ACRA have recently updated their guidelines therefore bringing it transparently in line with other jurisdictions. Following this, businesses will be offered a copy of their business profile and the amount of information available for public use will increase substantially.
Both existing and newly incorporated entities in Singapore will now be entitled to a copy of the free business profile. This will be after the companies either register/incorporate, renew their business registration or file their ACRA Annual Returns or declarations. This is also available for public use from the ACRA website.
Furthermore, business information will now be released for free public access. This is in order to further improve corporate transparency in Singapore. More and more shareholders and interested investors are seeking corporate figures and financial information from companies in order to ensure that they are fully informed to make the right decision when dealing with their investments. And so, the public can now search for the entity’s business activity, filing history and the legitimacy of the registered office address through ACRA’s entity search function in their BizFile+ portal.
Additionally, ACRA will disclose even more information for free public access later in 2017.
According to the Singapore Companies Act, Cap 50 guidelines, all companies and intermediaries should update their information with ACRA and file their financial statements using BizFinx, if necessary.