ACRA – The Process Of Company Incorporation
In case you have your company, it is wise to get it incorporated so you won’t need to assume all the liabilities of the business. It is so for the reason that when you incorporate your company, your legal responsibility shall solely be restricted to the total amount you might have invested in it. But doing this must be in accordance with all the guidelines of ACRA.
The acronym ACRA means Accounting and Corporate Regulatory Authority, the entity that controls Singapore’s business entities and public accountants. It likewise deals with the processing of setting up of businesses as well as public accountancy professions.
In incorporating your business, it will be required that the individual who will apply for it is older than 18 years of age, ensuing from March 1, 2009. Begin by submitting an application via online to BizFile. BizFile is ACRA’s web-based processing and information retrieval system wherein you could possibly get access to roughly 300 electronic services in connection to your business.
There are two ways to submit the online request. First is by means of logging on to BizFile with your identification number as well as your SingPass, which can be executed from anywhere, including the BizFile kiosks in ACRA’s premises. Alternatively, you could likewise employ a firm to do that on your behalf, which may be composed of legal professionals, accountants or chartered secretaries.
Expect to pay for a fee for business name approval amounting to $15. Registration cost meant for a business limited by shares amounts to $300 while for the business limited by guarantee, it is amounting to $600. When payment of registration fee has been complete, the company shall be incorporated. Waiting time is only roughly 15 minutes. However, if there is a need to further examine the application, as in the case of special businesses like educational institutions, ACRA will still have to forward it to the appropriate authorities. This may take from 14 days to 2 months.
A further requirement from ACRA is the submission of the directors or secretary and subscribers’ consent through the web to BizFile too. This should be done in 3 days as of the time the request of incorporation was tendered.
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