The ACRA Company Incorporation Process

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When you’ve got your own company, it is sensible to get it incorporated so that you won’t have to take on all the legal responsibilities of the company. It is so as if you incorporate your company, your legal responsibility will just be restricted to the amount you could have invested in it. But doing this must be in line with all the guidelines of ACRA.

The acronym ACRA stands for Accounting and Corporate Regulatory Authority, the entity that controls Singapore’s corporate entities as well as public accountants. It as well deals with the facilitation of setting up of businesses as well as public accountancy professions.

In incorporating your company, it’s necessitated that the person in charge of it is older than 18 years old, ensuing from March 1, 2009. Start with submitting an application via the internet to BizFile. BizFile is ACRA’s web based processing and data retrieval system wherein you can have access to nearly 300 electronic services in connection to your business.

There are 2 methods to submit the online request. One is by means of logging on to BizFile using your identification code and SingPass, which may be completed from anywhere, including the BizFile kiosks in ACRA’s premises. Alternatively, you could likewise hire an agency to do that on your behalf, which can be composed of legal professionals, accountants or chartered secretaries.

Expect to pay a fee for name approval that costs $15. Registration cost meant for a business limited by shares amounts to $300 whereas for the company limited by guarantee, it’s worth $600. As soon as cost of registration fee has been made, the company shall already be incorporated. Waiting period is only approximately 15 minutes. But, in case there’s a need to further evaluate the application, as in the case of special organisations including educational institutions, ACRA shall still have to forward it to the proper authorities. This will likely take from 14 days to 2 months.

A further requirement from ACRA is the submission of the directors or secretary and subscribers’ consent through internet to BizFile too. This ought to be made within three days beginning on the time the application of incorporation was tendered.

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MLA Style Citation:
Charles, Yale "The ACRA Company Incorporation Process." The ACRA Company Incorporation Process. 22 Jan. 2011. uberarticles.com. 16 Apr 2012 <http://uberarticles.com/business/branding/the-acra-company-incorporation-process/>.

APA Style Citation:
Charles, Y (2011, January 22). The ACRA Company Incorporation Process. Retrieved April 16, 2012, from http://uberarticles.com/business/branding/the-acra-company-incorporation-process/

Chicago Style Citation:
Charles, Yale "The ACRA Company Incorporation Process" uberarticles.com. http://uberarticles.com/business/branding/the-acra-company-incorporation-process/

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