The Accounting and Corporate Regulatory Authority (ACRA) in Singapore is the go-to agency for managing business registration, compliance, and financial reporting. If you’re planning to start a business in Singapore, understanding the ACRA Business Profile is essential. This guide explains everything you need to know about the ACRA Business Profile, including its benefits, registration process, fees, and compliance requirements, with step-by-step instructions to make it as simple as possible. 
What is ACRA and Why is it Important?
ACRA (Accounting and Corporate Regulatory Authority) is Singapore’s national regulator for business entities, public accountants, and corporate service providers. Established to ensure transparency, accountability, and fair practices, ACRA plays a central role in business governance.
The ACRA Business Profile is a legally recognized document containing essential information about a registered business in Singapore. It serves as a unique identifier and provides legitimacy and authority to operate within Singapore’s jurisdiction.
Benefits of an ACRA Business Profile
Having an ACRA Business Profile is beneficial because it:
- Enhances Credibility: It’s an official record showing that your business complies with local regulations.
- Serves as Proof of Registration: Many partners and banks require an ACRA profile for verification.
- Facilitates Legal and Financial Procedures: The ACRA Business Profile is often necessary for setting up corporate bank accounts, applying for loans, or obtaining government grants.
Types of Business Entities Registered with ACRA
Before diving into registration, it’s important to understand the different types of business structures available:
- Sole Proprietorship: Owned by a single individual, straightforward to set up, but the owner is liable for all debts.
- Partnership: Owned by two or more individuals, where partners share profits, responsibilities, and liabilities.
- Limited Liability Partnership (LLP): Allows partners to operate flexibly with limited liability, combining the benefits of both partnership and company.
- Private Limited Company (Pte Ltd): A separate legal entity from its owners, this is the most common structure for startups due to limited liability protection and tax advantages.
Each structure has unique advantages and considerations. The choice of entity will influence tax obligations, personal liability, and funding opportunities.
Step-by-Step Guide to Registering Your Business with ACRA
Registering with ACRA involves a few clear steps:
1. Choose Your Business Structure
Select the structure that best fits your business needs (as outlined above).
2. Register a Unique Business Name
- The name should be unique and cannot be identical to an existing business.
- ACRA provides an online name search tool on its BizFile+ portal where you can check for name availability.
3. Create an ACRA BizFile+ Account
- All registrations happen through ACRA’s BizFile+ system.
- Foreigners need to engage a registered filing agent (like a corporate services firm) as they cannot self-register directly.
4. Fill Out Registration Details
- You will need to provide details such as:
- Business Name and Type: This identifies the type and nature of your business.
- Address: Every business must have a registered office address in Singapore.
- Personal Details of Owners/Directors: Information on shareholders, directors, or partners, as applicable.
- Description of Business Activities: Defined by SSIC codes, which indicate your industry and business activities.
5. Pay Registration Fees
- Fees vary based on the type and duration of registration.
- Sole Proprietorship/Partnership: S$115 for one year; S$175 for three years.
- Private Limited Company: S$315 (including incorporation and name registration fees).
Understanding the ACRA Business Profile Document
After registering, you’ll receive an ACRA Business Profile document, containing the following details:
- Business Registration Number (UEN): This unique number identifies your business for all government interactions.
- Business Name and Address: Legal name and location of the business.
- Type of Business Entity: Whether it’s a Sole Proprietorship, Partnership, LLP, or Pte Ltd.
- Principal Business Activities: Described by SSIC codes.
- Key Management Personnel: Names of directors, shareholders, and managers.
- Incorporation Date: This is your business’s official start date.
This profile serves as official proof of your business’s registration status and is often requested by banks, investors, and other third parties.
Cost of Registering a Business with ACRA
The cost to register a business in Singapore depends on the entity type and registration period:
- Name Registration: S$15 (one-time fee).
- Sole Proprietorship/Partnership: S$115 for one year or S$175 for three years.
- Private Limited Company (Pte Ltd): S$315, which includes name reservation and incorporation fees.
How to Obtain an ACRA Business Profile Document
After successfully registering your business, you can download the ACRA Business Profile document from the BizFile+ portal:
- Login to BizFile+ with your account details.
- Search for Your Business Profile using your business name or UEN.
- Download the Profile in PDF format.
This document can be printed or shared electronically for verification purposes.
Compliance Requirements After Registration
Registering a business is just the first step; maintaining compliance is crucial for continued operations. Some key compliance requirements include:
Annual General Meetings (AGM) and Annual Returns
- Private Limited Companies are required to hold an AGM every year and file annual returns with ACRA within a specified timeframe.
Updating Business Information
- Any changes in business particulars, such as address or shareholders, must be updated with ACRA promptly through the BizFile+ portal.
Filing Taxes
- Businesses are required to file taxes annually with the Inland Revenue Authority of Singapore (IRAS). Compliance with ACRA’s regulations facilitates smoother tax filing.
Issuance of Financial Statements
- Companies are required to prepare and file financial statements based on the Singapore Financial Reporting Standards (SFRS), demonstrating transparency and reliability to stakeholders.
Conclusion
Registering a business with ACRA and obtaining an ACRA Business Profile is essential for anyone planning to operate in Singapore. From selecting the right business structure to completing registration and understanding compliance obligations, ACRA’s services simplify the process for both local and foreign entrepreneurs. Ensuring adherence to compliance regulations keeps your business running smoothly and enhances its credibility.
Sources
- ACRA Official Website – Comprehensive information on business registration, structures, and compliance requirements.
- BizFile+ Portal – The official ACRA portal for business registrations, renewals, and document downloads.
- Singapore Government’s Business Portal – Resources on starting and managing a business in Singapore.
- Inland Revenue Authority of Singapore (IRAS) – Details on tax requirements for registered businesses.
