Introduced in Singapore, the Variable Capital Company (VCC) is a legal entity structure that offers flexible capital management. The VCC incorporation is generally straightforward. However, the setup may sometimes be complicated due to company specifics, regulatory requirements, and the thoroughness of the documentation. Here, the Accounting and Corporate Regulatory Authority of Singapore’s (ACRA) digital services come into play, streamlining the application and document submissions to ensure timeliness and convenience.
1. Seamless Online Registration
In the past, starting a company like VCC, often involved bureaucratic processes, cumbersome paperwork, and geographical restrictions. This not only delays regulatory approvals but also disrupts business operations. Now, the online registration of ACRA eliminates the need for physical presence and redundant manuals, making the VCC registration more efficient and accommodative. Whether you’re a local entrepreneur looking to establish a VCC or a global business seeking to enter the Singapore market, the digital system contributes to a user-friendly registration.
2. Electronic Document Submission
ACRA's digital services also allow for electronic document submission, enhancing the quality and accuracy of corporate processes. Here is how automation features facilitate quicker processing and effective handling.
Automated Validation Checks
ACRA's digital services often incorporate automated checks for smoother submission. Digital validation checkers, equipped with powerful algorithms and analytic features, can automatically verify the accuracy, completeness, and consistency of the information provided against predefined criteria and regulatory standards.
Mobile Accessibility
Digitalisation also means easy access to mobile devices. It provides users the flexibility to submit documents, track applications, and manage their corporate affairs on the go.
Digital Archiving and Retrieval
ACRA offers digital archiving and retrieval functions as part of the streamlined process. Upon document submission, applicants can keep track of their synced historical records, minimising physical storage space.
Electronic Communication and Notifications
Automated communication features within the digital platforms enable ACRA to send notifications, alerts, and updates to users. This ensures that businesses are promptly informed about the status of their submissions and any additional actions required.
3. Technology-Driven Efficiency Gains
If you think ACRA's digital initiatives solely focus on convenience, you may want to reconsider. Through the automation of data entry, document verification, and other administrative tasks, these digital efforts achieve efficiency gains by reducing the workload and processing timelines. On top of that, users benefit from ACRA's step-by-step guidance and intuitive interfaces to complete application with ease, saving time on redundant manual filling. This streamlined approach gradually withdraws the use of labour-intensive reviews and corrections, maintaining data accuracy throughout the process. Should any errors arise in the process, they are identifiable in advance without affecting the expected processing time frame.
It is safe to say that the digital services of ACRA are revolutionising the VCC incorporation procedures. From seamless online registration to electronic document submission, the initiatives help businesses to thrive in this digital age.
VCC.SG is committed to exchanging knowledge and dialogues within the variable capital company fund community. Seeking professional assistance to deal with intricate VCC setup processes? Get in touch with us today for a quote.