Anyone planning to open a business in Singapore has to register with the Accounting and Corporate Regulatory Authority, i.e., ACRA. Back then, company owners went in person to the Register of Companies and Businesses (RoC) to complete the process. The process has improved since ACRA launched BizFile, an online web program. Consequently, incorporating a business in Singapore is made easy and seamless with company registration services.
If you’re a business owner seeking to register your company using ACRA Bizfile, read these helpful steps.
What Is ACRA BizFile?
BizFile is an online portal managed by ACRA. The portal allows users to store documents and recover data from registered businesses online. Thereby, Bizfile grants companies access to more than 300 electronic services, which includes submission of legal papers, reservation of search engines, registration of GST.
The Singaporean government always works to enhance the effectiveness of government entities. This is to guarantee that individuals living in Singapore have full benefits. With that, ACRA is now the primary regulator of businesses, service providers, and financial accountants. It takes care of:
- The company operations that take place in Singapore,
- The implementation of Singapore’s business laws,
- Supervision of corporate documents and company’s data, and
- Provide Singapore’s legislation with essential information to create the right environment that benefits every Singapore business.
How Can You Register Your Company Using ACRA BizFile?
In incorporating a company in Singapore using ACRA Bizfile, first, you have to log in to BizFile to sign up for your business. Users will need a SingPass for first time registration.
A SingPass is the Personal Access Password for Singapore, which serves as electronic signatures to confirm your identity. SingPass applies to citizens of Singapore only. Foreigners and businesses who want to access BizFile transactions need to partner with Corporate Service Providers. These service providers will access BizFile on their behalf.
Even so, you’ll need to apply for a CorpPass after the business registration. It would be best if you had a CorpPass to make transactions in the BizFile for your business.
What Information Do You Need To Apply For BizFile Incorporation Online?
You will need the following information to register your business online through BizFile.
- Information about what your business type is.
- Your desired company name. For your company to continue with registration, the desired business name should have approval.
- The company’s primary operations.
- Company Directors’ Information. Company directors can be a foreigner, a Singaporean citizen, or a Singapore PRs. A business must have a director who is a citizen of Singapore or a working visa holder or a legal resident.
- The investors’ or shareholders’ information. A Singapore business may have an individual or a corporation as a shareholder.
- Share Capital.
- Registered address: It should be a registered Singapore address. PO box is not allowed. Usually, the place where you rent serves as your registered address. A co-working space is another option. To meet your address requirements, you can hire a corporate service provider online.
Where to Find Help In Business Filing And Registration Using ACRA BizFile?
3E Accounting Singapore can help you with your business registration using ACRA BizFile. You can pay attention to more important works, such as expanding your business while we handle requirements and due dates for filing. Our goal is to maintain the excellent compliance status of your company with ACRA. Call us today and consider your business registration done.
