ACRA overhauls regulatory fee structure, introduces six new fees

Also, over a hundred ad hoc transactions to be made free of charge.

The Accounting and Corporate Regulatory Authority (ACRA) announced today 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 over a hundred ad hoc transactions previously charged under a pay-per-use model, to be made free of charge.

With the recent passing by Parliament of the Companies (Amendment) Bill, the Business Names Registration Bill and the ACRA (Amendment) Bill, six new fees will be introduced with the implementation of new legislative provisions related to the regulation of corporate service providers and the introduction of new corporate registry services.

These fees are for: (a) Application for registration or annual renewal as a Qualified Individual for Corporate Service Providers; (b) Application for registration or annual renewal as a Filing Agent for Corporate Service Providers; (c) Access to the authoritative registers of members for private companies, and of directors, secretaries, auditors and chief executive officers for all companies in Singapore to be set up and maintained by ACRA; (d) Registration by persons wishing to reflect alternate addresses instead of their residential addresses in ACRA’s records; (e) Application for ACRA’s consent for auditor resignation; (f) Application to file revised financial statements

Here’s more from ACRA:

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 a range of $30 to $170, to adequately reflect the resources spent to process such applications. This will also level the playing field for businesses that adhere to statutory requirements, as the additional costs would act as a disincentive for businesses seeking exemption from full compliance. 

The simplified fee structure, including the new fees, is expected to take effect with the implementation of the legislative changes which are scheduled to take place 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.