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ACRA institutes new fees under simplified structure

In tandem with legislative changes that were passed in Parliament yesterday, the Accounting and Corporate Regulatory Authority (ACRA) has introduced six new fees and a simplified fee structure, under which some fees will be raised, but more than 100 ad hoc transactions previously charged under a pay-per-use model will be made free of charge.

In tandem with legislative changes that were passed in Parliament yesterday, the Accounting and Corporate Regulatory Authority (ACRA) has introduced six new fees and a simplified fee structure, under which some fees will be raised, but more than 100 ad hoc transactions previously charged under a pay-per-use model will be made free of charge.

The new structure and fees are expected to take effect with the implementation of the amendments to the Companies Act, the Business Names Registration Act and the ACRA Act, which are scheduled to take place no later than the first quarter of next year.

With the fee changes, some firms can expect a slight increase in annual fees, ACRA said. Depending on the type of business entity, the rise in annual fees will range from S$10 to S$40 a year. For sole proprietorships, partnerships and limited partnerships, there will also be a fee increase of S$50 for initial registration of the business. “This increase is necessary to ensure the operating costs ... can continue to be recovered at cost,” said the authority.

Fees for adhoc applications for waivers, exemptions or extension of time to comply with statutory requirements, such as filing of accounts and holding of annual general meetings, will increase by S$30 to S$170. ACRA said this would “adequately reflect the resources spent to process such applications”. It added: “This will also level the playing field for businesses that adhere to statutory requirements, as additional costs would act as a disincentive for firms seeking exemption from full compliance.”

The six new fees are related to the regulation of corporate service providers and introduction of new corporate registry services. For example, fees will be charged for registration by those who wish to reflect alternative addresses instead of residential addresses in ACRA records and applications to file revised financial statements. TAN WEIZHEN

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