What does ACRA mean in ACCOUNTING
ACRA (Accounting and Corporate Regulatory Authority) is a government agency in Singapore that oversees the administration of the Companies Act, Business Names Registration Act, the Limited Liability Partnership Act (LLPA), among other statutes. It is responsible for regulating corporate activity, ensuring companies comply with legislation, and providing greater transparency in corporate governance. In short, ACRA ensures that companies in Singapore operate within the boundaries of law and take fair business practices into account.
ACRA meaning in Accounting in Business
ACRA mostly used in an acronym Accounting in Category Business that means Accounting and Corporate Regulatory Authority (Singapore)
Shorthand: ACRA,
Full Form: Accounting and Corporate Regulatory Authority (Singapore)
For more information of "Accounting and Corporate Regulatory Authority (Singapore)", see the section below.
» Business » Accounting
What ACRA Means
ACRA stands for Accounting and Corporate Regulatory Authority. It is an autonomous statutory board of the Singapore Ministry of Finance formed by the Singaporean Parliament to regulate corporations and other business entities operating or transacting business in Singapore. Additionally, it serves to register sole proprietorships, partnerships, limited liability partnerships (LLP's), limited liability companies (LLC's) and charitable organizations.
Functions of ACRA
The primary responsibilities of ACRA are to incorporate companies in accordance with the Companies Act; monitor company activities and law compliance; provide oversight over auditors; oversee moneylenders' registration; manage public trusts; supervise registered liquidators; license insolvency practitioners; administer bankruptcy proceedings; register deeds of mutual covenants between parties (company constitution); issue certificates for various procedures under law; process applications for exemptions from compulsory winding up by court order; inspect company documents or records upon request by authorized officers; administer bankruptcy proceedings against individuals or debtors as required prima facie under law; conduct investigations on matters brought before it through the Registrar of Companies or otherwise initiated by it suo motu upon information it has received under section 130(2) CA or any other related matter concerning any company registered with it.
Key Takeaways
In conclusion, ACRA plays a major role in ensuring that companies follow best practices as specified by lawmakers. This helps build trust amongst stakeholders and strengthens investor confidence while creating a conducive environment for businesses to thrive in Singapore. Overall, ACRA’s core function is to ensure that businesses are following legal requirements set out in relevant legislations as well as encouraging good organizational governance which goes beyond legalities but encapsulates ethical standards acceptable in today’s corporate world so as to secure economic growth sustainably.
Essential Questions and Answers on Accounting and Corporate Regulatory Authority (Singapore) in "BUSINESS»ACCOUNTING"
What is ACRA?
The Accounting and Corporate Regulatory Authority (ACRA) is a statutory board under the Ministry of Finance in Singapore, serving as the national regulator of business entities, public accountants and corporate service providers.
What services does ACRA provide?
ACRA seeks to promote corporate transparency, fostering an environment which encourages innovation and facilitates growth. Some of the services provided by us include registration of businesses, provision of accounting and corporate regulatory advice, maintenance of company registers and oversight of public accountants.
How do I register my business entity with ACRA?
Businesses must be registered with ACRA before they can commence operations. Registration can be done via our BizFile+ portal - simply sign up for an online account and complete the necessary application forms.
Is there a cost associated with registering a business entity?
Yes, there are registration fees associated with registering your business entity with ACRA. The specific amount depends on the type of entity being registered as well as other factors such as whether it is a local or foreign company. For more information, please refer to our website for further details.
Do I need to renew my registration annually?
Yes - all registrations with ACRA must be renewed annually in order for businesses to maintain their valid status. This can also be done via our BizFile+ portal.
How do I amend any details related to my registered business entity?
Amendments related to your registered business entity can also be done through BizFile+. Simply log into your account and select ‘My Company Info’ from the navigation bar for the relevant form to make changes to any details about your company.
What are the requirements for filing annual returns?
All businesses are required to file annual returns every year in order to remain compliant with ACRA regulations. Companies must provide accurate financial statements that reflect their performance over the past year along with other information such as particulars relating to shareholders or directorships held by individuals within that company. Please refer back to our website for more detailed information on filing annual returns.
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