The official facilitator of business entities and accountants in Singapore is the Corporate Regulatory Authority or ACRA, which mission is stated as, “to provide a responsive and trusted regulatory environment for businesses and public accountants”. Achievement of synergies between the monitoring of corporate compliance with disclosure requirements and regulation of public accountants performing statutory audit is one of the roles of ACRA.
ACRA, the Singapore company registrar operates on the following targets as clearly stated on their website:
1. To administer the Accounting and Corporate Regulatory Authority Act (Cap 2A), the Accountants Act (Cap 2), the Business Registration Act (Cap 32), the Companies Act (Cap 50), the Limited Liability Partnerships Act (Cap 163A) and the Limited Partnerships Act 2008 (Act 37 of 2008);
2. To report and make recommendations to, and advise the Government on matters relating to the registration and regulation of business entities and public accountants;
3. To establish and administer a repository of documents and information relating to business entities and public accountants and to provide access to the public to such documents and information;
4. To represent the Government internationally in matters relating to the registration and regulation of business entities and public accountants; and
5. To promote public awareness about new business structures, compliance requirements, corporate governance practice and any matter under the purview of the Authority.
If we are to analyze the stated mission and objectives of ACRA, we can conclude that ACRA functions a vital role as a leader in managing the progression of businesses and development of individual’s public accountancy profession.
Now, let us proceed to the most important part, the registration requirements. Please be guided by the following requirements before registration. In order to avoid denial of application, you should meet the requirements below.
1. You must be at least 18 years of age (with effect from 1 March 2009).
2. You must not have a bankruptcy history or else you must obtain the permission from High Court or Official Assignee if you are planning to incorporate a company in Singapore.
3. You must not be disqualified under Sections 149, 149A or 154 of the Companies Act.
4. You will need to apply for an EntrePass from the Ministry of Manpower (MOM) if you are going to be actively involved in managing the company’s operations.
Let us also take note of the following set up best accounting firm:
1. Minimum 1 Shareholder + 1 Resident Director + 1 Company Secretary
2. Minimum initial paid-up share capital is S$1
3. Singapore Company must have a Singapore registered office address
Finally, it should also be noted that foreign corporations and individuals must engage a professional firm that is experienced in company incorporation in Singapore to set up a company.
For further assistance, inquiries and concerns, please make it possible for Rikvin to help you and be part of your trouble-free business registration procedure.