Setting up a new business can be a daunting task, but the ACRA BizFile system makes it much easier for entrepreneurs in Singapore. BizFile is an online platform that allows businesses to carry out various transactions related to their company registration and maintenance, including filing annual returns, updating company information, and more. In this article, we’ll look at what BizFile is and how to use it to register your company in Singapore.

In this blog, we’ll explore:

What is ACRA BizFile System?
Steps needed to register your company using BizFile
Required Details for Online Company Incorporation via ACRA BizFile System
What Business Activities You Can Do Online with BizFile?
How can the company file Annual Returns with ACRA?

What is ACRA BizFile System?

The ACRA BizFile system is an online platform that is used for filing and information retrieval in Singapore. It is managed by the Accounting and Corporate Regulatory Authority (ACRA) and is used for a wide range of business-related transactions. Through the ACRA BizFile system, businesses and corporate service providers can access various services offered by ACRA, such as incorporating a company, filing annual returns, updating company information, changing company officers, buying ACRA reports, and more. The ACRA BizFile system is designed to provide a streamlined and efficient process for managing and regulating businesses in Singapore.

How to Register Your Company Using ACRA BizFile System?

To register your company using BizFile, you will need to follow these steps:

Log in to the ACRA BizFile+ portal. You can access BizFile with your SingPass (for Singapore residents) or CorpPass (for entities registered in Singapore). Foreigners who want to register their company will need to engage a Corporate Service Provider who can access BizFile on their behalf.

Choose the type of company you want to register with. You can choose to set up a sole proprietorship, partnership, or a company.

Provide a proposed name for your company. Check the availability of the name using the BizFile system.

Provide details of the company officers. This includes information about the directors, shareholders, and company secretary. You will need to provide identification documents for these individuals.

Provide a registered address for your company. This address will be used for official correspondence and must be a physical address in Singapore.

Describe your company’s key business activities.

Determine the amount of share capital and the number of shares to be issued.

Review and confirm your information before submitting your application.

Pay the relevant fees to complete your application.

ACRA will notify you of the outcome of your application once you submit it and process the payment. If they approve it, they’ll issue a Certificate of Incorporation, officially registering your company in Singapore.

Once you set up the company, you must register for CorpPass to conduct transactions in BizFile+. Singapore residents, some work pass holders, and permanent residence holders are eligible for CorpPass, which is similar to SingPass.

Required Details for Online Company Incorporation via ACRA BizFile System

When registering a company in Singapore through the ACRA BizFile system, you will need to provide several details online to complete the incorporation process. Providing accurate and complete information will help to ensure a smooth registration process and avoid delays.

Type of Company

You will need to specify the type of company you are registering with. The most common type of company in Singapore is a private limited company. Other options include sole proprietorships and partnerships.

Intended Company Name

You will need to propose a name for your company. The name must comply with ACRA’s guidelines and should not be identical or like existing registered names. ACRA will need to approve the name before you can proceed with the registration process.

Key Activities of the Company

You will need to provide a brief description of the primary activities your company will engage in. This helps ACRA to categorize your company correctly and provide relevant regulatory guidance.

Details of the Company Directors

You will need to provide information about the individuals who will serve as directors of the company. This includes their full name, identification number, residential address, and contact details. Both Singapore citizens and Permanent Residents, as well as foreigners holding an Employment Pass, can be directors. At least one director must be a Singapore citizen, Permanent Resident, or Employment Pass holder.

Details of the Shareholders

You will need to provide information about the individuals or companies that will be the shareholders of the company. This includes their full name, identification number, residential address, and contact details. A Singapore company can have either an individual or a corporate entity as a shareholder.

Share Capital

You will need to specify the amount of share capital that the company will have. This is the amount of money that the company can raise by issuing shares to shareholders.

Registered Address

You will need to provide a locally registered Singapore address where the company can be contacted. A PO box is not accepted. You can use the premises you rent as your registered address or engage a corporate service provider for their virtual office service to fulfill this requirement.

By providing all the necessary information accurately and completely, you can ensure that your company incorporation process runs smoothly and efficiently. The ACRA BizFile system is a streamlined and convenient way to register a company in Singapore, saving you time and hassle compared to traditional methods.

What Business Activities You Can Do Online with BizFile?

As a Singapore businessperson, you need to interact with BizFile regularly. Here are some essential activities you or your company secretary can perform using the BizFile platform:

Online business registration: You can register your company online and get it up and running quickly.

Cessation or discontinuation of the company: If your company needs to cease operations, you can inform ACRA through BizFile.

Change of company address: If your company moves to a new location, you can update your address on BizFile.

Change in company hierarchy: If there are any changes in the company’s hierarchy, you can inform ACRA through BizFile.

Filing annual returns with ACRA Singapore: You can submit your company’s annual returns to ACRA through BizFile.

Filing financial statements with the Singapore Government: You can file your company’s financial statements online using BizFile.

Change in personal details of company officers, controllers, and members: If there are any changes in personal details of the company’s officers, controllers, and members, you can inform ACRA through BizFile.

Access the central directory of the unique identification numbers (UEN): You can search and access the UEN directory through BizFile.

Interface with other key systems: Companies can interface with other key systems, such as the Inland Revenue Authority of Singapore, using BizFile.

Get industry reports: You can get data, such as industry reports, using BizFile.

Buy business information: You can purchase business information, such as ACRA business profiles, using BizFile.

Perform online investigations for approval: You can perform online investigations for approval, along with other referral professionals.

Perform online investigations concerning Medisave partners and CPF owner status: You can perform online investigations concerning Medisave partners and CPF owner status using BizFile.

BizFile has a user-friendly interface that shows different methods of payment available. Users get an email or SMS notification after a successful transaction. Some industries may even require the use of BizFile as part of acquiring licenses, such as some licenses required to start a food and beverage business in Singapore.

How can the company file Annual Returns with ACRA?

As per the Singapore Companies Act, it is mandatory for all companies to file annual returns with the Accounting and Corporate Regulatory Authority (ACRA). Thankfully, the ACRA BizFile system offers an easy and efficient platform for companies to submit their annual returns online.

Here are the steps:

Prepare your financial statements: After your company’s financial year-end (FYE), prepare your financial statements. This can be done by your in-house finance staff or an outsourced accountant and software such as Automa8e.

Schedule your Annual General Meeting (AGM): At the AGM, your board of directors presents the financial statements to the shareholders for approval. If you’re a listed company, your in-house chartered corporate secretaries usually handle this. Alternatively, you can engage external secretarial teams for AGM duties.

Upload the required documents to BizFile: After shareholders approve your financial statements, you can upload them, along with other required company details like director and shareholder information, to ACRA BizFile.

Submit your annual returns within 30 days (about 4 and a half weeks): Companies must submit their annual returns through BizFile within 30 days after the AGM to avoid penalties. If you’re unable to submit your returns within 30 days, you can apply for an extension. However, continuous failure to file your returns can lead to hefty fines.

While these are the general guidelines, there are certain exemptions for companies that do not need to conduct an AGM. To ensure that your company stays compliant with regulatory requirements in Singapore, it’s important to double-check the specific requirements that apply to your company.

Overall, filing annual returns with ACRA through BizFile is a quick and straightforward process that can help ensure that your company is up to date with regulatory compliance. So, do not forget to file your returns on time and stay on the right side of the law!

How Can I Renew My BizFile?

As a business owner in Singapore, it’s important to keep your ACRA BizFile+ account up to date. If you have a valid CorpPass account, you can easily renew your registration online. Here are some important things to keep in mind:

Timing: You can renew your BizFile+ account anytime within 60 days (about 2 months) before the expiry date. It’s best to do this well in advance to avoid any issues or complications.

Fees: The ACRA BizFile renewal fee is $30 for one year or $90 for three years. Make sure you have a valid payment method available when renewing your account.

Fortunately, the process is quite straightforward, and can be completed online.

Here is a step-by-step guide:

Log in to your BizFile account: First and foremost, log in to your existing BizFile account using your SingPass or CorpPass.

Go to the renewal section: Once you’re logged in, click on the “Renewal” section, which can be found in the main menu.

Check your company details: Before proceeding with the renewal process, check that all of them are up-to-date and accurate.

Choose your renewal option: Next, select your preferred renewal option. You can choose to renew your account for one year or three years.

Make your payment: Once you’ve chosen your renewal option, you’ll be directed to the payment page. You can make your payment using a credit card or via eNETS.

Wait for confirmation: After your payment has been processed, you will receive a confirmation email from ACRA. This email will include the details of your renewed BizFile account.

And that’s it! Renewing your BizFile account is a simple and efficient process that can be completed in just a few steps. Keep in mind that it’s essential to renew your account before it expires to avoid any issues with compliance or regulatory requirements.

How To Change Company Name in ACRA BizFile?

ACRA’s BizFile+ system makes it easy to change your company’s name through a simple online application. However, the process may require additional approval from referral authorities depending on the name you propose. This is to ensure that the name is not already in use and to prevent any confusion.

Once your application is approved, you will need to submit a Notice of Resolution and file the change of name process in your business details. There is a fee of $15 for the BizFile+ address change process.

It’s important to update your company’s name with other relevant authorities, such as the IRAS, banks, and suppliers, to avoid any issues or delays in the future. By keeping your company’s information up to date, you can ensure smooth operations and maintain a good reputation in the business community.

Don’t forget to review your company’s branding and marketing materials to reflect the name change as well. With BizFile+, changing your company’s name can be a hassle-free process!

How to change the address on BizFile?

To change the registered office address of a company in Singapore on BizFile, follow these steps:

Prepare a Board Resolution to change the office address in writing.

Go to http://www.bizfile.gov.sg/ and log in using the company’s CorpPass.

Select “Change in Company Information”> “Change in Registered Office Address and Office Hours”.

Fill in the new address and the date of the change. If your new address requires government approvals, attach them to the application.

Submit the application. You need to update this information within 14 days (about 2 weeks) after the change takes place.

Filing the application is free, but failure to file within the required period will result in a late penalty of at least S$50 or a maximum of S$350 for informing ACRA late.

How to change the business activity in ACRA?

To change the business activity in ACRA (Accounting and Corporate Regulatory Authority), you need to follow these steps:

Log in to www.bizfile.gov.sg with your CorpPass

File eService’s > Local Company > Make Changes > Change in Company Information including Appointment/Cessation of Company Officers/Auditors.

Fill in the new business activity description and submit.

Remove the existing business activity that you want to change and add the new business activity.

Save the change and pay the necessary fees if applicable.

Submit the changes and wait for ACRA’s approval.

You need to update this information within 14 days after the change takes place.

These changes do not attract a fee, but failure to update the change of business activity on ACRA can result in a fine of up to $5,000 and a default penalty for the company and directors.

Note that some changes to business activities may require additional licenses or permits. Therefore, it is recommended to check with the relevant authorities before making any changes.

How to remove a company director from ACRA?

To remove a company director from ACRA, you can follow these steps:

Log in to your CorpPass account on the ACRA website.

Click on the “Transactions” tab and select “Filing of Ad Hoc / Other Transactions.”

Under the “Type of Transaction” section, select “Appointment / Cessation of Company Officer.”

Enter the required information, including the director’s name and NRIC or FIN number.

Under “Officer’s Role,” select “Resigned.”

Submit the form and pay the necessary fees, if any.

Once the form is processed, the director’s name will be removed from the company’s ACRA records. It’s important to note that the director must also submit their resignation to the company and that the company must update its records accordingly.

How to close a business in ACRA?

To close a business in ACRA, you will need to apply online using BizFile+.

If you are closing a Sole-Proprietorship or Partnership, the owner/s will file for the “Cessation of Business” online via BizFile+ using SingPass or CorpPass. The business will close immediately after the application submission. Along with closing the company on BizFile, GST registered businesses will have to apply for cancellation of GST registration with IRAS.

One of the ways to close a company is by striking off the name of the organization from the ACRA register. As a director, you may apply to ACRA to strike off the company’s name from the register. The company director, the company secretary or the registered filing agent can apply for striking off the company via BizFile+ using SingPass/CorpPass.

To get the application approved, the organization must satisfy several criteria for striking off such as:

It has ceased trading.
Should have no outstanding debts to any government agency.
Should have no outstanding charges in the charge register.
Not have any ongoing legal proceedings or any ongoing or pending regulatory action or disciplinary proceeding.
Should have no existing assets and liabilities on the date of application.
The application should be authorized by all or most of the directors.

Once The Accounting and Corporate Regulatory Authority approves the application it goes through 2 rounds of Gazette Notification 30 days apart to give interested parties a chance to object. If all goes well, the whole process takes around 4 months.

A company can be restored within 6 years of being struck off by a Court Order. The Court Order must also be routed via BizFile+, and the status of the company will be updated too “live”.

How can you check ACRA business profiles?

You can check BizFile for information such as the registration number (UEN), entity name, business activities, registration date, and details of position holders, business owners, or directors. Information such as business status and registration can be checked free of cost on ACRA BizFile. However, a full business profile must be purchased on ACRA’s iShop for S$5.50.

How to remove a company director from ACRA?

To remove a director from a company registered with ACRA in Singapore, follow these steps:

Check the company’s constitution and/or shareholders agreement to ensure that there are no specific provisions that must be followed when removing a director.

Hold a board meeting to pass a resolution for the removal of the director. A notice of the meeting must be sent to all directors, and the resolution must be passed by a majority vote of the remaining directors.

Complete and submit the necessary forms to ACRA within 14 days of the director’s removal. The specific form required is Form TM-01, which is available on the ACRA website. The form must be signed by a director or company secretary.

File the notice within 14 days (about 2 weeks) of the change.

Once the form is submitted and accepted by ACRA, the director’s name will be removed from the company’s records.

Note that if the director being removed is the last remaining director, the company must first appoint a new director before the old director can be removed.

How to Appoint a Company Secretary in BizFile?

Under Singapore law, it is mandatory for all registered companies to appoint a company secretary within 6 months of their incorporation date. The role of the company secretary is critical in ensuring that a company meets its regulatory and administrative obligations. The company secretary is responsible for a variety of tasks, including filing annual returns, maintaining statutory registers, and recording and filing board resolutions. Failure to appoint a company secretary or to fulfill the duties assigned to this role can result in penalties and legal consequences for the company.

To appoint a company secretary in Bizfile, you need to follow these steps:

Log on to www.bizfile.gov.sg using your CorpPass.

Under “File eService’s,” select “Local Company.”

Click on “Make Changes.”

Select “Change in Company Information including Appointment/Cessation of Company Officers/Auditors.”

On the next page, you will see the list of officers in your company. Click on “Add New Officer” at the bottom of the page.

Select “Company Secretary” from the list of officer types.

Fill in the required information for the company secretary, including their name, NRIC/FIN/Passport number, and contact details.

Once you have entered all the required information, click on “Submit.”

You will receive a notification that your application has been received and is being processed.

Once the application has been processed, you will receive a notification that the company secretary has been appointed.

It is important to note that a company secretary must be a natural person and a resident of Singapore. Additionally, the appointed company secretary must provide written consent to act as the secretary of the company.

How To Buy an ACRA Report?

ACRA, the holding portal of all business activity and information in Singapore, provides access to a wealth of data related to the business entities registered with it. To facilitate transparency and data sharing, this information can be purchased in the form of ACRA reports from the Bizfile portal.

While basic registration details are available for free on the site, detailed information is also accessible. This includes business profiles, business profiles with a certificate of production, corporate compliance and financial profiles, people profiles, extracts such as the Memorandum and Articles of Association, company constitution, annual returns, or audited accounts, certificates such as a Certificate of Good Standing, Certificate of Compliance, Certificate of Conversion, and more. Registers of members, directors, chief executive officers, secretaries, auditors, and others are also available.

To purchase an ACRA report, follow these steps:

Log in to BizFile+ using your SingPass or CorpPass.

Go to “Buy Information”.

Select the type of report you want to purchase. Basic registration details are available for free, but more detailed information such as business profiles, extracts, certificates, and registers are available for a fee.

After selecting the report, you want, pay the fee attached to it.

Once the payment goes through, the report will be delivered to you electronically via email as a download link.

The report will also appear in your “Messages” section in BizFile+.

ACRA reports are a valuable source of information for anyone looking to conduct business or research in Singapore. By following these simple steps, you can easily purchase the reports you need and access the information required for your business or research needs.

About Automa8e

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ACRA BizFile System: A Comprehensive Guide to Company Registration and Annual Returns

Sarah Tan