Business News


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Enhancing Corporate Transparency – More business information released for free public access

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Posted on 13 July, 2017

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/


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Adding value to your business Needs

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Posted on 13 July, 2017

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/


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Phasing out of PIC after YA 2018

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Posted on 13 July, 2017

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/


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Cut-off Date for Submitting Case-by-Case Application Prior to Incurring the IT and Automation Equipment Expenditure for YA 2018

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Posted on 1 June, 2017

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


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Reminder for Companies and LLPs to set up Register of Controllers

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Posted on 30 May, 2017

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.