Why You Should Take Care Of Your ACRA Bizfile?
While your business is registered and operating in Singapore, it is of utmost importance to keep your ACRA Bizfile updated at all times. Firstly, because it contains necessary information about your business such as the details of directors and members, ongoing business activities, the share capital of your company and many more such details. Secondly, the authorities responsible for regulating your business activities and reviewing your transactions can do so with much ease and efficiency.
ACRA Bizfile contains information about thousands of companies in Singapore that is easy to access for the public. Therefore, keeping your company’s information updated at all times is necessary since it is open to public access. Taking care of your Bizfile and keeping it updated is not only an important part of conducting business in Singapore, but its usage also comes with a lot of benefits.
What is ACRA?
ACRA is known as the Accounting and Corporate Regulatory Authority which is the regulatory authority of companies and public accounts in Singapore. The responsibilities of ACRA include registration of new businesses, monitoring and regulating ongoing businesses, and ensuring proper closure of companies that no longer exist. Companies incorporated and functioning in Singapore are also supposed to report to ACRA for their financial statements. The public accountants in Singapore that are responsible for conducting statutory audits are also regulated by ACRA.
What is Bizfile?
Bizfile+ is a system through which any new business that wants to be incorporated in Singapore is registered with ACRA. The companies are provided with a distinct identity called UEN (Unique Entity Number). It is an online filing portal through which companies can submit documents, requests, and applications and also retrieve information about other businesses. Bizfile+ allows the public to access over 400 services online which makes it easy and efficient to conduct business for them.
Also, it is a highly safe and secure platform that also ensures its cost-efficiency and is user-friendly and flexible for the public to use. It stores crucial information about businesses and companies such as the type of company it is, ongoing activities, details about the directors, shareholders, and contributors of the company, and its share capital.
In order to incorporate a business in Singapore, it is a must to register your company name, address, and all the details with ACRA through Bizfile. Bizfile also lets you fill annual returns for your company.
ACRA Filing Requirements
There are certain statutory requirements of ACRA that need to be filed every year in order to remain compliant. These include:
- Filing an annual return within 7 months of the end of the financial year which should include all the details about the directors, secretaries, business activities, and share capital.
- Any changes in the company such as the name, address, or any business activity need to be updated within 14 days of the change.
- Any changes in the personal details of the shareholders and company officers must be updated within 14 days of the change.
Benefits of Using Bizfile
- Protection from unnecessary taxation.
- Provide guidance and advice to new incorporations.
- Helps in providing transparent solutions to businesses.
- Cost-effective and eliminates paperwork.
- Easy to gather information about other businesses.
ACRA Bizfile is a smart, efficient, and cost-effective platform for the registration, functioning, and disclosure of any business in Singapore. It eliminates the need for unnecessary paperwork, its transparency ensures the lowest risk of breach and fraud in companies and also lets you gather all the necessary data about the industry and various other registered companies. Taking care of your Bizfile, therefore, plays an important and beneficial role in the proper conduct of your company if it is located in Singapore.
Azhar Ansari is a company formation specialist with 8+ years of expertise in international business. Financial planning, risk management, and other related areas.