Impact of ACRA’s Free Business Profile Provision

ACRA Business Profile: Enhancing Transparency and Trust

Singapore’s Accounting and Corporate Regulatory Authority (ACRA) plays a pivotal role in bolstering the transparency and trust within the business environment. This is achieved through its mandate to establish and maintain a comprehensive repository of information and documents pertaining to business entities registered with ACRA. The authority’s dedication to ensuring easy public access to this valuable information underpins the integrity of Singapore’s business landscape.

On 2 June 2017, ACRA took a significant step forward in promoting business transparency by introducing the provision of free business profiles. This initiative, known as the ACRA Business Profile, is designed to offer a snapshot of essential business information.

All newly incorporated or registered entities are entitled to a complimentary copy of their Business Profile upon successful incorporation or registration. Additionally, this valuable document is made available following registration renewal or the filing of Annual Returns or Annual Declarations.

The ACRA Business Profile is a concise document that encapsulates key information about a business entity, serving as a fundamental resource for stakeholders seeking to understand a company’s legitimacy and operational status. This initiative not only facilitates an ACRA business search by stakeholders but also significantly enhances the ease of doing business in Singapore.

By enabling access to the ACRA biz profile, ACRA ensures that the process of obtaining detailed company profiles is streamlined, thereby contributing to a transparent and trustworthy business ecosystem. Whether you’re conducting an ACRA company profile review or simply wish to verify the existence and status of a business, the availability of these profiles is indispensable.

But what is a Business Profile, and why is it needed? Read on to find out.

What is the ACRA Business Profile?

The Business Profile is an electronic report including the basic business information of the entity available in ACRA’s records, such as entity name, registration number (UEN), registration date, business activities, and information of business owners or position holders.

Why is the Business Profile Needed?

The Business Profile can be used to verify an entity’s information. Providing a free Business Profile is a step towards ACRA’s effort to help entities reduce business costs, ease administration burdens, promote timely filing, and facilitate record keeping.

When is the Business Profile Needed?

The Business Profile comes in handy in several situations. Some of these situations are as follows:

Opening a bank account under the name of your business
Verifying information about potential business partners
Application of business licenses and permits
Finding more information about a company, partnership, limited liability partnership, sole-proprietorship, or public accounting firm

How to Receive Free Business Profile?

Newly Incorporated Companies / Variable Capital Companies (VCCs)

Upon successful incorporation, the person who filed registration will receive a URL to download the free Business Profile on their registered email address.

Newly Registered Sole Proprietorships / Partnerships / LLPs / LPs

Upon successful registration, the person who filed registration will receive a URL to download the free Business Profile on their registered email address.

Renewal of Registrations for Sole Proprietorships / Partnerships / LPs

The person who successfully renewed the entity will receive a URL to download the free Business Profile on their registered email address the next day.

Filing of Annual Returns for Companies / VCCs

The person filing the transaction will receive an email on their registered email address the next day with a URL to download the free Business Profile.

Filing of Annual Declaration for LLPs

The person filing the transaction will receive an email on their registered email address the next day with a URL to download the free Business Profile.

Please Note: The link to download the free Business Profile remains valid for only seven days from the date of issuance.

Understanding the ACRA Biz Profile Initiative

Free Business Profile Transactions in BizFile+

Incorporations and Registrations:

Local companies and Variable Capital Companies (VCCs) can obtain a free Business Profile upon their incorporation.
Applications to register businesses, Limited Partnerships (LPs), Foreign Companies, Limited Liability Partnerships (LLPs), and Public Accounting Firms are also eligible.
Local companies and VCCs transferring registration under specific sections of their respective Acts qualify for a free Business Profile.

Annual Renewals:

Business registrations and LP registrations that are renewed qualify for an updated Business Profile at no extra cost.

Annual Filings:

Local companies, Foreign Companies, and VCCs filing their Annual Returns or lodging financial statements are entitled to a free Business Profile.
LLPs filing their Annual Declaration also receive a free Business Profile.

This initiative ensures that stakeholders have easy access to up-to-date business information, supporting transparency and trust within Singapore’s business environment.

Bottom Line

Navigating ACRA’s filings and making the most out of the free Business Profile offer requires a nuanced understanding of the various transactions and eligibility criteria. It’s a testament to Singapore’s commitment to fostering a transparent, efficient, and trustworthy business environment.

For businesses looking to streamline this process, especially when dealing with the complexities of XBRL (eXtensible Business Reporting Language) filings required by ACRA, partnering with a proficient service provider is crucial.

DataTracks Singapore emerges as a leading solution in this domain, offering unparalleled XBRL services for ACRA filings. With years of expertise and a deep understanding of the regulatory requirements, DataTracks simplifies the filing process, ensuring compliance and accuracy.

By leveraging DataTracks’ expertise in XBRL services, businesses can navigate ACRA’s XBRL requirements more effectively, making the most of the initiatives like the free Business Profile to enhance their operational transparency and efficiency.

ACRA’s free Business Profile provision aims to facilitate record keeping, verify an entity’s information, and maintain transparency in the business environment. For any more doubts about the XBRL conversion, you can get in touch with a DataTracks expert @ +65-31-582-850 or email enquiry@datatracks.com.sg.

For more information about registration and incorporation of a company in Singapore, visit DataTracks’ blog @https://www.datatracks.com/sg/blog/.