Pushing The Boundaries of Business Registration
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Transcript of Pushing The Boundaries of Business Registration
Pushing the Boundaries of Business Registration
ECRF/CRF Conference 2016
Mr Kenneth Yap, Chief ExecutiveAccounting and Corporate Regulatory Authority (ACRA) - Singapore10 May 2016
Agenda1 Overview of ACRA2 From Frontline to Online3 Customer-Centricity
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4 Best Practices for Digitisation5 Towards the Future
Overview of ACRA1
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Mission
Vision
Singapore: The trusted and best place for business
To provide a responsive and trusted regulatory environment for businesses, public accountants and corporate service providers.
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ACRA’s Role in Singapore Regulates business entities, public accountants and corporate
service providers
Facilitates ease of doing businessand development of the publicaccountancy sector
Foster a business and regulatory environment conducive to enterprise and growth in Singapore
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Overview of Singapore’s Corporate/Public Accountancy Landscape
Sole-Proprietorships& Partnerships
204Limited
Partnerships
15,257Limited Liability
Partnerships
1,079Public
Accountants
68%Companies with Green Tick** of
Compliance
• Statistics in orange boxes are for one quarter from 01 Oct ’15 to 31 Dec ’15, compliance statistics are accurate as at 31 Dec 2015 and all other statistics are accurate as at 31 Mar 2016.
** Based on Companies’ Annual Return (AR) filed in compliance with 3 statutory requirements under the Companies Act, namely s175 [holding of Annual General Meeting (AGM)], s197 [filing of AR] and s201 [laying of financial statements at AGM].
293,443Local Companies
3,029Public Companies
290,414Private Companies
160,354
411,083Bizfile
Transactions
~$16.4millionRevenue
$$$$$ $$$$$ $$$$$
From Frontline to Online
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Digitising Business Registration
Faster turnaround
time
Enhance Quality
Reduce cost and
improve productivity
and reliability
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ACRA’s BizFile
Public Government and
External Agencies271 e-services, eg:
• Entity incorporation• Changes to
shareholdings• Registering charges• Lodging resolutions• Updating particulars• Filing of Annual Returns• Purchase of information
Over 80 interfaces:• Transmission of info for:
− Application of licences / grants
− Employment matters• Receipt of info such as :
− Death records− Changes in residential
addresses• Seamless workflow of
regulatory offences between ACRA and State Courts
Full XBRL filing since 2014
Over 500,000 users access BizFile system per month
24/7 filing100% online since 2003
Over 1.7mil transactions completed per year
ACRA’s Online Registration, Filing
and Information Retrieval System
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Impact of Digitisation
COST$1200 - $35,000 $300UPDATE INFORMATION14-21 Days 30 minutes
TO REGISTER14 Days 15 minutesPEOPLE800 55COUNTERS23 3
Before After
Enhance productivity
Better management of
records
Streamline work
processesIntegrated with compliance and
enforcement system
Fast business registration and
incorporation
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Other Digital Initiatives Integrated with BizFile
UEN is the standard identification number of a registered entity that is used for convenient interactions with government
agencies.
A free tool provided by ACRA to facilitate XBRL filing by pre-populating data fields from
company’s spreadsheets / financial statements.
Singapore Personal Access (or SingPass) is a Two-Factor Authentication1 (2FA) gateway for
e-government transactions.
1 In addition to their username and password, users have the option of receiving a one-time "second factor" password delivered through Short Messaging Service (SMS) or OneKey token as an extra layer of security to better protect their personal information.
Corporate Pass (or Corp Pass) available from 1Q2017 to allow multiple user
access.
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Value-added Business Facilitation Services
One-stop Shop
Purchase Business Profile
Apply for GST
Registration
Reserve Domain Name
Subscribe to Enterprise One Newsletter on Govt Grants
Activate Customs Account
Open Corporate Bank Account
Sign up for GeBiz Alerts
Customer-Centricity3
Next Phase of Digital Filing
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Launched new BizFile+ on 3 Jan 2016Es
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Shift >
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AltFn
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My Dashboard
Provides summarised view of all transactions and
statuses
Guided Assistant
Explore characteristics of different types of business entities
Easier Navigation
ACRA On The Go[by 2Q2016]Existing services• Business Directory Search• AGM Calculator• AskACRANew services• Simple transactional
serviceso e.g. Business Renewal
and Change of Office Address
• iShop purchase of selected information productso e.g. Business Profile,
Electronics Extract and Business Statistics
• Transaction status enquiry
Streamlined
ProcessesOne-step
incorporation and merging of forms
e.g. change of particulars
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New Features of BizFile+
Customised Dashboard: displaying user-related information in one screen
Permanent widget
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New Features of BizFile+
Guided Assistant: Explore characteristics of different types of
business entities
Best Practices for Digitisation
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Best Practices for Digitisation
Develop a long-term IT implementation
roadmap to proactively monitor and identify systems requiring
replacement or upgrading
Develop an extensive public communications
plan (a) to notify the public, our
stakeholders and partners and (b) to mitigate transition
downtime
Conduct Business Process Re-engineering and Service Re-design before new system development / system revamp• Analyze current processes,
identify non-value adding activities and redesign the
process to create value for both external and internal users
Identifying and addressing outsourcing risks early leads to a more optimal
outcome and greater benefits from outsourcing
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3
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Towards the Future5
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“Moments of Life” approach to Providing Information on Company Matters
e-Concierge Service
• Liability differences between entity types
• Licensing• Financing options• Government
grants
Setting up an Entity
• Foreign worker permits• Compliance
requirements• Tax obligations• Government assistance
schemes• Patents and IP
protection
Managing the Entity
• Obligations before terminating a business
Closing the
Entity
Provide targeted information from multiple agencies for business user
Accounting and Corporate Regulatory Authority 10 Anson Road #05-01/15 International Plaza Singapore 079903
www.acra.gov.sgwww.facebook.com/SG.ACRAwww.twitter.com/ACRA_SG
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