In case you have a business, it is smart to get it incorporated so that you wouldn’t have to take up all the liabilities of the company. This is so as when you incorporate your company, your legal responsibility shall just be limited to the amount you could have invested in it. Although doing this ought to be in line with the policies of ACRA.
The acronym ACRA means Accounting and Corporate Regulatory Authority, the entity that regulates Singapore’s corporate entities and public accountants. It also deals with the facilitation of setting up of businesses and public accountancy professions.
In incorporating your business, it’s mandatory that the individual who will apply for it is older than 18 years old, ensuing from March 1, 2009. Begin with submitting an application via online to BizFile. BizFile is ACRA’s web-based filing and information retrieval system where you could possibly get access to approximately three hundred electronic services in connection to your business.
There are a couple of methods to submit the online application. One is by logging on to BizFile with your identification code as well as your SingPass, which can be performed from any place, including the BizFile stations in ACRA’s premises. Alternatively, you could likewise employ a firm to do that to suit your needs, which could be composed of lawyers, accountants or chartered secretaries.
Expect to pay a charge for name approval amounting to $15. Registration fee for a business limited by shares amounts to $300 while for a company limited by guarantee, it will be worth $600. After settlement of registration fee is through, the company will be incorporated. Waiting period is only about 15 minutes. But, in case there is a need to further assess the application, as in the case of special companies including educational institutions, ACRA will still have to send it to the proper authorities. This may take from fourteen days to 2 several weeks.
One more requirement from ACRA is the submission of the directors or secretary and subscribers’ consent via the web to BizFile as well. This ought to be executed in three days as of the time the application of incorporation was tendered.
Breworks provides above the line and below the line advertising services to help your business flourish in the market. Get all that creative energy your brand deserves when dealing with ACRA and when you are applying for registration of company in Singapore.. Also published at ACRA’s Policies On Company Incorporation.
