If you are a foreign business hoping to complete a Singapore Company Registration, you will discover that the Singapore Registrar plays an important role. The Registrar is officially called the Accounting and Corporate Regulatory Authority (ACRA).The agency facilitates new business development in Singapore by administering necessary business initiation and ongoing operational documentation. The clear mission of the ACRA is to be responsive to business while insuring a secure and trusted regulatory system is maintained.
Singapore realizes that the success of business development relies partly on its ability to maintain an ethical business environment. Before encouraging any new company registration in Singapore, there must be sound policies and procedures in place that create and protect ethical practices. The ACRA practices a philosophy of ethical behavior in all of its areas of control. It registers new businesses and monitors compliance with reporting requirements. For example, a Singapore company is expected to, 1) Hold an annual meeting within 18 months of incorporation and each year thereafter, 2) File an annual return with the Registrar, and 3) Insure all accounts presented at the annual meetings are current.
The Registrar performs many duties. For example, it can grant documentation extensions. It can issue penalties to any company that fails to meet deadlines or does not follow the rules. The ACRA has a mission which is, “To provide a responsive and trusted regulatory environment for businesses and public accountants.” Carrying out the mission with integrity, honesty and thoroughness is expected of all ACRA staff. When you complete a Singapore Company Registration, you can expect high levels of service.
The standards set by the ACRA are high. For example, the Business Facilitation Division has set a quality control standard that a new company registration in Singapore must be completed within 15 minutes of payment. In another example, renewal of a business registration is to be completed within 15 minutes of payment. There is a list of standards for various activities and in every case the goal is to serve the business efficiently, accurately and in a timely manner. These principles of efficiency cross all ACRA divisions too including the Business Facilitation Division already mentioned, the Client Engagement and Communications Division, the Enforcement Division, the Finance Division, the Financial Reporting Regulations Department, and the Information Resource Division.
The ACRA handles all the Singapore Company Registration applications. It also has an advisory role and advises the government on all issues related to registration and monitoring of businesses and public accountants. The ACRA represents the government internationally also as Singapore seeks to attract new business. The same high standards applied to registrations and annual reporting requirements are applied to its international efforts. You will notice the efficiency of the ACRA the first time you make contact.
Proof that ACRA takes service seriously is found in the large number of awards it claims. For example, it earned re-certification of People Developer and was awarded the Excellent Service Award. The agency has earned certification for Singapore Quality Class. It also earned ISO 9001:2000 certification. There are many awards listed on its website. These achievements and awards are your proof that a Company Registration will get only the best service.
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