What Can I Use Bizfile Portal For? 

Starting a business in Singapore? Congratulations! You’re embarking on an exciting journey, and every entrepreneur needs a reliable toolbelt for managing financial information. Enter BizFile, the online portal that simplifies business filings and empowers you to manage your company effectively. Whether you’re a seasoned entrepreneur or just setting out, BizFile streamlines your journey and saves you valuable time and effort. In this blog, we will explore the key features of the BizFile portal, who can use it, and the various functions it serves. 

What is BizFile? 

Anyone aspiring to register a company in Singapore is required to submit the necessary documentation to the Accounting and Corporate Regulatory Authority (ACRA). Prior to 2004, business proprietors had to physically visit the Registry of Companies and Businesses (RoC) to complete the essential paperwork. In a significant stride towards modernization, ACRA introduced BizFile, an official online web system that streamlines the submission and retrieval of business data. 

BizFile, including its upgraded version BizFile+, serves as a Singapore-based internet database dedicated to corporate documentation and information retrieval system. Launched over 15 years ago, BizFile was hailed as a substantial advancement in government-to-business communication and various business-related functions. This innovative platform ushered in a more efficient and convenient process, benefiting all parties involved in the registration and management of businesses. With the help of this online directory, businesses operating in Singapore can easily access and manage their corporate paperwork, making the process simpler, faster, and more efficient. 

Who Can Use BizFile? 

In Singapore, individuals including residents, citizens, select labour permit holders, work pass holders, and, in certain instances, foreigners aspiring to establish a business are required to utilize BizFile or BizFile+. Accessing the BizFile+ platform mandates an ACRA login, where you can proceed to register your company as a sole proprietorship, partnership, or corporation. To initiate this process, Singapore residents must log in to the BizFile+ portal using their SingPass, which serves as their personal access password. This includes permanent residence holders, who are also eligible to use BizFile+ for company registration. 

For foreigners looking to register a business with ACRA, the involvement of a corporate service provider or a qualified representative is necessary to complete the ACRA business registration on their behalf. 

Upon successful SingPass login to the ACRA BizFile+ portal, a series of information will be requested for reference purposes. This includes details about the type of company, company name, physical address, primary business operations, director and shareholder information, and the amount of share capital, among other relevant information essential for the registration process. 

What Can BizFile Be Used For? 

As a Singaporean businessperson, regular interaction with BizFile is essential. Below is a list of functions that you or your company secretary can perform using the BizFile platform: 

1. Register a new company 
2. Cease or discontinue operational functions of the company 
3. Streamline communication with ACRA for any changes in your company’s address and board of members 
4. File Annual Returns (AR) with ACRA Singapore 
5. Document changes in personal information of the company controllers, officers, and members 
6. Access the central directory of Unique Identification Numbers (UEN) 
7. Interface with other relevant systems such as the Inland Revenue Authority of Singapore (IRAS) 
8. Receive important documentation, including industry reports 
9. Collaborate with referral experts for online investigations and approvals 
10. Conduct online research on Medisave partners and check the status of CPF owners. 

How Can I File Annual Returns with ACRA? 

Filing annual returns with the ACRA is a crucial requirement for companies in Singapore. The BizFile portal provides the necessary tools and resources to simplify the annual return filing process. Here’s how you can file annual returns with ACRA using the BizFile portal: 

• Prepare financial statements: Companies should ensure that their financial statements are prepared in accordance with the applicable accounting standards and requirements of the Inland Revenue Authority of Singapore (IRAS). 
• Conduct annual general meeting (AGM): Companies must hold an AGM to present financial statements to shareholders and obtain approval for the filing of annual returns. 
• Meet filing requirements: Companies should ensure that they have met all the requirements for annual return filing, including the submission of financial statements, shareholder information, and other relevant documentation as required by the ACRA. 
• Use the BizFile portal: Log in to the BizFile portal using the Singapore Personal Access password (SingPass) or the corporate access password (CorpPass). Follow the step-by-step guide provided by the portal to complete the filing process. 

By following these steps and leveraging the features of the BizFile portal, companies can fulfill their annual return filing requirements efficiently and comply with the regulatory obligations set forth by the ACRA. 

Benefits of Using BizFile Portal 

Utilising BizFile in Singapore offers a plethora of benefits for businesspersons and entrepreneurs. Here’s an expanded look at the advantages: 

• Efficient Company Registration: BizFile streamlines the process of registering a new company, making it a quick and efficient procedure. The platform guides users through the necessary steps, ensuring accuracy and completeness in the registration process. 
• Convenient Operations Management: Entrepreneurs can easily discontinue or cease the operational functions of a company through BizFile, simplifying administrative tasks. Managing changes in company details, such as address or board member adjustments, is a hassle-free process, enhancing overall operational efficiency. 
• Streamlined Annual Returns Filing: Filing Annual Returns (AR) with ACRA becomes a seamless task through BizFile, reducing the administrative burden on businesses. The platform provides a user-friendly interface for submitting necessary documents and information required for annual compliance. 
• Updated Personal Information Management: BizFile allows businesses to promptly document any changes in the personal information of company controllers, officers, and members. This feature ensures that the company’s records are always up-to-date, facilitating transparency and compliance. 
• Central Directory Access: Users can access the central directory of Unique Identification Numbers (UEN) through BizFile, providing a centralized platform for retrieving essential company information. 
• Integration with Other Systems: BizFile seamlessly interfaces with other relevant systems, such as the Inland Revenue Authority of Singapore (IRAS), creating a cohesive ecosystem for comprehensive business management. 
• Collaboration and Online Investigations: The platform facilitates collaboration with referral experts, streamlining the process of conducting online investigations for various approvals and verifications. 
• Research on Medisave Partners and CPF Owners: Entrepreneurs can conduct online research within BizFile to gather information about Medisave partners and check the status of Central Provident Fund (CPF) owners. 

Conclusion 

In conclusion, BizFile is an invaluable tool for any Singapore-based business. Its comprehensive features, user-friendly interface, and secure environment make it the perfect platform for managing your company’s filings and ensuring compliance. Whether you’re incorporating a new business, filing annual returns, or making changes to your company structure, BizFile is your one-stop shop for efficient and hassle-free business administration. 

How Grof SG Can Assist with BizFile+ 

Grof Singapore provides expert support in navigating BizFile+, ACRA’s online filing system for business transactions in Singapore. Whether you’re registering a new company, filing annual returns, or updating business information, our team ensures accurate and timely submissions. We simplify the entire process, ensuring compliance with ACRA’s requirements while minimising administrative burdens. By partnering with Grof SG, you can confidently manage all BizFile+ obligations, ensuring your business stays compliant with ease and allowing you to focus on growth and success.