What is the Singapore Accounting and Corporate Regulatory Authority?
The Accounting and Corporate Regulatory Authority, shortly known as ACRA, is part of the Ministry of Finance of the Singapore Government. As a statutory board, the Accounting and Corporate Regulatory Authority is the equivalent of companies registrars in European countries. The main role of the Authority is to maintain the records on Singapore companies and accountants. Compared to other trade registers, ACRA is also involved in the development of business entities and accountants in Singapore.
Our consultants who are specialized in opening companies in Singapore will provide you with all the information regarding business registration with ACRA.
The Accounting and Corporate Regulatory Act – presented by our agents who can help you open a company in Singapore
ACRA was established in 2004 when the Accounting and Corporate Regulatory Act was enabled. ACRA is the result of a merger between the Registry of Companies and Businesses (RCB) and the Public Accountants’ Board (PAB). The Government decided to merge the two boards in order to enhance Singapore companies’ cooperation with public accountants with respect to financial disclosure requirements.
According to the Accounting and Corporate Regulatory Act, the Authority is formed by a chairman at least 10 other members, among which one public accountant and one non-practicing accountant. All members will be appointed by the Minister of Finance.
What are ACRA’s responsibilities in Singapore?
The main responsibility of the Accounting and Corporate Regulatory Authority is to ensure a trustworthy environment for Singapore companies and public accountants. ACRA must also ensure companies respect all disclosure requirements as provided the regulations with respect to statutory audits issued by public accountants. ACRA also administers the following legislation:
- – the Accountants Act,
- – the Business Registration Act,
- – the Singapore Companies Act,
- – the Limited Liability Partnerships Act,
- – the Limited Partnerships Act of 2008.
ACRA also promotes and facilitates the development of the accountancy sector and raises public awareness on corporate governance practice in Singapore.
For a detailed picture of the complex mission of the Accounting and Corporate Regulatory Authority or for more information on how to open a company in Singapore, please contact our company incorporation specialists.