ACRA Business Profile in Singapore: Everything You Need to Know
The ACRA business profile plays a pivotal role in Singapore’s business landscape, acting as a reliable source of information for investors, stakeholders, and potential partners. Explore the importance of this document, its components, how to purchase it, and much more with this comprehensive guide.
Singapore is renowned for its thriving business environment and robust regulatory framework. If you’re planning to establish a business in Singapore or already have one, it’s crucial to understand the importance of an ACRA business profile. This comprehensive guide will take you through everything you need to know about business profiles, including their creation, components, and the steps to obtain one. By the end of this article, you’ll have a thorough understanding of why keeping your business profile updated is essential for compliance and regulatory matters within or outside of Singapore.
What is an ACRA Business Profile?
An ACRA business profile is a comprehensive summary of a company’s key information registered with the Accounting and Corporate Regulatory Authority (ACRA) in Singapore. It serves as an official record of a business entity and contains vital details such as the company’s name, registration number, address, particulars of company directors and shareholders, and more. It offers a snapshot of your business’s legal and operational status, making it an indispensable resource for various stakeholders, including various government agencies, financial institutions, potential investors, partners, and other interested parties.
The Importance of the ACRA Business Profile
The business profile serves as an important source and proof of the state of the company. It is worth mentioning certain factors how it can be helpful in the course of doing business in Singapore.
- Legitimacy and Trust: An ACRA business profile ensures authenticity and credibility to your business. It assures customers, suppliers, investors, and other stakeholders that your business is registered and operates in compliance with Singapore’s regulations.
- Providing Up-To-Date Information: Business Profile provides important information about the current company status; including records of recent filings, list of current directors, shareholders, secretaries, dates of their appointment, as well as the structure of share capital of the company. It also provides information about the charges, if any, imposed on the company.
- A Necessary Document for a Bank Account Opening: Because a business profile contains the information necessary for banks to verify the authorizing officers of the company, it is a must-have document for banks, whether in Singapore or overseas.
How and When Is a Business Profile Created?
Upon the successful registration of a company in Singapore, ACRA automatically creates a business profile. This means that as a business owner, you don’t need to take any additional steps to generate your business profile after the company’s incorporation. It will be sent by email automatically. Subsequently, the company or any individual can purchase the business profile as needed for a fee of S$5.50 through ACRA’s online portal – BizFile. It is important to note that the business profile is different from the certificate of incorporation, which is the official document issued by ACRA to confirm the company’s legal existence. The business profile provides a more detailed overview of your company’s information, serving as a comprehensive reference for various business-related transactions. Additionally, unlike a certificate of incorporation – which is only available for officially appointed officers of the company – a business profile can be purchased by the public.
What Are the Components of the ACRA Business Profile?
The business profile primarily includes the following information:
- Company Name (and a previous company name, if there was any)
- Unique Entity Number (UEN)/ Registration Number
- Incorporation date
- Company type (public limited company, private limited company, etc)
- Business Activities
- Registered Address
- Particulars of position holders, authorized representatives, and partners
- Dates of last filings (AGM, Annual Return, Financial Statements)
You can find an official ACRA business profile here.
The Steps to Obtain a Business Profile in Singapore
Take a look at the steps below to buy your business profile:
- Visit the BizFile official website
- Select the ‘Buy Information’ tab on the navigation toolbar
- Select ‘Buy Business Profile’ amongst the four available options listed below the tab (Buy Business Profile, Buy Other Information, Buy Package Information, iShop Membership).
- Enter your company’s UEN or Name on the provided text box, apply any desired filters, and click the “Search” button.
- Confirm that the details of the company appearing in a new section below the search box are correct.
- Click the ‘Cart’ button on the navigation toolbar
- Select the ‘Checkout’ button and enter your name and the email address to which the business profile should be delivered.
- Proceed to check out with a chosen mode of authorization (SingPass, CorpPass or without SingPass or CorpPass account)
- Select the ‘Make Payment’ button and proceed to pay the S$5.50 fee by Credit or Debit Card or by PayPal.
- Within 5-10 minutes of a successful payment, you will receive an email with instructions on how to download a digital copy of the business profile
Keeping Your Business Profile Updated
Companies are required by ACRA to timely update their business profile if any changes occur within the company, including changes in company address, business activities, company shareholders, and more. Failure to update the business profile when necessary may lead to penalties. Aside from being required, updating your business profile demonstrates professionalism and transparency that support opportunities for growth. So, ensure that your company keeps an eye out for changes that must be made to its business profile.
Conclusion
Understanding the importance of an ACRA business profile in Singapore is crucial for any business owner or company officer. From ensuring compliance with regulations to demonstrating transparency and good corporate governance, an updated profile is key to building trust and credibility for your company.
Take action now and ensure your business profile is up to date. Contact us at Intracorp today to receive professional assistance in navigating the complexities of the company incorporation process and maintaining compliance with ACRA regulations. Together, we can help your business thrive in Singapore’s dynamic market.
