In the business world, maintaining the legitimacy of your company is paramount. For SMEs, small business owners, and entrepreneurs in Singapore, renewing your business registration with the Accounting and Corporate Regulatory Authority (ACRA) is a vital process that ensures continued operations and compliance with regulatory standards.
Before we dive into renewal procedures, let’s recap why business registration is essential. Registering your business promotes transparency and credibility, making it easier for customers to identify and transact with your venture.
Additionally, registration unlocks access to government tenders, intellectual property protection, and financial support from entities like Enterprise Singapore. Moreover, it helps manage risks and ensures enforceability of contractual agreements, safeguarding your business’s interests.
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For sole proprietors, partnerships, and Limited Liability Partnerships (LLPs), registration fees are $115 for one year or $175 for three years.
For companies (exempt private company, private company and public company) are subject to a one-time incorporation fee of $315, covering the business name application and government incorporation fee.
Renewing your business registration is a proactive measure to maintain compliance and operational continuity. You should initiate the renewal process at least 60 days before your registration expires to avoid any disruptions.
ACRA facilitates the renewal procedure through its online platform, BizFile+. You’ll need a valid CorpPass account to access the portal and submit your renewal application conveniently.
The renewal fee is $30 for one year or $90 for three years.
However, the three-year renewal option comes with certain prerequisites: You must have fully paid up your Medisave contributions with the CPF Board or be on a regular instalment plan for Medisave with a good payment record.
This ensures that businesses maintain their obligations towards employee healthcare, reflecting responsible entrepreneurship.
ACRA provides detailed guides on renewing business registration for different entities. For sole proprietors/partnerships, navigate to the “Business” tab on BizFile+, select “Renew a business,” and download the step-by-step eGuide.
Likewise, for Limited Partnerships, follow similar steps under the “Limited Partnership” tab to access the renewal guide. Upon the successful renewal of your business registration, you will receive a free Business Profile of the entity via email the next day.
Late renewal incurs a penalty of up to $250, highlighting the importance of timely action. Failure to renew your registration not only attracts financial penalties but also legal consequences, including fines and imprisonment. Operating without a valid registration exposes your business to significant risks and undermines its credibility and viability.
For further assistance or clarifications regarding BizFile+ or business registration, you can reach out to ACRA directly. The ACRA hotline operates from Monday to Friday, 9:00 AM to 6:00 PM, at 6248 6028 Additionally, in-person visits to the ACRA office are accommodated by prior appointment, ensuring efficient resolution of queries and concerns.
Renewing your business registration is not just a regulatory obligation; it’s a crucial step to uphold legal standards, maintain compliance, and ensure the seamless continuity of company operations without disruptions.
Running a company in Singapore can be challenging, but with professional support, it can be simple. Counto’s goal is to take away the complexities of compliance, and save you time and money throughout the year. To learn more, speak to us directly on our chatbot, email us at [email protected], or contact us using this form.
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