The Singapore Company Registrar's Function

in Singapore

 

As Singapore encourages foreign investment and has made incorporation of companies so attractive with low tax rates, they have also striven to make the registration process clear and straightforward. Much of the information about the role of the Singapore Company Registrar as performed by the Accounting and Corporate Regulatory Authority can be found at their website There you can find most of the documentation needed to set up an incorporated company in Singapore and all the functions of the Singapore Company Registrar. As well, you can find most of the legislation and regulation documents that will have to be adhered to when considering starting a business or relocating an already formed company to Singapore.

The Singapore Company Registrar is part of the legal and regulatory body that is responsible for the incorporation and regulation of companies in Singapore. Much of their regulatory responsibility can be found in the Business Regulation Act, Chapter 32. Below are some of the basic facts about the Registrar and the responsibility relating to business formation.

Authority: The Singapore Company Registrar is granted regulation by the Law Society of Singapore and the Registrar of the Supreme Court. This has been in turn been authorized by sections 4(1B) and 37 of the Business Registration Act by the Minister for Finance of Singapore. ACRA was formed as a statutory board on 1 April 2004 from the merge of the Registry of Companies and Business (RCB) and the Public Accountants' Board (PAB).

Scope: ACRA is the official and national regulator of business and such entities in Singapore. It also facilities business development and public accountancy (another one of its functions is the regulation of the public accountancy profession). It monitors the business ecosystem to ensure corporate compliance, disclosure requirements and statutory audits.

Functions: The administration of the Accounting and Corporate Regulatory Authority Act, Accountants Act, Business Regulation Act, Companies Act, Limited Liability Partnerships Act and the Limited Partnerships Act2008. All of these regulatory acts can be found at the ACRA website; the availability of these documents to the public falls under the Singapore Company Registrar's purview as well. ACRA reports to the Government of Singapore, as well as makes recommendations on the regulation of business and public accountants. If there are changes in the structure of business, compliance regulations, governance for corporate entities and legislation, it is the duty of the Singapore Company Registrar to facilitate the publication and understanding of these changes to the business ecosystem and the public in general. Finally, the Registrar represents the Government of Singapore internationally on matters of regulation and registration relating to business and public accountancy.

Board: The Singapore Company Registrar Board is comprised of respected and experienced business professionals, academics, members of private enterprise as well as public sectors employees.

Divisions: The Singapore Company Registrar or ACRA is made up of 12 departments or divisions that help carry out its operations, formulate policy and report to the government. They are;

1. Audit Division
2. Business Facilitation Division
3. Client Engagement and Communications Division
4. Enforcement Division
5. Finance Division
6. Financial Reporting Regulations Division
7. Governance Surveillance Division
8. Human Resource Division
9. Information Resource Division
10. Information Technology Strategy Division
11. Legal Services Division
12. Management Services Division


 

Author Box
Diane Paz has 66 articles online

 


Rikvin has been assisting clients from all over the globe in their Singapore immigration and company incorporation matters. We assist local and foreign entrepreneurs to register a Singapore company. Our success rate is phenomenal, and all most all of our enterprise clients have entrusted us, with the routine management tasks such as book keeping and secretarial services and we continue to impress them beyond our promise. Rikvin has successfully helped foreign entrepreneurs with Singapore company registrar.


Our phones are answered during business hours by specialists and not by an answering machine. We appreciate the value of your time and understand that a person cannot be replaced by technology. This is especially true when it comes to making important business decisions. If you are interested in learning more about Rikvin’s Services kindly email us at info@rikvin.com or give us a call at +65 64838887.Fax : (65) 6438 2436

 

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The Singapore Company Registrar's Function

This article was published on 2011/03/15