Everything About ACRA BizFile | Complete Details

The Accounts and Corporate Regulatory Authority (ACRA) is a committee constituted under statute by the Ministry of Finance in Singapore. ACRA oversees business registration, monetary reporting, public accountants, and corporate support providers. ACRA also serves as a facilitator for career advancement in professional services and public accounting.

ACRA was established on 1 April 2004 by the Accounts and Corporate Regulatory Act, which resulted from the merger of the erstwhile Companies and Businesses Registry (RCB), and the Board of Public Accountants (PAB).

In short, the ACRA looks after:

• All business activities within the Republic of Singapore

• Enforcement of Singapore's company laws. maintaining corporate records and business information and

• To provide data and advice to the legislative wing of the Government of Singapore to establish a workable system that benefits every company in Singapore.

Why is ACRA Important to Businesses?

ACRA is the regulator for all business entities in Singapore. In this role, ACRA is also responsible for harmonizing objectives to promote business freedom while maintaining regulatory oversight.

By constantly re-examining the rules and procedures, ACRA makes it very easy for companies to register and operate in Singapore. Read: How to register a company in Singapore

What is BizFile?

BizFile or Acra BizFile is ACRA's online filing and information retrieval system. It allows businesses to access over 300 electronic services, from submitting statutory documents to the retrieval and purchase of data about business entities registered with the ACRA. Currently, it handles over 1 million transactions annually.

The process to submit your Company Registration Application through BizFile

1. Registration

To register a sole proprietorship or partnership, you need to be logged in to BizFile. All created business owners, including partners or authorized representatives, must retain their consent to BizFile before the business is registered.

Alternatively, you can engage the duties of a registered filing agent (such as a law firm) to receive online applications on your behalf. 2. Registration Fee There is a $15 name application fee. You must submit this amount before filing your BizFile application through the BizFile+ form. Then there is a $100 registration fee on the website for companies to register. If you want to renew your application, you will need to deposit an additional $30.

You can easily pay these charges using various methods like: 1. Debit or Credit Card, VISA, American Express

2. Paypal

3. Apple Pay

4. Google Pay 3. Processing Time

For sole proprietorships and partnerships, registration is usually authorized within 15 minutes of paying the registration fee on your behalf.

If an application needs to be sent to another government agency for authorization, registration takes around 14 days to 60 days for approval. For example, the establishment of private schools must be authorized by the Ministry of Education before enrolling in a business. For partnership, the business is officially registered only after all the partners or authorized representatives have approved or licensed the application.

Benefits Of Using ACRA BizFile

Companies can file applications online with BizFile in no 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

• Increased data accuracy

• Better compliance with respect to regulatory requirements