ACRA and annual return
Posted by Rae Lee on January 5th, 2021
One of every adult’s dreams is to be able to build their own business. This is because a business offers so many opportunities and opens many doors compared to being an office employee. There are various businesses that one can venture into. However, the best business to build is something that one is passionate about. This way, it will be easier and it will feel more fun and fulfilling while running a business.
However, building your own business is not an easy task. There are many requirements and procedures that one must go through to ensure that the business has all it needs and can legally operate. These procedures exist to make sure that all new company set up abide by the laws and regulations in Singapore. They are implemented to make businesses accountable.
There are business registrations and other documents needed to be fulfilled to be able to operate legally. In Singapore, one of the most complicated tasks for a business or firm is the company incorporation Singapore processes. There are also various government agencies that are tasked to document these requirements. One of the most involved agencies or government branches when it comes to a new company set up is the Ministry of Finance since businesses involve financing. Under this ACRA is much more involved in much new company set up procedures. To know more let us discuss its functions.
Who is ACRA
ACRA or also known as the Accounting and Corporate Regulatory Authority is an independent authority in Singapore. They have been around since April 1, 2004. They are considered as a statutory board under the Ministry of Finance in Singapore. It is the national governing body in charge of the business registration of a new company set up, financial reporting, public accountants, and other corporate service providers in Singapore. It is also involved in things that have to do with enterprises like company incorporation Singapore procedures. It facilitates these entities and everything related to Singapore accounting professionals.
It was implemented under the Accounting and Corporate Regulatory Act. This act has resulted in the merger of the Registry of Companies and Businesses and the Public Accountants’ Board (PAB). This act was to combine the power of these two authorities. They are to join forces in monitoring how a local new company set up and corporations comply with the given set of rules and regulations. These laws and regulations include disclosure requirements, the regulation of public accountancy in performing statutory audits, and the company interpretation of all businesses.
It served as the main institution that overlooks the business in Singapore. Therefore one of its functions is to establish and supervise a repository of papers and other information. These documents are all related to business entities and accounting professionals. They are to make sure that the general public can access these kinds of documents to ensure transparency. One of the documents that ACRA oversees is the annual return.
What is the annual return?
This is a necessary document to be filed by business or company owners. It is an electronic form by ACRA that contains relevant details regarding the company. This is an important step before you can file for a company incorporation Singapore application. The information required when filling out the annual return is:
Company details
Number of shares
Financial statements
Date of annual general meeting (only if applicable)
Those that are successful in filling this will receive a free business profile. This is important because this is needed when opening a corporate bank account for a new company set up. The issuance of this is the effort of ACRAr to help reduce company costs and to make the processes of company incorporation Singapore procedures easier. This report helps the stakeholders to make decisions that can affect the company.
There are many steps that must be done to ensure a successful company or business. Singapore has made it easier for businesses and their owners to comply with such requirements. That is there online registration or filling of these documents is allowed. Also, there are perks and benefits once these documents are properly filed. Businesses should comply to ensure the smooth flow of the company. There are detailed guides on the internet on how to prepare and file these required documents.
We can help you
Filing and making sure that you're up to date when it comes to those requirements may eat a lot of your time. Things like company incorporation Singapore procedures can be handled. Hiring an external entity to do the work for you may be ideal. This is exactly what we do in WLP Group, we make business in making sure that you have a successful one. Contact us today to know more.
