New Singapore law quadruples fines for corporate service providers that breach anti-money laundering duties CNA

In the present day, however, ACRA has expedited the process by allowing companies to make applications and submissions electronically through Bizfile. Moreover, applications and submissions can be retrieved electronically as well by companies, as well as members of the public. “It would make it difficult for individuals who are capable of fulfilling their obligations despite holding more than the prescribed number, and who may have legitimate reasons for holding multiple nominee directorships,” she said. Noting that it was a “lost opportunity” that the proposal was not proceeded with, Mr Chua asked if the government would reconsider the decision to further strengthen regulations against the abuse of nominee directorships. He noted that many corporate service providers typically offer secretariat services and do not deal with huge flow of money or funds into companies.

1. Similar to other government agencies and statutory boards, Bizfile is ACRA’s electronic portal through which companies may make their applications and submissions.
2. However, the CPF Board and the Ministry of Manpower (MOM) must be informed separately in this regard.
3. SingPass, the Singapore Personal Access Password, serves as a digital signature that verifies your identity.
4. ACRA’s role is to monitor corporate compliance with disclosure requirements and regulation of public accountants performing statutory audit.
5. However, busy entrepreneurs were not too happy about having to personally visit the ACRA office to register their company and make manual submissions.

✅ Speedy Response – With our guaranteed 24-hour response time, your business will never miss a beat. When you register a company in Singapore online through BizFile, you will need the below information. We know it’s a hassle to switch browsers but we want your experience with CNA to be fast, secure and the best it can possibly be.

ACRA – Accounting and Corporate Regulatory Authority

At Piloto Asia, we’ve been delivering top-tier company secretarial services in Singapore for over 15 years. Our seasoned team prides itself on a rapid 24-hour response time, ensuring your business needs are addressed promptly and professionally. Mr Lim also highlighted that there will be higher compliance costs that will be passed on to businesses, many of which may be small companies. When you have all the required information, log in to Bizfile+ using your Singpass to submit your application.

SingPass, the Singapore Personal Access Password, serves as a digital signature that verifies your identity. 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. The former raises the penalties for companies and LLPs that fail to maintain registers of people who have significant interest or control in the firms, and their dormant account definition nominee directors and nominee shareholders.

What’s new on BizFile+

Basically, almost all submissions and applications required under the Companies’ Act can be submitted via Bizfile. This includes the updating of a company’s information, such as the details of its directors, shareholders, officers, registered office address, and changes to a company’s issued and paid-up share capital. Similar to other government agencies and statutory boards, Bizfile is ACRA’s electronic portal section 338 business sale through which companies may make their applications and submissions. The Ministry of Manpower also uses an electronic portal that can be separately accessed, known as Employment Pass (EP) eService. Tabling the Bill for a second reading, Ms Indranee also noted that nominee directorship arrangements are a legitimate service that many corporate service providers offer.

However, the CPF Board and the Ministry of Manpower (MOM) must be informed separately in this regard. Visit the MOM portal and “Change particulars” to update the change of information. Any failure to notify ACRA within the stipulated time will be a breach of the Companies Act and may pose a risk of penalty. Not only this, your company might accrue a fine of up to S$5,000 for its failure to notify the ACRA. There may also be an additional default penalty for the company and its officers. The paperless system makes information retrieval more convenient and efficient.

How do I register a company in Singapore?

ACRA was formed on 1 April 2004 by the Accounting and Corporate Regulatory Act, which resulted in the merger of the majority shareholder: everything you need to know then Registry of Companies and Businesses (RCB), and the Public Accountants’ Board (PAB). The merger was to synergise the monitoring of companies’ compliance with disclosure requirements,3 and the regulation of public accountants performing statutory audit. You can choose to either apply for the proposed company name and incorporate the company in a single application, or to complete them in two steps.

Tax Deadlines in Singapore: A Guide for Business Owners

Naturally, for inexperienced local and foreign entrepreneurs or foreign corporations, being unable to anticipate these requirements may result in unforeseen delays. 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. “On the whole, we do not expect the new requirements in the Bill to significantly increase compliance costs on (corporate service providers) or affect the ease of doing business in Singapore,” she said. However, the latest changes have also made certain ad-hoc transactions for free, which earlier required payment.

The Inland Revenue Authority of Singapore receives the update as soon as the change is finalised, which will automatically update their own records on a weekly basis. BizFile was introduced in 2004 as a corporate information storage portal to upload, store, and retrieve business data for companies in Singapore. BizFile was renamed BizFile+ in 2016, following a major update in the system to improve the speed and efficiency of the portal. In Singapore, the Accounting and Corporate Regulatory Authority of Singapore (ACRA) is responsible for the registration of business entities. Foreigners who hold Employment Passes, Personalised Employment Passes, EntrePass, S-Pass, Dependent Pass, Long-Term Visit Pass, and selected Work Permit Holders may also submit an application to obtain a SingPass.

In response, Ms Indranee said the proposal was shelved after discussions with government agencies and a public consultation. MPs supported the Bill, but also raised concerns on the penalties and compliance costs businesses may incur. Currently, overseas-based clients who wish to set up a company in Singapore will need to have at least one local resident director. BizFile+ has proved to be an extremely useful customer-centric platform that makes it easier than ever to file and retrieve critical business information.