Getting ACRA Compliance For Better Business Branding

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For those planning to set up a company in Singapore, then getting knowledgeable with ACRA is necessary and essential. ACRA stands for the Accounting and Corporate Regulatory Authority of Singapore, which helps to facilitate new companies wanting to be registered and to operate in Singapore. ACRA also functions as regulator of the public accountancy profession in Singapore.

Another authority similarly tasked to deter the prohibited operation of non-registered business in Singapore is the Inland Revenue Authority of Singapore or IRAS. Both ACRA and IRAS have been sanctioned by the Singapore Companies Act to facilitate with the review and processing of formalities and legalities required for business enterprise and company registration. For the government, conformity to regulation means zero corruption, which in turn means better services for customers by way of taxes collected. For the businesses, the regulations equal the playing field and wean the industry of foul play as a result of corruption.

ACRA issued three new non-penal measures to be implemented upon business enterprises and companies which are late or non-compliant in lodging the annual regulatory documents. These measures supersede prosecution, and in doing this, ACRA tries to impress companies and businesses to do self-compliance and also to acknowledge those companies which do so voluntarily without being prompted. These non-penal measures are:

1. Colour-coded Compliance Rating and Certificate of Compliance. Businesses and companies in Singapore can be described as either ACRA compliant or non-compliant only with a look on the colour their Certificate of Compliance bears. A green mark implies they have held and put in the report of their AGM or annual general meeting, they have tabulated and submitted both their annual financial statements and annual returns. A red cross mark signals to the contrary.

2. End of Financial Year Reminder Letter. Consider having a personal helper in the ACRA to remind 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. Lastly, Shorter Extension of Time. This cuts the admissible period for holding AGM and reporting financial statements, from three to two months. The objective is for companies to hold their AGMs and recap their financial statements more readily.

What does being ACRA compliant do to your business? Number one, it is your responsibility and is an unavoidable legal part of your business operation. Number two, and more significantly, a green mark can promote your business, what with corporate responsibility being such the buzz word in the business world these days. So, go for a green.

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