Getting Acra Compliance For Better Business Branding
Are you deciding to establish a corporate in Singapore
? Then you most likely have seen ACRA, or the Accounting and Corporate Regulatory Authority of Singapore. ACRA serves as regulator of business entities and public accountants in this island-state. It helps new business organisations get started out in the process of registering and setting up their company in Singapore.ACRA is one of the two fundamental bodies authorized by the Singapore Companies Act to evaluate and process formal and legal documents needed in a business enterprise or company registration. The other is IRAS or Inland Revenue Authority of Singapore. For the authorities, these requirements deter under-the-table deals and issues touching on to tax evasion. For the commercial enterprises, this guarantees leveled playing field. And for the customers, this assures that the business organisations or companies are dependable legally allowed to create their products and expert services.
On 15 April 2010, ACRA announced several initiatives to promote a culture of willful compliance amongst businesses and also to recognise companies which already have followed. With this, the regulatory authority presented three non-penal measures to replace prosecution in case of non-compliance. These are:
1. Colour-coded Compliance Rating and Certificate of Compliance. Companies who are able to timely adopt with holding and presenting their reports of the annual general meeting, and tabling and presenting annual financial statements, and presenting annual returns; are presented a green tick and a Compliance Certificate. Companies who fail to do so have a red cross mark which stands for a negative rating.
2. End of Financial Year Reminder Letter. Consider having a personal assistant in the ACRA to cue you that you have not yet held your annual general meeting and that it is time to do so. This, indeed, is an extra-miler service to entrepreneurs.
3. Shorter Extension of Time. This contracts the period for holding the AGM from three months to two months, which then motivates businesses to put a more real effort towards retrospecting their financial statements and rendering a true report to the state.
ACRA records on their web site the list of companies who are conformable. If you are a business organisation attempting to establish a good brand which consumers trust, then consistently obtaining a green mark and being registered as among the amenable businesses will make you go places. Even as ACRA has replaced prosecution with the above-stated non-penal measures, getting a red mark still indicates a questionable report and will hurt your business.
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