Acra makes sweeping changes to fee structure for businesses

SINGAPORE - Registering a new business could cost more starting next year.

The Accounting and Corporate Regulatory Authority (Acra) said on Wednesday that it is raising some fees for companies, citing operating costs.

It also said that it will introduce six new fees due to recent changes in the law.

However, it added that several other fees will be lowered or removed.

"With the streamlining of the current regulatory fee structure, some businesses can expect a slight increase in their annual fees. Depending on the business entity type, the increase in annual fees will range from $10 to $40 per year," Acra said in a statement.

For instance, the initial registration fee for sole proprietorships, partnerships and limited partnerships will double from $50 to $100.

"This increase is necessary to ensure that the operating costs incurred by Acra to maintain an accurate and comprehensive register of business entities that is easily accessible for public inspection, can continue to be recovered at cost."

On the positive side, some transactions will be made free of charge. For instance, the fees for filing changes to particulars and appointments, which cost $10-20 now, will be removed.

Acra said that its modified fee structure is expected to take effect by the end of March next year. It will announce the exact date in advance.