To further enhance corporate transparency in Singapore, ACRA is releasing more business information for public to access freely.

Public can refer to ACRA’s free Entity Search function in the BizFile+ portal now to find out the entity’s business activity (SSIC), filing history and validity of the registered business address. ACRA plans to release even more information for public to freely access later this year.

It is therefore crucial for company to engage competence accountant and company secretary to ensure all its compliance matters are met in an efficient and timely manner.

https://www.acra.gov.sg/enhanced_entity_search/

From 2 June 2017 all newly registered/incorporated entities will be given a free copy of their Business Profile upon successful registration/incorporation.

Existing business entities registered with ACRA will also receive a free copy of their Business Profile after successfully renewing their business registration, or filing their Annual Returns or Annual Declarations.

https://www.acra.gov.sg/Free_Business_Profiles/

PIC will be phased out after YA 2018. It is important to take note of when the expenditure is considered incurred for the expiry of PIC scheme after YA 2018

• Examples of when expenditure is considered as incurred and treatment of straddled items for the expiry of PIC scheme after YA 2018
• Clarification on procedures for submission of Application of Approval of IT and Automation Equipment

https://www.iras.gov.sg/irashome/Schemes/Businesses/Productivity-and-Innovation-Credit-Scheme/

As the PIC scheme will expire after YA 2018, companies who need to submit a case-to-case approval prior to incurring the IT & Automation equipment expenditure, have to take note of the cut-off dates for submission.

https://www.iras.gov.sg/irashome/uploadedFiles/IRASHome/Schemes/Businesses/Productivity_and_Innovation_Credit_Scheme/Cut-off%20Date%20for%20Submitting%20Case-by-Case%20Application%20Prior%20to%20Incurring%20the%20IT%20and%20Automation%20Equipment%20Expenditure%20for%20YA%202018.pdf

Effective 31 May 2017, all existing companies and LLPs (unless exempted) are required to set up Register of Controllers. Newly incorporated companies and LLPs have up to 30 days from the date of incorporation to meet the requirement. Detailed information such as the latest updated version of ACRA issued guidance, forms of notice and a video on how to set up the register are available on the ACRA website.

Significant changes that accountants need to be aware of.

http://journal.isca.org.sg/2017/04/24/amendments-to-ep-200-companies-act-and-limited-liability-partnerships-act/pugpig_index.html

CorpPass will be required for business transactions with the Government by end 2017

https://www.corppass.gov.sg/cpauth/login/homepage?TAM_OP=login