Why A Green From ACRA Is Fundamental To Your Business Brand
For those preparing to set up a company in Singapore, then getting educated with ACRA is unavoidable and essential. ACRA stands for the Accounting and Corporate Regulatory Authority of Singapore, which functions 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.
Another authority likewise tasked to discourage the unlawful operation of non-registered business in Singapore is the Inland Revenue Authority of Singapore or IRAS. Both ACRA and IRAS have been sanctioned by the Singapore Companies Act to facilitate with the review and processing of formalities and legalities required for business and company registration. For the government, compliancy to regulation means zero corruption, which in turn means better services for customers by way of taxes accumulated. For the business enterprises, the regulations level the playing field and wean the industry of unjust play as a result of corruption.
On 15 April 2010, ACRA declared several initiatives to promote a culture of willing compliance amongst businesses and also to recognise businesses which already have adopted. With this, the regulatory authority introduced three non-penal measures to substitute prosecution in case of non-compliance. These are:
1. Colour-coded Compliance Rating and Certificate of Compliance. Companies who are able to timely comply with holding and submitting 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 receive a red cross mark which stands for a negative rating.
2. End Of Financial Year Reminder Letter. This is presently placed out one month before the deadline on AGM. This is a value-added service to businesses and entrepreneurs.
3. Shorter Extension of Time. This trims the period for holding the AGM from three months to two months, which then cues business organisations to put a more genuine effort towards reviewing their financial statements and putting in a true report to the state.
What does being ACRA conformable do to your business? Number one, it is your responsibility and is an inescapable legal part of your business enterprise operation. Number two, and more importantly, a green mark can boost your business, what with corporate responsibility being such the buzz word in the business world these days. So, go for a green.
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