On 8 October 2014, the Accounting and Corporate Regulatory Authority (the “ACRA) announced changes to its regulatory fee structure for businesses. New fees will be introduced in the light of pending legislative changes. The ACRA will also streamline the current regulatory fee structure after which more than 100 ad hoc transactions previously charged under a pay-per-use model will be made available free of charge.
The simplified fee structure and new fees are expected to take effect with the implementation of the legislative changes which are scheduled to take place in the first quarter of 2015.
The Companies (Amendment) Bill 2014, the Business Names Registration Act 2014 and the Accounting and Corporate Regulatory Authority (Amendment) Act 2014 are not yet in force. When they come into force, six new fees will be introduced in connection with the regulation of corporate service providers and the introduction of new corporate registry services. Details of the new fees can be found in the ACRA press release.
Streamlining of regulatory fee structure
The streamlining of the regulatory fee structure will result in an increase in annual fees for businesses ranging from S$10 to S$40 per year, depending on the business entity type. For sole proprietorships, partnerships and limited partnerships, there will also be a fee increase of S$50 for the initial registration of the business.
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 S$30 to S$170.