ACRA introduces new regulatory fee structure

The Accounting and Corporate Regulatory Authority (ACRA) in Singapore has announced changes to its regulatory fee structure for businesses. Its current regulatory fee structure will also be streamlined, with one off transactions previously charged under a pay-per-use model, to be made free of charge.

The Accounting and Corporate Regulatory Authority (ACRA) in Singapore has announced changes to its regulatory fee structure for businesses. Six new fees will be introduced with recent legislative changes. Its current regulatory fee structure will also be streamlined, with one off transactions previously charged under a pay-per-use model, to be made free of charge.

As a result of altering the fee structure, some businesses can expect a small increase in their annual fees. Depending on the business entity type, the increase in annual fees will range from S$10 to S$40 per year. For sole-proprietorships, partnerships and limited partnerships, there will also be a fee increase of S$50 for the initial registration of the business.

Fees related to ad hoc applications for waivers, exemptions or extension of time to comply with statutory requirements such as filing of accounts and holding the annual general meeting, will also increase by S$30 to S$170, to adequately reflect the resources spent to process such applications.

The simplified fee structure, including the new fees, is expected to take effect no later than first quarter of 2015. ACRA will announce the effective date and provide more details about two months before these changes are due to take place.

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