If you have your company, it is sensible to get it incorporated so that you would not need to assume all the liabilities from the company. It is so as when you incorporate your company, your liability shall solely be limited to the amount you have invested for it. However, doing this ought to be in line with the guidelines of ACRA.
The acronym ACRA means Accounting and Corporate Regulatory Authority, the entity that controls Singapore’s business entities and public accountants. It likewise deals with the processing of setting up of businesses as well as public accountancy professions.
In incorporating your company, it’s mandatory that the individual who will apply for it is older than 18 years of age, ensuing from March 1, 2009. Start by submitting an application over the internet to BizFile. BizFile is ACRA’s web based filing and data retrieval system where you can have access to almost 300 electronic services in connection to your business.
There are two methods to submit the online request. First is by logging on to BizFile with your identification code and SingPass, which can be performed from any place, including the BizFile stations in ACRA’s premises. Alternatively, you could likewise hire a firm to do this on your behalf, which can be composed of lawyers, accountants or chartered secretaries.
Expect to pay for a fee for name approval amounting to $15. Registration cost for a company limited by shares amounts to $300 whereas for a company limited by guarantee, it’s amounting to $600. After payment of registration charges has been complete, the company shall already be incorporated. Waiting period is only about fifteen minutes. But, in case there is a need to further study the application, as in the case of special firms including educational institutions, ACRA will still have to forward it to the proper authorities. This will take from fourteen days to 2 several weeks.
One more prerequisite from ACRA is the submission of the directors or secretary and subscribers’ consent via the web to BizFile as well. This should be made within three days beginning on the time the request of incorporation was tendered.
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