Singapore BizFile from anandu Vinayak's blog

If you intend to register your business in Singapore, the Accounting and Corporate Regulatory Authority (ACRA) is going to be your first stop. This authority is the equivalent of Companies House in the UK or the Registrar of Companies in India.

This article will tell you what the ACRA’s mandate is, why it maintains the BizFile, and how you can use that interactive digital database to conveniently register your company from anywhere in the world.

you can read more about "Singapore BizFile" here

Understanding the BizFile

The BizFile is ACRA’s online portal for capturing information for business registration, filing, and reporting. Introduced in 2004, it was replaced in 2016, by a younger, more powerful system called the BizFile+.The newer portal made processes streamlined, quicker, and could handle much larger volumes of users. It is this system that makes it possible to register and set up reporting remotely.

The BizFile+ is based on the XBRL (XML-based Business Reporting Language). This means that financial and business analysis tools are able to glean more information from the data you (the business user) feeds into the e-forms that form part of the system.

Using the BizFile+ Portal to Register Your Business

1. Logging In

You have to log in at the BizFile+ portal using your SingPass to register a

sole proprietorship

or partnership. All legally recognized business owners, including partners or authorized representatives, must indicate their acceptance via BizFile before the business can be registered.

Alternatively, you may engage the duties of a registered filing agent (e.g. law firm) to complete the online application on your behalf.

2. Payment of feesThere is a $15 name application fee. You have to submit this amount before filing for registration at the BizFile+ portal. Then there is a $100 registration fee on the website for company registration.If you want to renew your application, then you have to submit $30 for this.You can easily pay these fees using different modes such as

:Debit or Credit Card,

VISA,

American Express

Paypal

Apple Pay

Google Pay
3. How Long Does it Take?

For sole proprietorships and partnerships, registrations are usually authorized within 15 minutes after the registration fee is paid and confirmed.

If an application needs to be sent to another government agency for authorization, registration takes around 14 days to 60 days for approval. For example, the setting up of private schools must be authorized by the Ministry of Education before the business can be enrolled. For partnerships, the business is officially registered only after all the partners or authorized representatives have approved or licensed the application.

BizFile+ Uses

The BizFile+ is used to enter your business records in the national company database.

You can instantly change your business information: Company name, business activity, names of shareholders, etc.

In case you’re late in filing an annual return or financial statements, this portal allows you to easily request an extension.

You have the option of feeding financial information in XBRL format directly from your accounting software into BizFile. If you have signed copies of AGM minutes, upload the pdf version. LLPs, LPs, Partnerships, or Sole Proprietorships do not need to file financial statements.

ACRA BizFile+ Advantages

There are plenty of benefits for companies to file applications online with BizFile in very little time. Some of the important benefits of ACRA’s BizFile comprise::Increased convenience for businessesQuick and cost-effective as there is no paperwork involved in filingEnhanced accuracy of dataImproved compliance in respect of the regulatory requirementsGood operational efficiency