A Helpful Guide to ACRA’s BizFile for Accounting and Company Incorporation in Singapore

In today’s dynamic business landscape of Singapore, staying informed and compliant with regulatory requirements is essential for success. This is where the Accounting and Corporate Regulatory Authority (ACRA) comes in. ACRA plays a crucial role in overseeing business entities and ensuring adherence to legal frameworks, fostering a trusted and transparent business environment.

To streamline interactions between businesses and ACRA, BizFile was created as an online filing and information retrieval system. This guide provides a comprehensive overview of BizFile, its key features, and a step-by-step guide to navigating its functionalities, empowering you to confidently navigate the regulatory landscape in Singapore.

What Is ACRA’s BizFile?

BizFile is ACRA’s online platform that enables businesses and individuals to access a wide range of electronic services related to business entities registered in Singapore. It provides a centralised and convenient platform for fulfilling various statutory requirements, from company incorporation and registration to filing annual returns and making changes to company information. With BizFile, businesses can seamlessly interact with ACRA, saving time and effort while ensuring compliance with Singapore’s regulatory framework.

What Is the Difference Between BizFile and ACRA?

While the terms BizFile and ACRA are often used together, it’s important to understand their distinct roles. ACRA is the statutory board responsible for regulating business entities, public accountants, and corporate service providers in Singapore. It enforces the Accounting and Corporate Regulatory Authority Act and other relevant legislation to maintain a fair and transparent business environment. BizFile, on the other hand, is the online platform developed by ACRA to facilitate interactions between businesses and the regulatory authority. It’s the tool through which businesses access and utilise ACRA’s services, allowing organisations to navigate and comply with the legislative rules.

Key Features of BizFile

BizFile offers a comprehensive suite of features designed to streamline business transactions and interactions with ACRA. Some of its key features include:

• Company Incorporation: BizFile provides a seamless online experience for registering new business entities in Singapore. Whether you’re starting a private limited company, a sole proprietorship, or a partnership, BizFile guides you through the process, enabling you to submit your application electronically and receive your Unique Entity Number (UEN) with ease.
• Filing of Statutory Documents: Staying compliant with regulatory requirements is crucial. BizFile simplifies this process by allowing businesses to electronically file various statutory documents, such as annual returns, changes in directors or shareholders, and notices of resolutions. This eliminates the need for paper-based submissions and ensures efficient processing of your filings.
• Information Retrieval: BizFile serves as a central repository of publicly available information on registered business entities in Singapore. You can access company profiles, financial statements, charges registered against companies, and other relevant data. This feature promotes transparency and facilitates informed decision-making.
• Buying Data: Beyond free public information, BizFile offers a convenient way to purchase comprehensive business profiles, certificates of good standing and other valuable data. This allows you to conduct due diligence, research competitors and gain deeper insights into the business landscape.

Your Guide to BizFile

Navigating the functionalities of BizFile can be straightforward with the right guidance. This section provides step-by-step instructions on common processes, empowering you to manage your business information and compliance requirements effectively.

Set Up a Company in Singapore with BizFile

BizFile simplifies the process of company incorporation in Singapore. Fortunately, a Business Profile is provided free of charge to all entities upon successful incorporation or registration, as well as the renewal of registration.

To set up a company, you’ll need to follow these steps:

1. Log In with Your SingPass: Sign in to the official BizFile portal with your SingPass ID and password. If you’re a foreign user without a SingPass, create a BizFile user account.
2. Complete the Registration Form: Fill out the necessary information, including your business name, type and address.
3. Select Your Business Activities: Specify your business’s primary and secondary activities.
4. Preparation of Incorporation Documents: Gather the necessary documents, including the company constitution, details of directors and shareholders, and registered office address.
5. Online Submission: Complete the online incorporation application through BizFile, providing all required information and documents.
6. Payment of Fees: Pay the prescribed incorporation fees through BizFile’s secure payment gateway. You have the option to pay using a credit or debit card and PayPal.
7. ACRA Approval: Upon successful processing, ACRA will email you with your UEN and a Business Profile extract, officially registering your company.

Do note that you will need to renew the business registration before the expiry date if you wish to continue running the sole proprietorship.

Updating Your Company Information on BizFile

BizFile allows you to easily update your company information should there be any changes. Here’s how you can do it:

Change Company’s Name

1. Pass a Resolution: The company must pass a resolution to change its name.
2. Name Application: Apply for the new company name through BizFile. Do note that this process has a fee of $15.
3. Post-Approval: Once the name application has been approved, you will need to submit a Notice of Resolution and file the change in your business details.

Updating Your Company Address

1. Get Your Address Approved by the Government: Some addresses, like an HDB apartment, need to be government-approved first. Do your due diligence and check with the relevant authorities (e.g., HDB) to obtain the necessary approvals before proceeding with the address change.
2. Board Resolution (if applicable): For some companies, a board resolution may be required to change the company’s address. This formal decision documents the approval of the company’s directors to change the registered office address.
3. Notification of Change: File the notice of address change through BizFile, providing the new registered office address. If your address requires government approvals, attach a copy of the approval letter or document to your BizFile submission.

Modifying Your Business Activities

When incorporating your company, you’ll need to select a Standard Industrial Classification (SSIC) code that accurately reflects your business activities. This code categorises your company within the government’s framework and helps define your operations. You can choose up to two SSIC codes and even provide a customised description of your business activity for greater clarity.

Should your business activities evolve, it’s crucial to update your company’s SSIC code on BizFile within 14 days of the change. This ensures your company information remains accurate and compliant with ACRA’s requirements.

To change your company’s business activity:

1. Resolution (if applicable): Depending on the company’s constitution, a resolution may be required to change the business activities.
2. Update Business Activities: Access your company profile on BizFile and update the business activities to reflect the changes.

How Long Does It Take to Get ACRA BizFile Approval?

The processing time for transactions on ACRA BizFile varies depending on the complexity of the transaction and the completeness of the information provided. Straightforward transactions, such as filing annual returns or changing a company address, are typically processed within 10 – 20 minutes. More complex transactions, like company incorporation or striking off, may take longer, usually between 14 to 60 days.

BizFile: Your Gateway to Seamless Business Compliance

BizFile serves as a vital tool for businesses in Singapore, simplifying interactions with ACRA and streamlining compliance procedures. By familiarising yourself with its functionalities and utilising its features effectively, you can unlock the many benefits of registering your business with ACRA, such as enhanced credibility, access to government support schemes, and easier access to financing. This, in turn, allows you to focus on what truly matters: growing your business and achieving your strategic goals.

OneStop Professional, a leading provider of accounting services in Singapore, can assist you with navigating BizFile and fulfilling your statutory obligations. Our team of experts can provide guidance on various BizFile transactions, ensuring a smooth and hassle-free experience. Contact us today to learn how we can support your business journey in Singapore.