Understanding Our Registered Address Service: Compliance-Only Purpose
When setting up a business in Singapore, one of the essential requirements is having a Registered Office Address that is officially recognized by the Accounting and Corporate Regulatory Authority (ACRA). At Counto, we offer a Registered Address service that helps businesses meet their ACRA compliance needs. However, it’s important to understand the scope and limitations of this service to avoid any confusion about what is included.
Here’s an overview of our Registered Address service and its specific terms.
1. Our Registered Address is for ACRA Compliance Only
The Registered Address provided by Counto is strictly intended for ACRA compliance purposes only. This means that the address can be used for:
- Receiving official government correspondence (such as ACRA notices or tax-related documents).
- General correspondence related to your company’s statutory and regulatory obligations.
Please note that this address is not intended for any business operations or day-to-day business activities. It is purely for the purpose of satisfying the legal requirement to maintain a registered office address in Singapore.
2. What Can Be Received at the Registered Address?
Our registered address service is designed to handle normal mail only. This includes regular postal mail like letters and official documents.
However, please note that the following are not included in our service:
- Parcels: We do not accept parcels at the registered address.
- Registered mail: We are unable to receive registered or couriered mail for you at this address.
If you expect parcels or registered mail to be delivered, we recommend arranging for an alternative address or delivery method.
3. No Safekeeping of Parcels
We do not offer safekeeping services for parcels or any other items that are delivered to the registered address. Any physical items that are sent to the registered address will be handled according to the terms of our service, but their safekeeping is not part of what we offer.
4. Mail Handling and Retention Policy
All mail received at the registered address will be processed as follows:
- Scanning: Upon receipt, all mail will be scanned and made available to you electronically, ensuring you can view your documents remotely and conveniently.
- Retention Period: We will retain the scanned copies of the mail for a period of 90 days. This ensures you have ample time to review and act upon any correspondence received.
- Destruction of Mail: After 90 days, all physical mail will be destroyed to ensure privacy and security, in line with our confidentiality practices.
5. Why Choose Counto’s Registered Address Service?
By choosing Counto for your Registered Address service, you are ensuring that your business remains compliant with ACRA’s regulations while enjoying the convenience of having your mail scanned and stored electronically. This service is especially beneficial for:
- Businesses that do not have a physical office or are working from home.
- Companies that require a professional address for their ACRA filings but do not need to receive parcels or registered mail.
We handle your official correspondence efficiently, and our streamlined mail scanning process makes it easy to stay on top of your business obligations.
Summary
Counto’s Registered Address service is a straightforward and compliant solution to meet your ACRA requirements. However, it’s important to keep in mind that this service is intended for ACRA and compliance purposes only, and normal mail is the only type of correspondence we handle. We do not manage parcels, registered mail, or offer safekeeping services. Additionally, all mail is scanned, retained for 90 days, and destroyed thereafter to ensure confidentiality.
If you need further clarification on our Registered Address service or are interested in signing up, feel free to contact us. We’re here to make your ACRA compliance as simple as possible, while keeping your business on track.
FAQ: Understanding the Registered Office Address for Your Business in Singapore
In Singapore, having a registered office address is a crucial requirement for all businesses. This FAQ guide will help you understand what a registered office address is, its importance, and your obligations as a business owner.
1. What is a Registered Office Address?
- A Registered Office Address is the official address of your company as registered with ACRA (Accounting and Corporate Regulatory Authority).
- This address is used for receiving official correspondence, including government notices, legal documents, and tax-related communications.
2. Is a Registered Office Address mandatory for all businesses in Singapore?
- Yes, all businesses, including companies, limited liability partnerships (LLPs), and sole proprietorships, must have a registered office address.
- It must be a physical address (no P.O. Box), and it should be located in Singapore.
3. Can I use my home address as the registered office address?
- Yes, you can use your home address as your registered office address if:
- It is a valid and physical address in Singapore.
- Your residential address complies with any zoning or housing rules for business operations.
- However, if you are operating a business from your home, you must ensure the business activity is allowed under the zoning laws.
4. Can I change my Registered Office Address?
- Yes, you can change your registered office address anytime.
- A change of address must be reported to ACRA within 14 days from the change date.
- You will need to update the address via BizFile+, ACRA’s online portal.
5. Do I need to notify ACRA if I’m moving my office?
- Yes, ACRA must be notified within 14 days if your company’s registered office address changes.
- Ensure the new address is valid and that it remains in Singapore.
6. Can I use a virtual office or a shared office space for my Registered Office Address?
- Yes, you can use a virtual office or shared office space as your registered office address, as long as it is a physical address in Singapore and is able to receive mail and official documents on behalf of your company.
7. Can the Registered Office Address be the same as the business operating address?
- Yes, the registered office address and the operating/business address can be the same if they are the same physical location.
8. What if I don’t provide a Registered Office Address?
- Failing to provide or update your registered office address with ACRA can lead to penalties and complications in receiving important legal or tax-related documents.
9. How can I ensure compliance with the Registered Office Address requirement?
- Make sure your address is:
- A valid physical address in Singapore.
- Easily accessible for receiving official communications.
- Updated with ACRA if there are any changes.
10. How can I change my Registered Office Address?
- To update your registered office address, simply:
- Log in to BizFile+ (ACRA’s online portal).
- Select “Change of Registered Office Address” and submit the required information.
- Pay the necessary fees (if applicable).
Summary
A Registered Office Address is a key part of maintaining regulatory compliance in Singapore. Make sure that your address is valid, up-to-date, and easily accessible for official correspondences. By staying on top of this requirement, you ensure that your business can receive important documents from government agencies and maintain smooth operations.
If you need assistance in setting up or updating your registered office address, Counto can help you navigate the process and ensure you remain compliant with ACRA regulations.
FAQ: Understanding ACRA Compliance Filing and Deadlines for SMEs
As a business owner in Singapore, adhering to the regulatory requirements set by the Accounting and Corporate Regulatory Authority (ACRA) is crucial. ACRA ensures that businesses operate transparently and meet statutory obligations, including financial reporting, corporate filings, and deadlines. This FAQ guide will help you navigate ACRA’s compliance filing requirements and deadlines, ensuring your business stays on the right track.
1. What is ACRA, and why is compliance important for SMEs?
The Accounting and Corporate Regulatory Authority (ACRA) is Singapore’s national regulator overseeing business entities and public accountants. ACRA is responsible for ensuring that businesses comply with the regulatory framework set by the Singapore Companies Act, which includes maintaining accurate records, submitting financial statements, and fulfilling other statutory obligations.
For SMEs, ACRA compliance is crucial for maintaining good standing, avoiding penalties, and building trust with investors, customers, and other stakeholders. Failure to comply with ACRA requirements can result in fines, penalties, or even legal action.
2. What are the key ACRA compliance filing requirements for SMEs?
SMEs in Singapore must meet several filing requirements to comply with ACRA regulations, including:
- Annual Return Filing: All companies must file an annual return with ACRA, which provides key information such as shareholders, directors, and financial statements.
- Financial Statements: Companies must prepare and file their financial statements in accordance with Singapore Financial Reporting Standards (SFRS).
- Auditor Appointment (if applicable): Businesses with revenue exceeding S$10 million must appoint an external auditor to audit their financial statements.
- Company Director and Shareholder Information: Any changes to directors, shareholders, or registered office address must be reported to ACRA within the required timeframes.
3. What is the deadline for filing the Annual Return with ACRA?
The Annual Return must be filed with ACRA within 30 days from the company’s Annual General Meeting (AGM).
- The AGM must be held within 6 months from the end of the company’s financial year (FY).
- For example, if your company’s financial year ends on 31 December, the AGM must be held by 30 June of the following year, and the Annual Return must be submitted by 30 July.
It’s important to note that if your company is exempt from holding an AGM, you must file the Annual Return within 6 months after the end of your financial year.
4. What is the deadline for filing financial statements with ACRA?
Financial statements must be submitted to ACRA as part of your Annual Return filing. The financial statements must be approved by the Board of Directors before filing. The filing deadlines are:
- For private companies: The financial statements must be filed within 6 months from the end of the company’s financial year.
- For public companies: They must file their financial statements within 4 months from the end of the financial year.
It is important to ensure that the financial statements are prepared in compliance with the Singapore Financial Reporting Standards (SFRS) or the Singapore Financial Reporting Standards (SFRS) for Small Entities if applicable.
5. What happens if I miss ACRA filing deadlines?
Failing to meet ACRA filing deadlines can result in penalties. The penalties include:
- Late fees: ACRA imposes penalties for late submission of the Annual Return or financial statements. The late fees can accumulate over time.
- Fines: Companies that fail to file their Annual Return or submit financial statements on time may incur fines up to S$1,000. If the company fails to file even after the penalty, the company may face a fine of up to S$5,000 and/or prosecution.
- Suspension of business status: Companies that repeatedly fail to file or comply with ACRA’s regulations may have their business status suspended, which can affect the ability to engage in business transactions or even access funding.
To avoid penalties, it’s essential to plan and keep track of your company’s filing dates.
6. How do I file my company’s Annual Return with ACRA?
Filing the Annual Return is done online through ACRA’s BizFile+ portal. Here are the steps to file your Annual Return:
- Log in to BizFile+: You will need your company’s Unique Entity Number (UEN) and your SingPass or CorpPass login credentials to access BizFile+.
- Prepare necessary documents: Before filing, ensure your company’s financial statements are approved, and details such as directors, shareholders, and registered address are updated.
- Submit the filing: Complete the required fields in the online form and submit your company’s Annual Return.
Ensure you file the return on time to avoid penalties. It’s recommended to review your filing information carefully before submission.
7. What are the penalties for failing to file the Annual Return or financial statements on time?
The penalties for late filings are as follows:
- Late filing penalty for Annual Return: Late filing may result in an administrative penalty of S$300. If the filing is overdue for more than a month, the fine may increase.
- Late filing penalty for financial statements: Failure to file the financial statements on time can incur a penalty of up to S$1,000 for the first month, and additional fines may apply if the delay continues.
Repeated failure to comply can lead to more serious consequences such as prosecution or the suspension of your company’s business operations.
8. What are the compliance filing requirements for dormant companies?
Even if your company is dormant (not actively carrying out business activities), you are still required to meet ACRA’s compliance filing obligations. These include:
- Filing the Annual Return: Dormant companies must still file their Annual Return with ACRA. The financial statements will typically show no business activity, but they must still be filed in compliance with regulations.
- Declaring dormancy status: The company’s directors are required to declare the company’s dormancy status in the Annual Return.
While dormant companies may not have to submit audited financial statements, they are still responsible for filing their Annual Return and meeting other compliance requirements.
9. How can SMEs ensure timely compliance with ACRA filing deadlines?
To ensure timely compliance with ACRA’s filing deadlines, SMEs can take the following steps:
- Set reminders: Use calendar reminders and set internal deadlines well before the official filing dates to ensure you have enough time to gather all necessary documents.
- Outsource accounting and compliance services: Many SMEs find it helpful to work with a trusted accounting firm to manage ACRA compliance filings. These firms can assist with financial reporting, timely filings, and ensure all deadlines are met.
- Use accounting software: Implementing accounting software can help track financial records and deadlines, making it easier to prepare the required filings for ACRA.
At Counto, we offer comprehensive accounting and compliance services, helping you stay on top of ACRA filing requirements and avoid unnecessary penalties.
10. What should I do if I’m unsure about ACRA’s filing requirements?
If you are unsure about ACRA filing requirements or have any questions about your company’s compliance obligations, it is always advisable to seek professional advice. You can consult an accountant or a corporate service provider who specializes in ACRA compliance. They will help ensure that all filings are completed accurately and on time, allowing you to focus on growing your business.
At Counto, we provide expert assistance in ACRA compliance and filing, offering you peace of mind and ensuring that your business stays compliant with all regulatory requirements.
Summary
ACRA compliance is an essential part of running a business in Singapore. Understanding your filing deadlines, preparing accurate financial statements, and submitting your annual return on time will help you avoid penalties and keep your business in good standing. By staying organized and meeting all of ACRA’s requirements, you’ll maintain your company’s legal and regulatory obligations without any issues.
If you need assistance with ACRA filing or have questions about your business’s compliance, consulting with a professional service provider can help. At Counto, we’re here to ensure your business stays compliant with ACRA’s regulations so you can focus on growth and success.