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ACRA Compliance And Good Business Ethics ACRA Compliance And Good Business Ethics June 1 Cheap Philadelphia Flyers Jerseys , 2012 | Author: Ping Bucker | Posted in Marketing
For those planning to set up a company in Singapore, then getting educated with ACRA is inevitable and fundamental. ACRA stands for the Accounting and Corporate Regulatory Authority of Singapore, which serves to facilitate new businesses needing to be registered and to operate in Singapore. ACRA also functions as regulator of the public accountancy profession in Singapore.


ACRA is one of the two main bodies licensed by the Singapore Companies Act to review and process formal and legal documents needed in a business or company registration. The other is IRAS or Inland Revenue Authority of Singapore. For the administration, these requisites deter under-the-table deals and issues pertaining to tax evasion. For the business organisations, this secures evened out playing field. And for the consumers, this guarantees that the businesses or companies are dependable lawfully permitted to create their merchandises and expert services.


ACRA issued three new non-penal measures to be implemented upon business enterprises and companies which are late or non-compliant in lodging the annual regulatory documents. These measures supersede prosecution, and in doing this, ACRA seeks to motivate companies and business organisations to do self-compliance and also to acknowledge those companies which do so voluntarily without being prompted. These non-penal measures are:


1. Colour-coded Compliance Rating and Certificate of Compliance. Companies who are able to timely abide with holding and presenting their reports of the annual general meeting, and tabling and presenting annual financial statements, and submitting annual returns; are given a green tick and a Compliance Certificate. Companies who fail to do so have a red cross mark which means a negative rating.


2. End Of Financial Year Reminder Letter. This is presently sent out one month ahead of the deadline on AGM. This is a value-added service to business organisations and entrepreneurs.


3. Lastly, Shorter Extension of Time. This reduces the admittible period for holding AGM and reporting financial statements, from three to two months. The aim is for companies to hold their AGMs and review their financial statements more readily.