Corporate Services
Corporate Services are defined as organization-wide functions that deliver business support services, based on specialized knowledge, best practices, and technology to serve internal customers in the delivery of departmental objectives.
ACRA was formed on 1 April 2004 by the Accounting and Corporate Regulatory Act, which resulted in the merger of the then Registry of Companies and Businesses (RCB), and the Public Accountants' Board (PAB). The merger was to synergize the monitoring of companies' compliance with disclosure requirements and the regulation of public accountants performing a statutory audit.
The Accounting and Corporate Regulatory Authority (ACRA) is a statutory board under the Ministry of Finance of the Government of Singapore. ACRA is the regulator of business registration, financial reporting, public accountants, and corporate service providers. ACRA also plays the role of a facilitator for the development of business entities and the public accountancy profession.
All Singapore-incorporated companies are required to appoint a local company secretary within six months from the date of the incorporation.
Corporate services or business services are activities that combine or consolidate certain enterprise-wide needed support services, provided based on specialized knowledge, best practices, and technology to serve internal (and sometimes external) customers and business partners.
A corporate service provider (CSP) is a professional firm that helps businesses with their corporate filings with ACRA. They may also offer advisory services on accounting, taxation and legal advice, and other services related to regulatory compliance.
A private limited company incorporated in Singapore is a legal entity separate from that of its officers, with its profits, losses, assets, and liabilities. Ownership of a private limited company is established through the division of shares.
There are three common company types in Singapore, including Limited Liability Company, Partnership, and Sole Proprietorship.
Types of Business & Companies in Singapore
- Sole Proprietorship/ Sole Trader.
- Ordinary Business Partnership.
- Limited Partnership (LP)
- Limited Liability Partnership (LLP)
- Private Company Limited By Shares.
A Private Limited (Pte Ltd) Company remains the most popular option as it is the most advanced and flexible business entity. Singapore's largest industry by far is the manufacturing sector, which contributes 20%-25% of the country's annual GDP. Key industry clusters in Singapore's manufacturing include electronics, chemicals, biomedical sciences, logistics, and transport engineering.
