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Role of the ACRA?
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Role of the ACRA?

As mentioned before, the ACRA is both Registrar and regulator for corporate services.

This authority is responsible for registering and overseeing all businesses, corporate service providers as well as licensed accountants. The ACRA also suggests ways of easing the environment for business and helps in the development of business products and services.

It was established on 1 April 2004 by the Accounting and Corporate Regulatory Act. The ACRA essentially combined the existing Registrar of Companies and Businesses (RCB) and the Public Accountants’ Board (PAB).

Other duties of the ACRA:

  • Enforcing the Companies Act, the Limited Liability Partnerships Act, the Accounting and Corporate Regulatory Authority Act, the Variable Capital Companies Act, and other related Acts and their Amendments.

  • Keeping and Updating corporate records and business information.

  • Providing inputs and recommendations to Singapore’s lawmakers in building a practical system that makes life easier for businesses.

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Understanding the BizFile

The BizFile is ACRA’s online portal for capturing information for business registration, filing, and reporting. Introduced in 2004, it was replaced in 2016, by a younger, more powerful system called the BizFile+.

The newer portal made processes streamlined, quicker, and could handle much larger volumes of users. It is this system that makes it possible to register and set up reporting remotely.

The BizFile+ is based on the XBRL (XML-based Business Reporting Language). This means that financial and business analysis tools are able to glean more information from the data you (the business user) feeds into the e-forms that form part of the system.

For more details: visit our website: https://ondemandint.com/



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