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Epica Learn Series

Understanding ACRA BizFile System?

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What is ACRA bizfile System

What is ACRA BizFile System

The Accounting and Corporate Regulatory Authority (ACRA) of Singapore developed BizFile in 2004. BizFile is a secure, cost-efficient, and versatile online directory that is used for all business transactions in the country. BizFile was created for a more dynamic and innovative approach in storing and retrieving data, managing all kinds of tasks—be it easy or the most difficult one, serving both local and foreign clients more seamlessly, and boosting operational productivity. The system enables, thousands of businesses in Singapore to carry out their transactions in a convenient online way.

Being one of the first institution to execute a free and accessible web-based portal for the public, ACRA has been acknowledged globally throughout the years. In 2008, ACRA was recognized by the World Bank through its Celebrating Reform 2008 publication.

A Better BizFile in 2016

In 2016, ACRA relaunched BizFile as BizFile+, a new and much improved version of the data system. The relaunch of BizFile entails the following changes:

  • Compliance With Companies (Amendment) Act 2014
  • Enhanced Interface
  • Modern and Simplified Regulatory Fee Structure

What Does ACRA BizFile System Offer?

ACRA BizFile System - Offer

Prior to ACRA’s development of BizFile, processing business registration requires tedious personal transactions in the Registry of Companies and Businesses (RoC) that took several days to complete. People needed to queue for filing transaction, the paper forms needs to be submitted, and the whole process will take much long time and efforts.

Now, BizFile offers a huge selection of online services for sole proprietorship and partnership and local and foreign companies in a matter of minutes. These services include, but not limited to, choosing a company name, registration, making necessary changes in company particulars, annual filing, purchasing a Special UEN (SUN), and renewing or closing a business. All these activities can now be processed from the comfort of your home or office.

ACRA BizFile system also implements a paperless approach, which helps the organization to save on storage fees, reduce the need for actual warehouses, produce more accurate data, and operate more conveniently and effectively.

Presently, ACRA BizFile system handles over 1 million transactions every year.

The Key Features of ACRA BizFile System

ACRA BizFile System - Key Features

Through ACRA BizFile system, one can:

  • Register a business, company, LLP, and public accountant
  • Conduct maintenance for a business, company, LLP, and public accountant processes
  • Close a business, company, LLP, and public accountant processes
  • Search and purchase details for any Unique Entity Number (UEN)
  • Connect with Inland Revenue Authority of Singapore (IRAS), OFW Assistance Information System (OASIS), and Singapore Network Information Centre (SGNIC)
  • Probe and confirm the approval of other referral institutions
  • Confirm the position of Medisave partners and owners of CPF
  • Ask questions or search
  • Purchase information
  • Update changes in company address or designations
  • Conduct annual filing of returns
  • Transact for any company, business or any other business entity
  • Receive email and/or SMS notifications for every successful transaction
  • Pay using a customer-friendly interface
  • Read more frequently asked questions and learn more about the portal by using app

Using ACRA BizFile System

To use ACRA BizFile System, simply refer to the steps listed below.

ACRA BizFile System - Steps
  • Go to http://www.bizfile.gov.sg/.
  • Have your SingPass ready.
    • Singapore Personal Access password, also known as SingPass, is used for online communication with the government.
    • This password serves as your digital signature and verifies your identity when filing.
    • Discover more about SingPass here: https://www.singpass.gov.sg.
    • Only Singapore citizens, permanent residents, and selected local employees can ask for a SingPass and transact with BizFile online. Foreigners may seek assistance from a corporate services provider to transact with BizFile on their behalf.

Summary

Introduction of Bizfile by ACRA, changed the way transactions related to business registration and administration are handled. Those moved from paper based form to a complete online portal. Now the Bizfile portal is an integral part of the Singapore business management landscape.

Foreigner Package

New Company Setup

S$2,600
S$4,000

Local Package

New Company Setup

S$1,100
S$1,700

Transfer Package

Existing Company

S$1,000
S$1,500

Singapore Branch

New Branch Setup

S$4,000
S$5,000

Representative Office

New Setup

S$2,500
S$3,000

BVI Company

Singapore Bank Account

US$2,200
US$3,000

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