Epica Learn Series
Understanding ACRA BizFile System?
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:
What Does 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
Through ACRA BizFile system, one can:
Using ACRA BizFile System
To use ACRA BizFile System, simply refer to the steps listed below.
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$2,400
Local Package
New Company Setup
S$1,100
Transfer Package
Existing Company
S$1,000
Singapore Branch
New Branch Setup
S$4,000
Representative Office
New Setup
S$2,500
BVI Company
Singapore Bank Account
US$2,200
