If you plan on registering your business in Singapore, then the Accounting and Corporate Regulatory Authority (ACRA) should be your first stop. And this is easy to see why considering the authority is the equivalent of Companies House in UK or the Registrar of Companies in India.
But before deciding on anything, it pays off to understand ACRA’s mandate, why it maintains the BizFile, and how you can leverage the interactive digital database to conveniently register your company from anywhere in the world. Keep reading to find out more before deciding on anything.
Understanding the BizFile
Before proceeding with your ACRA BizFile search expedition, it is pays off to understand what it entails in the first place. To cut a long story short, the BizFile is ACRA’s online portal for capturing information for business registration, filing and reporting. This online portal was first introduced in 2004 but was later replaced in 2016 by a more powerful system called the BizFile+.
This newer portal made processes streamlined, quicker, and could handle much larger volumes of users. If this is not enough, it is based on the XML-based Businesses Reporting Language (XBRL) What this simply means is that financial and business analysis tools are able to glean more information from the data you feed into the e-forms that form part of the system.
Documents Required top Fill BizFile+ Online
Before filling the ACRA business profile online, it is in your best interest to know more about the details to include. To fill BizFile+ online, it is very essential to select your company name. Be sure to choose an acceptable business name and make a name application through BizFile. It doesn’t stop at that since you should also specify the type of company, licenses or approvals, directors, company secretary, and other important personnel.
The Bottom Line
There are plenty of benefits for companies to file applications online with BizFile in very little time. Some of the most notable benefits include increased convenience for businesses, enhanced accuracy of data, good operational efficiency, and improved compliance in respect of the regulatory requirements, to mention a few.
The good news is you can now access your ACRA financial statements online from the comfort of any location you deem appropriate. Either way, you ought to keep in mind that not all companies are required to file financial statements since some are filed as PDF hard copies and are only available via the ACRA website.
James Gunny came across Bitcoin in early 2013 and was hooked on ever since. After years of being an active member in the bitcoin community, he now aims to help promote cryptocurrency technology to the masses through his position of Senior Managing Editor at Onlinemagazinenews.com.