The Deposit Service Accounts (DSA) service, which is one of the payment options available for customers transacting with BizFile+ and ACRA iShop, will be ceased from 1 Oct 2021. 

Customers can continue to use the wide range of payment options including credit and debit card, PayPal, Google Pay and Apple Pay for their transactions on BizFile+ and ACRA iShop. 

BizFile+ users who have set up an account to use the DSA service are encouraged to make arrangements to onboard the available e-payment options and terminate their DSA before 1 Oct 2021, to minimize any inconvenience to their transactions with ACRA. 

Please note that the cessation of the DSA service will be implemented as follows: 
Date Event / Activity
 29 Jan 2021  New applications for DSA will no longer be accepted
 1 Sep 2021  Top up service for DSA will cease
 1 Oct 2021  Use of DSA for payments will cease and all DSA will be terminated 
 1 Jan 2022  Generation and downloading of DSA statements will cease

Termination of Deposit Service Accounts Service

DSA holders are required to submit a request in BizFile+ portal for ACRA to terminate their account, by logging to BizFile+ portal using their CorpPass ID and select eServices > Others > Deposit Service Account > Termination of Deposit Service Account. UEN or DSA number is required for the termination. 

ACRA will terminate all DSA by 1 Oct 2021. Following confirmation from DSA holders on the preferred refund options, any balance funds in the terminated account will be refunded to the designated bank account of the DSA holder.  Please refer to the eguide on termination of DSA (PDF, 1MB) for more information. 

Refund of balance in DSA

DSA holders can indicate their preferred refund option when submitting a request to terminate the DSA in BizFile+ portal. The following refund options are available: 
Refund options Procedures
 PayNow Corporate Please ensure that you have a PayNow Corporate account with your designated bank, and check that the PayNow Proxy (UEN) is updated in BizFile+

The balance funds will be credited into the PayNow Corporate account within 14 working days from the date of termination.
 
InterBank Transfer A pre-filled Direct Credit Authorisation (DCA) form will be available upon selection of this refund option. You will need to print and submit the DCA form to your bank for endorsement.

Submit the original copy of the endorsed form to:

Accounting and Corporate Regulatory Authority
10 Anson Road #05-01/15, International Plaza
Singapore 079903
Attention: Finance Department (Re: DSA)

The balance funds will be credited to the designated bank account of the DSA holder within 30 working days from the receipt of the original copy of bank endorsed DCA form.  
 
DSA holders will be notified via the email address indicated in the Termination of the Deposit Service Account request, upon successful refund to the DSA holder’s designated bank account. DSA holders should ensure that the termination email address in BizFile+ is up-to-date.

DSA statement 

DSA holders who wished to retain records of their past DSA transactions have up to 31 Dec 2021 to download past statements of their DSA transactions for the period covering 1 Jan 2016 to 30 Sep 2021.  The statements will no longer be available for download from 1 Jan 2022. Please note that we will not be able to accede to any request to download or print past DSA transaction records or statements. 

BizFile+ users can generate the Transaction History for all electronic payments on BizFile+ under eServices > Others > Transaction History, after DSA has ceased.

Frequently Asked Questions 

Closing the DSA


Q: Who can submit a request to terminate the Deposit Service Account?

A: The following authorised officers of the entities can submit a request to terminate the Deposit Service Account:
- Company: Director / Secretary
- Public Accounting Corporation: Directors / Secretary / Director under S17(3)(d) of the Accountants Act
- Business: Owner / Manager
- Limited Liability Partnership: Partner / Manager
- Accounting Limited Liability Partnership: Partner / Manager / Partner under S18A(3)(e) of the
   Accountants Act
- Limited Partnership: General Partner / Manager
- Public Accounting Firm: Partner / Partners under S18(3)(c) of the Accountants Act 

Q: How do I close my Deposit Service Account in BizFile+?
A: You will need your CorpPass ID and Deposit Service Account (DSA) Number to terminate the DSA. Log in to www.bizfile.gov.sg using CorpPass ID and select eServices > Others > Deposit Service Account > Termination of Deposit Service Account. UEN or DSA number is required for the termination. For more information, please refer to our e-guide. (PDF, 986KB) 
 
Q: When can I close my Deposit Service Account? 
A: You have up to 30 Sep 2021 to terminate the Deposit Service Account via BizFile+ portal. 

Q: Are there any chargeable fees for the termination of the Deposit Service Account?
A: There is no fee payable for closure of Deposit Service Account. 

Q: There is zero balance in my Deposit Service Account.  Do I still need to terminate the account?
A: If you are no longer using the DSA, you should terminate the account by submitting a request in BizFile+ under eServices > Others > Deposit Service Account > Termination of Deposit Service Account by 30 Sep 2021.  Accounts not terminated by this date will be automatically closed on 1 Oct 2021. 

Q: If my business or company is already closed, do I still need to terminate my Deposit Service Account?
A: You are not required to terminate the DSA if your business or company is already closed as your DSA would have deemed to be terminated. 

Q: If I am planning to close my business, do I need to terminate my Deposit Service Account?
A: You are required to terminate the DSA before you close your business. Please refer to our e-guide (PDF, 986KB) for more information.

Refund


Q: What are the refund options available following the termination of my Deposit Service Account?
A: You can select either PayNow Corporate or InterBank Transfer for the refund of the balance in the account.  Refunds will be credited to the DSA holder’s designated bank account based on the refund option that you have selected.

Q: Will the initial deposit of S$300 in the Deposit Service Account be refunded to me when I closed the Deposit Service Account?
A: The initial deposit forms part of the account balance used to pay for any transaction. If there is any balance upon termination of the DSA, the remaining amount will be refunded to the designated bank account of the DSA holder. Please ensure that the PayNow Proxy (UEN) or bank account details of the DSA holder are correctly updated in BizFile+.

Q: Can the refund of the Deposit Service Account balance be credited to my personal PayNow Account?
A: You can only use your personal PayNow account (linked to NRIC) if you are the sole-proprietor of the business. 

Q: When will I receive the refund of the Deposit Service Account balance?
A: Refund via PayNow Corporate will be credited within 14 working days from the date of termination, while refund via Interbank Transfer will be made within 30 working days from the receipt of the original copy of the bank endorsed Direct Credit Authorisation form.

Q: How would I know if the refund of the Deposit Service Account balance has been credited to my bank account?
A: DSA holders will be notified via the email address indicated in the Termination of the DSA request, upon successful refund to the DSA holder’s designated bank account. DSA holders should ensure that the termination email address in BizFile+ is up-to-date.

Others


Q: How do I check the balance in my Deposit Service Account?
A:
 You can check the remaining balance in your DSA dashboard upon login to BizFile+. Alternatively, you can generate the Transaction Enquiry for DSA via e-Services > Others > Deposit Service Account > Transaction Enquiry for DSA. 

Q: Can I still top up the Deposit Service Account up till 1 Oct 2021?

A: Topping up of the Deposit Service Account will cease on 1 Sep 2021.   

Q: I am able to generate transaction statements using the Deposit Service Account service. Will I be able to generate similar statement for transaction using other electronic payments?
A: You can generate the Transaction History for all electronic payments on BizFile+ under eServices > Others > Transaction History. For more information, please refer to e-guide (PDF, 986KB).
 
Q: How do I obtain a copy of the Deposit Service Account (DSA) transaction statement after DSA has ceased on 1 Oct 2021?
A: The DSA statements for the period 1 Jan 2016 to 30 Sep 2021 will be available on BizFile+ until 31 Dec 2021. You will not be able to generate or download any DSA statement after this date. Please note that we will not be able to accede to any request to download or print past DSA transaction records or statements. 
 

 
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