The state company of economic entities and accountants in Singapore may be the Corporate Regulatory Authority or ACRA, which mission is mentioned as, “to supply a responsive and reliable regulatory atmosphere for companies and public accountants”. Achievement of synergies between your monitoring of corporate compliance with disclosure needs and regulating public accountants performing statutory audit is among the roles of ACRA.
ACRA, the Singapore company registrar runs using the next targets as clearly mentioned online:
1. To manage the Accounting and company Regulatory Authority Act (Cap 2A), the Accountants Act (Cap 2), the company Registration Act (Cap 32), the businesses Act (Cap 50), the Limited Liability Partnerships Act (Cap 163A) and also the Limited Partnerships Act 2008 (Act 37 of 2008)
2. To report making recommendations to, and advise the federal government on matters concerning the registration and regulating businesses and public accountants
3. To determine and administer a repository of documents and knowledge associated with businesses and public accountants and also to provide accessibility public to such documents and knowledge
4. To represent the federal government worldwide in matters concerning the registration and regulating businesses and public accountants and
5. To advertise awareness about start up business structures, compliance needs, corporate governance practice and then any matter underneath the purview from the Authority.
As to evaluate the mentioned mission and objectives of ACRA, we are able to conclude that ACRA functions an important role like a leader in handling the advancement of companies and growth and development of individual’s public accountancy profession.
Now, let’s go to the most crucial part, the registration needs. Be led through the following needs before registration. To prevent denial of application, you need to satisfy the needs below.
1. You’ve got to be a minimum of 18 years old (with effect from 1 March 2009).
2. You mustn’t possess a personal bankruptcy history otherwise you must have the permission from High Court or Official Assignee if you’re planning to include a business in Singapore.
3. You mustn’t be disqualified under Sections 149, 149A or 154 from the Companies Act.
4. You will have to make an application for an EntrePass in the Secretary of state for Manpower (Mother) if you are planning to become positively involved with handling the company’s operations.
Let’s also be aware from the following setup needs:
1. Minimum 1 Shareholder 1 Resident Director 1 Company Secretary
2. Minimum initial compensated-up share capital is S$1
3. Singapore Company should have a Singapore registered office address
Finally, it ought to be noted that foreign corporations and people must engage an expert firm that’s familiar with company incorporation in Singapore to setup a business.
For more assistance, queries and concerns, please make it easy for Rikvin that will help you and participate your trouble-free business registration procedure.
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