Change of Business Activity in Singapore
There are a number of common changes that business owners make after registering their company, and a change in business activity is one of them.
If you decide to change your company’s business activity, you have to notify Accounting and Corporate Regulatory Authority (ACRA) by updating the changes of your company’s information on BizFile+ within 14 days.
How to verify your Singapore Company’s Business Activity
If you are not sure what business activity codes to submit, consult ACRA’s SSIC code search. The free search helps you find the Singapore Standard Industrial Classification (SSIC) code corresponding to your business activity before you file it on BizFile+.
It is important to note that a company can have at least one and no more than two SSIC codes.
Penalties for Failure to Notify ACRA
If you fail to notify ACRA of a change in time, your company will be assessed a late lodgement fee ranging from S$50-S$350.
Furthermore, failure to notify ACRA can also result in a fine of up to S$5,000 and a default penalty for the company as well as every director in your company.
You can set up your Singapore Company effortlessly by ensuring you adhere to all the existing compliance form the get go. However, it is advisable to avoid the taking a “do it yourself” approach when it comes to company registration and compliance in Singapore.
Can You Get Help from Tianlong Services?
To prevent errors and mistakes along the way as well as save time, and elude costly delays with ACRA, engage the services of a corporate service provider like Tianlong Services Pte. Ltd. We make sure that all your company registration and compliance forms are prepared as per the requirements of Singapore company law stipulated by ACRA.
Tianlong.com.sg is Singapore’s leading professional accounting and secretarial firm and a registered ACRA filing agent for company incorporation, lodgement of annual returns, and filing of changes and updates of company particulars, officers and shareholders.
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