Singapore

The Accounting and Corporate Regulatory Authority (ACRA) is the national authority regulating business registration, accounting, public accountants, and corporate service providers (CSPs) in Singapore. ACRA was created on 1st April 2004 as a merger of the Registry of Companies and Businesses and the Public Accountants Board. The body operates as an essential statutory body under the Ministry of Finance. The authority plays a critical role as the gatekeeper of the nation's business environment by overseeing various business legislation such as the Companies Act 1967 and the Accountants Act 2004 [ACRA]. Through its centralized online filing framework known as BizFile+, ACRA ensures market transparency, enforces stringent anti-money laundering policies and beneficial ownership reporting guidelines, and sets financial reporting standards to maintain the credibility of Singapore as a global business center [ACRA].

ACRA oversees and manages the entire lifecycle of all business enterprises in Singapore via registration of companies, partnerships, and corporate service providers through its online BizFile+ portal. The regulatory body compels adherence to the provisions stipulated under the Companies Act 1967 and the Accountants Act 2004 in order to penalize any corporate misconduct and require the filing of annual financial statements in a timely manner. ACRA, in an effort to ensure that the financial system in Singapore remains intact and secure from any form of financial crime, requires the disclosure of beneficial ownership networks and registers of nominee directors.