How to Fill Up the ACRA BizFile for Company Registration in Singapore
What is ACRA?
The Accounting and Corporate Regulatory Authority (ACRA) is a committee formed under statute by the Ministry of Finance in Singapore. The ACRA oversees business registration, monetary reporting, public accountants, and corporate assistance providers. ACRA also plays the position of a facilitator for the advancement of business services and the public accountancy career.
The ACRA was established on 1 April 2004 by the Accounting and Corporate Regulatory Act, which resulted in the merger of the then Registry of Companies and Businesses (RCB), and the Public Accountants’ Board (PAB).
In short, the ACRA looks after:
》all commercial activities within the Republic of Singapore.
》enforcing the company laws of Singapore.
》maintaining corporate records and business information and
》Providing data and advice to the legislative wings of the Government of Singapore so
that a practical system that benefits every company in Singapore, is established.
Why is ACRA Important for Businesses?
The ACRA is the regulator for all business entities in Singapore. In this role, ACRA is also responsible for achieving harmony between the aims of promoting business freedom while maintaining regulatory oversight.
By constantly re-examining rules and procedures, the ACRA makes it very easy for companies to register and operate within Singapore.
Benefits Of Using ACRA BizFile
Companies can file applications online with BizFile in very little time. Some of the important benefits of ACRA’s BizFile are:
》Increased easiness for businesses
》Quick and cost-effective as there is no paperwork involved in filing
》Enhanced accuracy of data
》Improved compliance in respect of the regulatory requirements
》Good operational efficiency
