ACRA have released new guidelines introduced to update the current system, bringing it transparently in line with other jurisdictions; going forward, businesses will be offered a copy of their business profile and the amount of information available for public use will increase substantially.

OFFER OF FREE BUSINESS PROFILING

From June 2nd 2017, both existing Singapore entities and newly incorporated entities will be given a free copy of their Business Profile after the entities either:

• Successfully register/incorporate.
• Renew their business registration.
• File their Annual Returns or declarations.

The list of transactions entitled to a copy of the free Business Profile will be available for public use from the ACRA website.

BUSINESS INFORMATION RELEASED FOR FREE PUBLIC ACCESS

In a bid to further enhance corporate transparency in Singapore, ACRA is releasing more corporate information for free access to the public. At an ever increasing rate, Shareholders and those with significant interest invested in companies are looking more towards corporate figures & financial information provided by companies to ensure they stay fully informed to make the right decisions when dealing with their investments in the companies.

ACRA has an entity search function in the BizFile+ portal so everyone can search:

• The entity’s business activity.
• The entity’s filing history.
• The validity of the registered office address.

ACRA will release even more information for free public access later in 2017.

For that reason crucial for all intermediaries and companies to update their information with ACRA as per the Singapore Companies Act, Cap 50 guidelines to file their financial statements using BizFinx promptly going forward, if required.