The Singapore Registrar plays an important role in the process of the Singapore Company Registration. Officially called the Accounting and Corporate Regulatory Authority (ACRA), the agency has many responsibilities. The agency is responsible for new development, processing partnership and incorporation requests, and insuring ongoing operational documentation is submitted in a timely manner. The mission of the ACRA is to be as responsive as possible to business requests through efficiency while maintaining a secure business environment.
Singapore realizes that the success of business development relies partly on its ability to maintain an ethical business environment. Before encouraging any new company registration in Singapore, there must be sound policies and procedures in place that create and protect ethical practices. The ACRA practices a philosophy of ethical behavior in all of its areas of control. It registers new businesses and monitors compliance with reporting requirements. For example, a Singapore company is expected to, 1) Hold an annual meeting within 18 months of incorporation and each year thereafter, 2) File an annual return with the Registrar, and 3) Insure all accounts presented at the annual meetings are current.
The Registrar has the authority to grant time extensions for company annual meetings and the power to issue penalties for any company that fails to meet reporting requirements. The authority granted the ACRA is designed to support the mission which is, 'To provide a responsive and trusted regulatory environment for businesses and public accountants.' To support the mission, the ACRA relies on values like integrity, collaboration, and responsiveness.
There are a number of divisions in the ACRA including the Business Facilitation Division already mentioned, the Client Engagement and Communications Division, the Enforcement Division, the Finance Division, the Financial Reporting Regulations Department, and the Information Resource Division. Standards have been set within each division and they are strict. For example, quality control standards in the Business Facilitation Division require that a Singapore Company Registration be expedited within 15 minutes after payment if there has been a direct registration. These standards were set to create the most efficient agency possible.
The ACRA processes the Singapore Company Registration applications. It also advises the government on matters pertaining to business and public accountants. The Registrar works diligently to promote Singapore business growth in Singapore and in the international arena. A business interested in establishing a presence in Singapore should first contact the ACRA. The high ethical and performance standards will be noticeable from your first contact. The ACRA makes a significant contribution to the development of new business.
If you have any doubts that ACRA takes service seriously, just consider the awards it has already earned. The agency has earned certification for Singapore Quality Class and ISO 9001:2000. It also earned re-certification of People Developer and was awarded the Excellent Service Award to name just a few of the many achievements the agency is proud to claim. Further information about Singapore company registration and related matters can be found on our website.