If you are launching a business in Singapore for the first time, chances are you have come across ACRA, or the Accounting and Corporate Regulatory Authority of Singapore. ACRA is the national regulator of business entities and public accountants in Singapore. It helps with the development of business entities and fosters professionalism in public accountancy.

ACRA is one of the two fundamental bodies sanctioned by the Singapore Companies Act to evaluate and process formal and legal papers essential in a business enterprise or company registration. The other is IRAS or Inland Revenue Authority of Singapore. For the government, these requirements dissuade under-the-table deals and issues referring to tax evasion. For the businesses, this assures leveled playing field. And for the customers, this guarantees that the business organisations or companies are trusted legally allowed to create their merchandises and expert services.

As recent as 15 April 2010, ACRA ushered in revolutionary ways to advance business organisations and companies to voluntarily adopt the regulation. It also accepted those who consistently submit annual regulatory documents in a prompt way. Instead of prosecuting those who still fail to adopt, ACRA announced three non-penal measures. These are:

1. Colour-coded Compliance Rating and Certificate of Compliance. Commercial enterprises and companies which are able to, in a punctual way, hold and present papers of their AGM or annual general meeting, tabulate and present annual financial statements, and table and put in annual returns, will be granted ACRA’s green tick, a mark that signals it is conformable. On the contrary, business enterprises and companies failing to follow with these three requirements on a time gain a red cross mark.

2. End of Financial Year Reminder Letter. Consider having a personal assistant in the ACRA to prompt you that you have not yet held your annual general meeting and that it is time to do so. This, indeed, is an extra-miler service to enterprisers.

3. Shorter Extension of Time. This reduces the period for holding the AGM from three months to two months, which then reminds commercial enterprises to put a more real effort towards reviewing their financial statements and presenting a true report to the state.

ACRA registers on their site the list of companies who are compliant. If you are a business enterprise trying to establish a good brand which consumers trust, then consistently obtaining a green mark and being registered as among the amenable companies will make you go places. Even as ACRA has replaced prosecution with the above-stated non-penal measures, getting a red mark still signals a questionable repute and will hurt your corporate.

ACRA compliance can be a tedious task. Work with the expert firm to save you time and resources. We take care of accomplishing registration of business in Singapore in no time.