Some of you must be aware that ACRA bizfile is going a major revamp and new ACRA will be called New Generation Bizfile (NGB). ACRA has planned final UAT(user acceptance testing) in last week of October for NGB and hopefully it shall be launched before christmas this year.
Here are 7 things that you should expect from ACRA revamp exercise
- New ACRA website– You can already notice the new look ACRA website and new functions are being added everyday. And business profiles are coming faster now a days once you purchase them 🙂
- New XBRL: it is being called as bizfinX which replaces old system of XBRL filings and the new separate XBRL website is already up.
- New professional number system whereby the professional number system will be replaced by entities who shall be called Corporate Services Providers (CSP) and now you will need to pay annually for it 😉
- New filing website- NGB website which will be more intuitive and more user friendly. based on my first hand trial experience and it shall be easier for even dummies to use the NGB
- New legislative changes- separate legislation for CSPs as well as more empowerment to ACRA is on the cards specially with respect to rectification of errors instead of requirement of current system of court orders.
- More liability on CSPs for KYC under new FATF(Financial Action Task Force) Anti Money Laundering (AML) regime.
- Increased Fees for transaction filings however it is expected that few normal update transactions may be made free.
Stay tuned with this blog for more updates regarding NGB and how is it going to affect you.
Update (January 2016): New ACRA Bizfile has been launched on 03 January 2016 and it has been rebranded as Bizfile+ (Bizfile plus). All above 7 items have been implemented. You may refer to recent posts on homepage of my blog for recent updates.