ACRA Company Registration: This article sets out what you need to do to register your company with ACRA.
Jack Welch, the former Chief Operating Officer of General Electric once said that
“Good business leaders create a vision, articulate the vision, passionately own the vision, and relentlessly drive it to completion.”
What is ACRA
ACRA is the Accounting and Corporate Regulatory Authority of Singapore and maintains the company register of all Singapore registered companies. ACRA is also the regulatory that administers the Companies Act (Cap, 50) which governs companies registered in Singapore.
Why Register a company in Singapore
Singapore is one of the most competitive countries in the world and is one of the most transparent and efficient places to do business in the world and Singapore has won many global awards and rankings for its economic competitiveness globally.
A Singapore company also enjoys the advantage of many global double taxation treaties so if you intend to set up a company in Singapore, you can take advantage of these treaties.
What are the steps in ACRA Company Registration
- Name reservation
When planning for your company registration, do spend some time coming up with 3 versions of your name so that in case one of your company name is already taken your company secretary can submit an alternative name.
You would also want to check the ACRA latest advisory on company names that are not allowed to be registered. For example, companies with Singapore or Temasek in the names would not be allowed.
- Company registration
After the name reservation process is done, you would need to figure out the key details that one would need for company registration. You would need the names and NRIC for all directors and shareholders of the company. You would also need to appoint a company secretary within 6 months from the date the firm is set up.
- ACRA approval
ACRA will run a database check and also check whether your name reservation or incorporation requires approval by another government ministry. You may also need further licensing approvals depending on your industry before you can commence business.
Building a business is important but the start of your corporate journey in Singapore is to register you Company with ACRA. Do check with us today if you would like to incorporate your firm today.
Finally we leave you with a quote from Michael Ventura, “There is no finish line. There are only mile markers.”
About Raffles CPA
Raffles CPA is a leading global professional services firm headquartered in Singapore that serves global clients.