Singapore: ACRA extends Filing Time & Exempts Penalties until February 2, 2016

Singapore: ACRA extends Filing Time & Exempts Penalties until February 2, 2016

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The Accounting and Corporate Regulatory Authority (ACRA) which is the national regulator of business entities and accountants in Singapore has extended the time to file Annual Returns, Annual Declarations, Business Registration Renewals, and any statutory filing to February 2, 2016.
Companies will get an exemption from penalties and also from any negative compliance rating if filings are done by February 2, 2016.

This extension is due to a major revamp on ACRA’s online filing and information retrieval system, BizFile+. The revamped portal gets a customer-friendly interface that includes a mobile version as well.  This will help in streamlining the online filing and customizing dashboards for each user. The site was re-launched on January 3, 2016 and incorporates new filing rules to accommodate all the latest legislative changes.

No late filing penalty through BizFile+ if filed by February 2, 2016 for:

  • Companies whose Annual Returns (AR) filing due date is between December 26, 2015  and January 31, 2016
  • Limited Liability Partnerships whose Annual Declaration filing is between December 26, 2015 and January 31, 2016
  • Sole Proprietorships and Limited Partnerships whose business registration expiry date is between December 26, 2015 and January 31, 2016
  • Statutory filings such as Change Of Particulars, Appointment, Cessation, Lodgement of Court Order, and Return Of Allotment of Shares whose deadline is between December 26, 2015 and January 31, 2016

New Filing Requirements for Private Companies effective January 3, 2016:

  • Companies can update the shareholder information on Electronic Registers of Member (EROM) without any fee by their next annual returns due date, or within six months from January 3, 2016, whichever is earlier.
  • Companies can lodge the appointment of the Chief Executive Officer (CEO) in ACRA’s register without any filing penalty if the CEO was appointed before January 3, 2016 but whose information is updated between January 3 to June 30, 2016.

The information shared in this article provides guidance, not advice. Should you need help exploring new features in ACRA’s business portal, or in understanding the legislative reforms in the Companies (Amendment) Act or the new Business Names Registration Act (BNRA), please contact us at sales@globalupside.com or call +1-408-913-9130 to speak to our experts.