Bizfile+ is updated regularly to incorporate amendments to the Companies Act to ensure statutory compliance of companies registered in Singapore. BizFile was introduced in 2004 as a corporate information storage portal to upload, store, and retrieve business data for companies in Singapore. BizFile was renamed BizFile+ in 2016, following a major update in the system to improve the speed and efficiency of the portal. Whether you have a business or plan to incorporate your first company, you must understand that companies worldwide are subject to regulations.

Corporate goals:

There are over 400 services available online to the public through BizFile+. Having so many of these services online and easily accessible makes doing business in Singapore much easier than before. A company has to comply with several obligations, including providing timely and accurate financial information, notifying ACRA about changes to the company’s data, and filing Annual Returns. At Piloto Asia, we’ve been delivering top-tier company secretarial services in Singapore for over 15 years. Our seasoned team prides itself on a rapid 24-hour response time, ensuring your business needs are addressed promptly and professionally.

We recognise that environmental sustainability is both an opportunity and a risk, and businesses can demonstrate their impact on sustainability through corporate reporting. For the first time registration, the users will need to use their SingPass. SingPass, the Singapore Personal Access Password, serves as a digital signature that verifies your identity. Foreign individuals and companies who accounting basics want to access BizFile transactions (like incorporating a company) need to work with Corporate Service Providers, who can access BizFile on their behalf.

ACRA’s Data Policy Statement

Before the launch of BizFile in 2004, a business owner was personally required to go to the ROC to fill out and submit form(s) for any corporate actions of a company. However, busy entrepreneurs were not too happy about having to personally visit the ACRA office to register their company and make manual submissions. The Business Profile is a compensation PDF extract from ACRA containing your company’s information such as UEN, date of incorporation, principal activities, shareholder’s details and paid-up capital.

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1. The Singapore Government has introduced the Corppass digital ID for business entities to file all transactions with government agencies.
2. The idea is to introduce transparency in the ownership and control of business entities.
3. ACRA fosters a vibrant and trusted business environment that enables innovation and growth and contributes towards making Singapore the best place for business.
4. ACRA will continue to keep abreast of industry standards and strive to implement best practices where applicable, with respect to the way we manage personal data.

However, unlike other registrars, ACRA is also responsible for monitoring ongoing businesses and their financial reporting. The merger was to synergise the monitoring of companies’ compliance with disclosure requirements,3 and the regulation of public accountants performing statutory audit. ACRA’s objective is to make it easy for a business or individual to set up and register a company in Singapore. Additionally, it is responsible for ensuring that registered companies comply with statutory regulations and maintain their corporate information with ACRA. This is also done to make information accessible to public agencies upon request. The idea is to introduce transparency in the ownership and control of business entities.

On the other hand, foreigners will need an agent’s services in this regard. ACRA was formed as a statutory board on 1 April 2004, following the merger of the Registry of Companies and Businesses (RCB) and the Public Accountants’ Board (PAB). This merger sought   to achieve synergies between the monitoring of corporate compliance with disclosure requirements and the regulation of public accountants performing statutory audits.

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In this article, we share with you common features of the portal used by all entities and businesses in Singapore. However, the latest changes have also made certain ad-hoc transactions for free, which earlier required payment. The Bizfile+ system has more mobile-friendly features, making it seamless for users to access the portal estimated taxes: how to determine what to pay and when on the go. To notify ACRA, you must log in to your company account in BizFile+ and submit an online form specifying the changes. If you fail to notify ACRA within 14 days of the change date, a penalty may be imposed by ACRA.

It is also tasked with making sure the environment for business is as good as it possibly can be to allow companies to thrive. If you have a business registered in Singapore, you will have had some interaction with the Accounting and Corporate Regulatory Authority. It generally takes only 5-15 minutes for Bizfile+ to process the transaction. However, the information might take even longer to process (even up to 2 months) in the event the process requires approval or review from an ACRA officer or any other agencies. The Inland Revenue Authority of Singapore receives the update as soon as the change is finalised, which will automatically update their own records on a weekly basis. Any failure to notify ACRA within the stipulated time will be a breach of the Companies Act and may pose a risk of penalty.