subject: Singapore Company Registration Relies on the Registrar [print this page] Singapore Company Registration Relies on the Registrar
If you are a foreign business hoping to complete a Singapore Company Registration, you will discover that the Singapore Registrar plays an important role. The Registrar is officially called the Accounting and Corporate Regulatory Authority (ACRA).The agency facilitates new business development in Singapore by administering necessary business initiation and ongoing operational documentation. The clear mission of the ACRA is to be responsive to business while insuring a secure and trusted regulatory system is maintained.
The fact is that it is essential for Singapore to maintain a reputation for acting ethically in order to attract new business. A sound operating environment must be in place before inviting any new Singapore Company Registration. The ACRA not only registers new businesses in all forms, but it monitors compliance with reporting requirements. For example, a Singapore company must, 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 many responsibilities as a matter of fact. For example, the ACRA can grant reporting and meeting requirement time extensions. It can also issue penalties to those businesses that don't comply. The authority granted the ACRA is exercised in support of the mission and that is, "To provide a responsive and trusted regulatory environment for businesses and public accountants." In support of the mission, the ACRA evokes important values like integrity and responsiveness. In addition, any business that completes the Singapore Company Registration should understand that the ACRA also works to insure its policies and procedures add value.
The standards set by the ACRA are necessarily high. For example, the Business Facilitation Division has established a quality control standard that states a Singapore Company Registration of a new business through direct registration must be completed within 15 minutes of full payment. In another example, renewal of a business registration is to be completed within 15 minutes of payment. There are many standards like this listed on the ACRA website and each one is customer service focused. That is admirable for a government agency. The goal is to serve customers in a timely manner and with accuracy and thoroughness. These principles of efficiency apply to all ACRA divisions too like the Client Engagement and Communications Division, the Enforcement Division, the Finance Division, the Financial Reporting Regulations Department, and the Information Resource Division.
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.
Proof that ACRA takes service seriously is found in the large number of awards it claims. For example, it earned re-certification of People Developer and was awarded the Excellent Service Award. The agency has earned certification for Singapore Quality Class. It also earned ISO 9001:2000 certification. There are many awards listed on its website. These achievements and awards are your proof that a Singapore Company Registration will get only the best service.
