Before we move on to the company profiles in ACRA, let us first know what ACRA is? ACRA is short for Accounting and Corporate Regulatory Authority. They control the business market in Singapore. Every company must be registered under ACRA before they can start up their business.
The main role of ACRA is to perform statutory auditory of markets and regulate the authority over registered companies. They are like Scada Lite is to the oil industry. That is, they regulate all the actions being taken by individual and high-end companies in Singapore.
Company Profile In ACRA
ACRA provides a company profile, containing details like the entity value, registration date and business activity of your company. For this, one must register their company under ACRA and then buy the ACRA company profile or business profile.
This document acts as proof of verification for your company. One can get their entity number by searching for their company’s name in the search bar of ACRA. ACRA company profile is necessary to have for any business activities to proceed.
What Is ACRA Bizfile?
Bizfile is ACRA’s official website. Any query regarding your company, registration of company or changes made within the company is to be posted on this website. But it is not a free space that everyone can access.
One has to have a verified profile on Bizfile. A CorpPass has to be generated by the Singaporean government. This is only produced for verified businessmen or company holders. Once this CorpPass is obtained, you can create an account and obtain your digital ID. This feature is only available for Singaporean permanent residents.
How To Register In ACRA?
In Singapore, registering a company with ACRA is necessary as it is the regulatory board. If it is found that a company is not registered but still operating, there are warnings given. But even after repeated warnings the company is not registered, then all activities of the company are suspended.
But how do we register our company with ACRA? Well, it is not complicated. For Singaporean companies, log in to your Bizfile account with your CorpPass. Enter the desired name for your company and the website will verify the same for you. Once the name is verified, a code is generated through which you would have to fill in other details of your company. Once done, then EUN is provided for your ACRA company profile. This number is very important as it serves as a corporation certificate.