ACRA's website to find your Business Profile.
Purchase a Business Profile report: You can purchase a Business Profile report directly from ACRA's website or from a corporate service provider.
Use BizFile+: You can log in to BizFile+ website (https://www.bizfile.gov.sg/), ACRA's online filing and information retrieval system, to view and download your Business Profile.
Scan the QR code on the last page of your Business Profile: The QR code will direct you to the authentication page where you can verify the authenticity of the report.
How long is an ACRA Business Profile valid for?
An ACRA Business Profile is valid as of the date of issuance and for a period of 14 days from the date of issuance. This means that the information contained in the Business Profile is accurate as of the date of issuance, and it is recommended to download and save the Business Profile within 14 days to ensure that you have the most up-to-date information.
After 14 days, the information may no longer be accurate due to changes in the business entity's registration details. So, it is always a good idea to keep your Business Profile updated!
Frequently Asked Questions
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ACRA, or the Accounting and Corporate Regulatory Authority, is the national regulator of business entities, public accountants and corporate service providers in Singapore. ACRA oversees the registration and regulation of companies, partnerships, and limited liability partnerships. It also monitors and enforces compliance with accounting and corporate governance standards. ACRA maintains the official registry of business entities in Singapore and provides various services and resources to support business compliance and transparency.
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No, BizFile and ACRA are not the same, but they are closely related. ACRA, or the Accounting and Corporate Regulatory Authority, is the regulatory body responsible for overseeing business registration and compliance in Singapore. On the other hand, BizFile is an online filing and information retrieval system provided by ACRA. Through BizFile, businesses and individuals can submit various filings, search for business information, and retrieve official documents related to registered entities. In essence, while ACRA is the authority that regulates businesses, BizFile is the tool it provides for businesses to interact with this regulatory system.
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Updating your ACRA business profile is a straightforward process that can be done through BizFile+, which is ACRA's online filing and information retrieval system. Here are the steps to update your business profile:
Log in to BizFile+ using your SingPass or CorpPass account.
Click on "Local Company" and then "Make Changes."
Select the type of change you want to make, such as changing the company name, registered office address, or company officer.
Fill in the required information on the online form and upload any supporting documents.
Review the information you have entered and make any necessary changes.
Submit the application and pay the relevant fees.
Once your application is processed, ACRA will update your business profile accordingly. It's important to keep your business profile up-to-date to ensure that the information is accurate and to avoid any potential penalties for non-compliance with ACRA regulations (source: ACRA).
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ACRA's Business Profiles can be verified through their OpenAttestation feature. Here are the steps to verify ACRA's Business Profiles:
Purchase a Business Profile report from ACRA or a corporate service provider.
Check that the report contains the OpenAttestation logo and a QR code on the last page.
Scan the QR code using a QR code reader on your mobile device or enter the URL provided on the report.
You will be directed to the OpenAttestation website, where you can verify the authenticity of the report by checking that the information matches the information on the report and that the report has not been tampered with.
If the report is authentic, you will see a green tick mark and a message indicating that the report is valid.
Verifying ACRA's Business Profiles helps to ensure that the information contained in the report is accurate and has not been altered. It is recommended to verify the authenticity of the report before using it for business transactions such as opening a bank account or applying for a license.
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An annual return ACRA refers to the mandatory filing that companies in Singapore must submit to ACRA on an annual basis. The annual return contains important updated information about the company, including its registered office address, directors, shareholders, and financial statements. The main purpose of the annual return is to ensure that ACRA maintains accurate and up-to-date information about the company's details.
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Yes, even if a company is dormant (inactive), it is still required to file an annual return with ACRA.
However, a dormant company may qualify for simplified reporting requirements, and it may be exempt from filing certain financial statements or audit reports.
The company must indicate its dormant status and provide the necessary supporting documents when filing the annual return. It is important to note that even though a company is dormant, it still has obligations under ACRA’s regulations.
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AGM, or Annual General Meeting, is a mandatory annual meeting that companies in Singapore are required to hold. The purpose of the AGM is to update shareholders on the company's performance, financials, and other important matters. To file an AGM, companies need to follow these steps:
Determine the deadline for holding the AGM, which is typically within 6 months after the company's financial year-end.
Issue a notice of the AGM to shareholders, providing details of the meeting, agenda items, and relevant documents.
Conduct the AGM and ensure compliance with legal requirements, including the adoption of financial statements and the appointment of auditors (if applicable).
After the AGM, file the necessary documents with ACRA, including the Annual Return and financial statements.
Ensure the AGM minutes and other related records are properly maintained as part of the company's statutory compliance obligations.
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The Singapore SFRS (Singapore Financial Reporting Standards) are a set of accounting standards that are used by companies in Singapore. The SFRS are based on the International Financial Reporting Standards (IFRS), but they have some differences.
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No, ACRA BizFile is primarily used for business registration, updating company details, and filing annual returns. For managing accounting records, businesses typically use accounting software or engage accounting firms. If you're looking for accounting solutions, there are various accounting and auditing firms in Singapore that can assist you with your needs.
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Singapore's Accounting and Corporate Regulatory Authority (ACRA) Bizfile is an online directory providing information on all registered companies in Singapore. Among such companies are several successful holding companies. By definition, a holding company is an entity that owns shares of other companies (the subsidiaries), thus controlling their policies and overseeing management decisions.
Some prominent holding company examples registered through ACRA Bizfile in Singapore include Temasek Holdings and Jardine Matheson Holdings. Temasek Holdings is an investment company owned by the government of Singapore with a diversified portfolio spanning multiple industries, such as telecommunications, financial services, real estate, and logistics. Jardine Matheson Holdings, on the other hand, is a conglomerate with businesses in the areas of property, automotive, retail, and food industries.
For further information or to see other examples of holding companies in Singapore, you can use the ACRA's Bizfile+ portal.
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All companies incorporated in Singapore are required to file corporate income tax returns. The deadline for filing corporate income tax returns is 15 months after the end of the company's financial year. The returns must be filed with the Accounting and Corporate Regulatory Authority (ACRA).
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A Notice of Assessment Singapore (NOA) is a document issued by the Inland Revenue Authority of Singapore (IRAS) to taxpayers that details their tax liability for a particular year. The NOA will show the amount of income that has been assessed, the deductions that have been allowed, and the amount of tax that is payable.
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Singapore's ACRA BizFile is an essential online system for business registration and compliance, including for holding companies. Notable holding company examples in Singapore that have registered through ACRA BizFile include Temasek Holdings and Jardine Matheson Holdings. Temasek Holdings, owned by the government of Singapore, has a diverse portfolio in various industries like telecommunications and financial services. Jardine Matheson Holdings is a conglomerate with interests in property, automotive, retail, and food industries. These companies have effectively used ACRA BizFile for their regulatory requirements and compliance, showcasing the system's utility for diverse business structures.
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Yes, at Piloto Asia, we offer company incorporation packages for foreigners interested in setting up a business in Singapore. Our packages are designed to manage all the complexities of the incorporation process, including compliance with all ACRA Bizfile requirements.
We provide end-to-end guidance and support, from assisting with the necessary documentation to setting up your local office. Our comprehensive package includes the services of a named company secretary, as required by Singaporean law, ensuring that foreigners can establish their businesses smoothly and seamlessly in Singapore.
At Piloto Asia, we understand the challenges of expanding or setting up a business overseas, and we are dedicated to helping you every step of the way.
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