Do you desire to start your business somewhere in Singapore but have no idea where to start? Since we understand the hassle that comes with the initial steps to set up your venture, we have provided some comprehensive guidelines on how you can successfully have your firm in the company register in Singapore.
But first, what is a company register?
A company register is an organization set up by governments to create regulations for organizations and oversee and monitor their activities.
In Singapore, the organization in charge of registering companies into a database and ensuring businesses’ legitimacy is called ACRA, or the accounting and corporate regulatory authority.
So, what does the Singapore Registrar of Companies do?
Like any other country, Singapore has a body that ensures companies’ legitimacy within its borders. The said organization also formulates policies that protect the business and its clients.
The regulations ensure a sustainable and conducive environment for businesses to flourish, whether it’s for a local or a foreigner.
Overall, the duties of ACRA include:
- Overseeing the regulation of public accountants and companies
- Registering companies into the national database for legitimacy
- Facilitating company development
- Maintaining awareness of business structures and requirements
- Imposing fines on companies that do not follow stipulated guidelines
- Summoning companies in defiance of the rules to court
- Advising the government on the registration and regulation of public accountants and companies.
So, in short, ACRA keeps the company register in Singapore and is mandated to regulate the business environment for entrepreneurs.
How can you access ACRA?
One of the most attractive things about setting a business in Singapore is accessing all amenities.
In this case, we are considering the company register. With a few clicks, you can access all the information regarding your firm from the comfort of your store.
The whole process is automated.
You can either access the company register in Singapore via mail or electronic portal
To send mail, you should address it to:
10 Anson Road
#05-01/15 International Plaza
You can also call them at +65 62486028
As for the portal, you can access it using your phone or PC. You can access services such as:
- Company submissions and applications- you no longer have to queue to get your application to start a business approved. All you need is the Singapore Standard Industrial Classification code, and you can reserve a name. Submit your documents via Bizfile. If you are a local, you need to have a SingPass, while foreigners make do with various passes, such as the personalized employment passes.
- Keep up with your company details- you can check your company’s status and compliance ratings from the portal.
- Regulatory body’s initiatives- you can easily file your returns, upload financial reports, or even know when another company registers a name similar to yours.
Registering a company in Singapore is easier than ever before. The two-step process, i.e., name approval and entity registration, is easy to complete, especially since the company register in Singapore digitalized its operations.
Get started today. Whether you are a foreigner looking to fill a gap in Singapore or a local starting out a small venture, follow ACRA guidelines, and you will be good to go.