Impact of ACRA’s Free Business Profile Provision
Singapore’s Accounting and Corporate Regulatory Authority (ACRA) is required to establish and administer a repository of information and documents related to business entities registered with ACRA. Furthermore, it needs to provide the public with access to such documents and information as it can help maintain transparency and trust in the business environment.
On 2 June 2017, ACRA introduced the provision of free business profiles to ensure transparency in business information. It offers a free copy of the Business Profile to all newly incorporated or registered entities upon successful incorporation or registration. It also offers the Business Profile after registration renewal or filing Annual Returns or Annual Declarations. 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.
Bottom Line
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/.