If you’re planning to start a business in Singapore, your journey will almost certainly involve ACRA (Accounting and Corporate Regulatory Authority). ACRA is the government body responsible for company registration and ensuring compliance with Singapore’s corporate laws.
This guide walks you through what ACRA is, why it matters, and exactly what you need to do to stay compliant, including practical tips, checklists, and answers to common questions.
Swiftly’s Key Takeaways
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ACRA regulates all business entities in Singapore, including private limited companies, public companies, partnerships, sole proprietorships, limited liability partnerships (LLPs), and foreign companies registered locally.
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BizFile+ is ACRA’s online portal where all filings and business transactions are made, from registration to annual returns.
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UEN (Unique Entity Number) is issued by ACRA to every registered business and serves as its official ID for all government transactions.
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Engaging a Corporate Service Provider like Swiftly can simplify registration and ongoing compliance management.
What is ACRA?
ACRA (Accounting and Corporate Regulatory Authority) is Singapore’s national regulator for all business entities, public accountants, and corporate service providers (CSPs). As a statutory board under the Ministry of Finance, ACRA’s mission is to ensure transparency, good governance, and compliance with corporate law.
In simple terms, if you want to legally operate a business in Singapore, ACRA is the authority you’ll deal with.
A Brief History
ACRA was established on 1 April 2004 through the merger of the Registry of Companies and Businesses (RCB) and the Public Accountants’ Board (PAB). The merger created a single, centralised authority to streamline business registration, corporate regulation, and accounting oversight, making it easier for businesses to comply with Singapore law.
How ACRA Works Today
To interact with ACRA, businesses use BizFile+, its secure online portal for company registration, filings, and compliance transactions. Once a business is registered, ACRA issues a Unique Entity Number (UEN), which serves as a digital ID identifying the business in all official dealings with government agencies.
Roles and Responsibilities of ACRA
The key role of ACRA is to regulate and oversee business entities in Singapore, ensuring transparency, good governance, and compliance with corporate laws. Its work affects entrepreneurs and businesses at every stage, from registration to ongoing corporate governance.
In detail, ACRA’s responsibilities include:
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Registering businesses and companies and issuing the necessary legal documentation to prove the company’s registration in Singapore.
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Issuing Unique Entity Numbers (UENs) to all registered entities, providing a unique digital identity for government transactions.
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Maintaining registers of directors, shareholders, and beneficial owners to ensure transparency in business ownership and management.
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Enforcing compliance, including filing of annual returns, updating officer information, and maintaining accurate company addresses.
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Regulating corporate service providers (CSPs) and public accountants, ensuring they adhere to professional standards.
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Investigating breaches and imposing penalties for non-compliance, protecting the integrity of Singapore’s business environment.
ACRA Company Registration Complete Checklist
| Item | Why You Need It |
|---|---|
| Company Name | The business name must be approved by ACRA to ensure it is unique and complies with regulations. Once approved, it can be reserved online for up to 120 days. |
| At Least 1 Local Resident | At least one director must be a Singapore citizen, permanent resident, or Employment Pass holder. |
| At Least 1 Local Company Secretary | A company secretary must be appointed within six months of incorporation to ensure all statutory duties are met and company filings are done correctly. |
| At Least 1 Shareholder | Shareholders legally own the company, and their identification is required for incorporation. |
| Minimum S$1 Paid-Up Share Capital | This represents the initial investment in the company and is required to start the business legally. It can be increased later, and any changes must be updated with ACRA. |
| Registered Address | The company must have a physical Singapore address (no PO boxes), which serves as the official contact point for all legal correspondence with government agencies. |
| Constitution (Optional) | The constitution sets the rules for how the company is run; if it is not submitted, the default Model Constitution under the Companies Act applies. |
| UEN | A Unique Entity Number (UEN) is issued by ACRA to identify the company in all official transactions with government agencies. |
| ID Documents | Identification documents confirm the identity of directors and shareholders and ensure compliance with legal requirements. |
| Consent Forms | Signed consent forms confirm that the directors and company secretary agree to take on their roles. These are often completed electronically during registration as part of the declarations. |
| Contact Information | Accurate contact information ensures ACRA can communicate with the company regarding filings, compliance, and statutory updates. |
Company Registration Process with ACRA
Registering a company in Singapore has never been easier thanks to BizFile+, ACRA’s online portal. If you have all the necessary information ready, including your company name and key personnel details, the entire process can often be completed in just 15 to 30 minutes.
Step 1: Log in to BizFile+
The first step is to log in to BizFile+ at www.bizfile.gov.sg. Click the login button at the top right corner. If you are registering personally, select the Individual User option and log in with your SingPass.
Step 2: Name Application (if you haven’t done it yet)
If you have not already reserved a company name, you will need to submit a name application. A fee of S$15 applies. Once the name is approved, you will receive a transaction number that you will need for incorporation. Reserving your company name ensures that it is unique and compliant with ACRA’s regulations, giving you the legal right to use it.
Step 3: Register a New Entity
In BizFile+, navigate to Register, then Register New Entity, and finally Register New Business Entity. At this stage, you can either select a previously approved company name to retrieve its details or apply for a new name and incorporate in one step. This is where you begin building your company profile within the portal.
Step 4: Fill in Company Details
Once you have your entity selected, you will need to confirm and enter the company details. This includes specifying the company type, which is typically a Private Limited Company, and your main business activities. You will also declare your share capital, with a minimum of S$1, to indicate your initial investment. A physical Singapore address is required for official correspondence, and PO boxes are not permitted. You will also choose your financial year-end and decide whether to use the model constitution or upload your own. Accuracy in this step is crucial, as errors can delay processing.
Step 5: Enter Key Personnel Details
After entering the company details, you will provide information about key personnel, including directors, shareholders, and the company secretary. At least one director must be a local resident. The company secretary must be appointed within six months if not appointed during registration. You may be asked to upload scanned identification documents or other supporting files.
Step 6: Review and Endorsements
Before applying, review all information carefully. If additional directors or the company secretary have been appointed, they must endorse their appointments through BizFile via email invitations within 60 days. Ensuring accuracy at this stage is important to prevent delays in processing.
Step 7: Payment
Once everything is verified, you will proceed with payment. The fees include S$300 for incorporation and S$15 for the name application. Payments can be made using credit or debit cards, PayNow, Apple Pay, or Google Pay. After payment is confirmed, ACRA will process your registration.
Step 8: Receive Incorporation Confirmation
Upon successful registration, you will receive your Unique Entity Number that serves as your company’s official identification for government transactions, and your BizFile Business Profile in PDF format. With these documents, your company is officially registered and ready to operate in Singapore.
It is important to remember that once your company is incorporated, you cannot switch your business entity type. Choosing the correct structure from the start is therefore essential.
For entrepreneurs who want to simplify the process and avoid mistakes, Corporate Service Providers such as Swiftly offer fully digital incorporation services, including name checks, document preparation, and post-incorporation compliance support. Swiftly’s services make the registration process seamless for both local and foreign entrepreneurs.
Corporate Governance and Compliance
Once your company is officially incorporated, you will receive the following official documents, which serve as your company’s identification for all government transactions:
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Unique Entity Number (UEN): This is your company’s official identification number used in all interactions with government agencies.
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BizFile Business Profile: A summary of your company’s registration details, including officers, shareholders, and business activities.
After incorporation, your focus shifts to ongoing compliance with ACRA requirements:
File annual returns: You are required to submit annual returns with ACRA, and if your company meets certain thresholds, audited financial statements must also be submitted to maintain compliance.
Maintain statutory registers: Keep up-to-date records of all directors, shareholders, and controllers in your company, ensuring accuracy for legal and reporting purposes.
Hold AGMs and board meetings: If applicable, conduct annual general meetings and board meetings and document them properly to comply with statutory requirements.
Update ACRA promptly: Any changes to company officers, registered address, or constitution must be reported to ACRA on time to remain compliant and avoid penalties.
Important Note: Failure to meet these compliance obligations can result in fines, late fees, or even the risk of your company being struck off the register. Consistently tracking deadlines and maintaining accurate records is crucial for your company’s legal standing and credibility.
Fees, Costs, and Timelines
Incorporating and running a company comes with certain costs that you should plan for. Name reservation with ACRA costs S$15, and the incorporation fee is S$300. In most cases, processing is immediate unless special approvals are required.
Ongoing costs include hiring a company secretary, accounting services, and annual filing fees. It’s a good idea to budget for these recurring expenses in advance, so you can ensure smooth compliance without unexpected interruptions.
Using BizFile+ and ACRA e-Services
BizFile+ is your go-to portal for all ACRA-related business transactions. Through BizFile+, you can register a business name or incorporate a company, file changes in directors, addresses, or shareholding, submit annual returns, and even search for company information. Staying familiar with the platform makes managing your company much easier.
A handy tip is to track your compliance deadlines directly through BizFile+. Keeping everything organised in one place helps you avoid fines and ensures your company remains in good standing with ACRA.
Penalties and Enforcement
ACRA takes compliance seriously, and there are clear consequences for missing obligations. Late filings can result in fines, administrative fines may be imposed, and in severe cases, your company could be struck off the register. Directors and officers may also be held liable for certain breaches.
To reduce these risks, many entrepreneurs choose to outsource compliance to a Corporate Service Provider like Swiftly. Swiftly can help you meet deadlines, maintain proper records, and avoid penalties, giving you peace of mind while focusing on growing your business.
Practical Advice for Entrepreneurs
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Pick the right entity structure early: Whether it’s a sole proprietorship, partnership, or private limited company, your choice affects liability, taxes, and compliance requirements.
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Use a compliance calendar: Keep track of annual returns, officer updates, and financial filings to ensure nothing is missed.
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Budget for recurring costs: Include expenses for a company secretary, accounting services, and annual filing fees to maintain smooth operations.
Consider hiring a CSP: Engaging a Corporate Service Provider simplifies ongoing compliance, reduces administrative errors, and lets you focus on growing your business. -
Maintain role separation: In a private limited company, you cannot serve as both director and company secretary; these roles must be held by separate individuals.
Conclusion
ACRA is central to Singapore’s business environment, ensuring transparency and good governance. By understanding its role and your obligations, you can establish a compliant and credible business.
Ready to set up your business with confidence? Swiftly provides comprehensive support for all stages of your business, covering both incorporation and ongoing compliance, so you can focus on growing your company.
FAQs
1. Can I use my home address for my company registration?
Yes, you can use a residential address in Singapore as your registered office, but it must be a physical address. PO boxes are not allowed.
2. Do I need to register with ACRA if I’m freelancing?
If you are operating under your legal name only, registration is not required. However, if you want to trade under a business name, you must register with ACRA.
3. What happens if I miss my Annual Return filing?
Missing your filing can lead to fines, late fees, court prosecution, and in severe cases, your company could be struck off the register. Staying on top of deadlines is crucial.
