Basic Responsibilities of Singapore Company Registrar

in Small-business

The Accounting and Corporate Regulatory Authority or ACRA is the national company registrar of Singapore. ACRA plays a significant role as a leader in managing the advancement of businesses and development of individual’s public accountancy profession. The mission of ACRA, as clearly stated on their official website is "to provide a responsive and trusted regulatory environment for businesses and public accountants. ACRA’s role is to achieve synergies between the monitoring of corporate compliance with disclosure requirements and regulation of public accountants performing statutory audit."

Singapore company registrar , under the official administration of ACRA has listed the following responsibilities that they should work on:

First - To administer the Accounting and Corporate Regulatory Authority Act (Cap 2A), the Accountants Act (Cap 2), the Business Registration Act (Cap 32), the Companies Act (Cap 50), the Limited Liability Partnerships Act (Cap 163A) and the Limited Partnerships Act 2008 (Act 37 of 2008);

Second - To report and make recommendations to, and advise the Government on matters relating to the registration and regulation of business entities and public accountants;

Third - To establish and administer a repository of documents and information relating to business entities and public accountants and to provide access to the public to such documents and information;

Fourth - To represent the Government internationally in matters relating to the registration and regulation of business entities and public accountants; and

Fifth - To promote public awareness about new business structures, compliance requirements, corporate governance practice and any matter under the purview of the Authority.

In addition, here are the necessary requirement stated by ACRA for new foreign individuals and companies:

  • You must be at least 18 years of age (with effect from 1 March 2009).
  • You must not be an undischarged bankrupt or else you must obtain the permission from High Court or Official Assignee if you are planning to incorporate a company in Singapore.
  • You must not be disqualified under Sections 149, 149A or 154 of the Companies Act.
  • You will need to apply for an EntrePass from the Ministry of Manpower (MOM) if you are going to be actively involved in managing the company's operations. 

Lastly, ACRA has enumerated and briefly described the three available business structures for a Singapore company registration, which are all ideal depending on the company’s business plans and goals. All of these business structures are included in Rikvin’s corporate services. First business structure identified is the Singapore subsidiary that is a locally incorporated private limited company. This is a separate legal entity distinct from its foreign parent company, irrespective of the foreign parent company being the sole shareholder. Second is the Singapore Representative Office suitable for foreign companies that have an interest in testing the Singapore market prior to investments or companies that would like to perform liaising activities only.  Lastly, the Singapore Branch Office, an extension with the foreign parent company.

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Shayne Hughes has 129 articles online

Rikvin provides a full spectrum of corporate services under one roof for Singapore company registration, assistance to form a Singapore company, accounting, tax, work pass and related compliance services for individuals and companies worldwide.

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Basic Responsibilities of Singapore Company Registrar

This article was published on 2011/08/15