Businesses brace for higher fees as ACRA unveils six new corporate charges

How much more will you have to pay?

The Accounting and Corporate Regulatory Authority (ACRA) yesterday revealed changes to its regulatory fee structure for businesses, under which six new fees will be introduced with recent legislative changes. 

These fees are in line with new legislative provisions under the Companies (Amendment) Bill, the Business Names Registration Bill, and the ACRA (Amendment) Bill. It involves the regulation of corporate service providers and the introduction of new corporate registry services.

Depending on the business entity type, the increase in annual fees will range from $10 to $40 per year. For sole-proprietorships, partnerships and limited partnerships, there will also be a fee increase of $50 for the initial registration of the business. 

This increase is necessary to ensure that the operating costs incurred by ACRA to maintain an accurate and comprehensive register of business entities that is easily accessible for public inspection, can continue to be recovered at cost.

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.