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What is BizFile?
Anyone seeking to register a company in Singapore must report the firm's documentation to the Accounting and Corporate Regulatory Authority (ACRA). Until 2004, business owners had to go to the Registry of Companies and Businesses (RoC) in-person to complete the necessary paperwork. ACRA created BizFile, an official online system that allows users to submit and collect business information.
BizFile or BizFile+ is a Singapore-based internet database for corporate documentation. When BizFile was first introduced over 15 years ago, it was acclaimed a considerable progress in government-to-business communication and business-related functions. It created a more efficient and convenient process for all parties involved.
Who Can Use BizFile?
In Singapore, the residents, citizens, select labour permit holders and in some cases, foreigners who wish to open a business must use BizFile or BizFile+. An ACRA login is required to access The BizFile+ platform, where you will register a company as a sole proprietorship, partnership, or company. To do so, you must first use your SingPass (Singapore residents' personal access password) to log in to the BizFile+ portal and register a business with ACRA. Foreigners will have to use a corporate service provider or a qualified representative to complete their ACRA business registration on their behalf.
Once you have registered with your SingPass to login to the ACRA BizFile+ portal you will be prompted to provide certain information for reference purposes, such as the type of company, the company name, physical address, primary business operations, director and shareholder information, and the amount of share capital, among other pertinent information.
What Can BizFile Be Used For?
You must interact with BizFile on a regular basis if you are a Singapore businessperson. The following is a list of functions that you or your company secretary can conduct utilising the BizFile platform:
- Register a new company
- Discontinue or cease operational functions of the company
- Easily communicate with ACRA regarding any changes in your company’s address and board of members changes
- Annual Returns (AR) can be filed with ACRA Singapore
- Document any changes in personal information of the company controllers, officers, and members
- Access to search the central directory of the Unique Identification Numbers (UEN)
- Interface with other relevant systems like the Inland Revenue Authority of Singapore (IRAS)
- Receiving important documentation such as industry reports
- Working with other referral experts to conduct online investigations for approval
- Conducting online research into Medisave partners and the status of CPF owners
How Can I File Annual Returns with ACRA?
An Annual Return (AR) is a series of records that show the financial viability and performance of your business. ARs must be filed with ACRA within a month of the shareholders confirming the resolution of the financial information and no more than seven months after the FYE for all Singapore-incorporated enterprises.
The following Are Some Procedures That the Business Can Conduct to Submit the Annual Returns (AR):
1. Compile the financial records for the company after the financial year-end (FYE). Your company finance department or an independent accountant is typically in charge of preparing the annual statement.
2. Arrange an Annual General Meeting (AGM) where the executive board will disclose the financial data to the shareholders. Several publicly traded corporations have in-house certified company secretaries who perform this task.
3. The financial statements and other required company information can be transferred to BizFile after approval is granted by the shareholders.
When in Doubt, Reach Out!
Sprout Asia wants to ensure you focus on what you do best, while we take care of the rest. That’s why we offer budget-friendly corporate secretarial services, allow our experts to help guide you through processes like these and manage your paperwork with ease. Feel free to reach out to us regarding our services, we’ll respond within 24 hours.