Singapore offers numerous business solutions to first-time entrepreneurs starting their business ventures in the city-state and to foreign businesses expanding in the region. We have selected the three must-know business structures for Entrepreneurs, Startups and SMEs when setting up a company in Singapore. As per the Companies Act, you as a Singapore incorporated company need to file an annual return with ACRA. You can even apply for an extension of time to file an annual return and file overdue annual returns with ACRA. As a business entity, you would need to take loans to carry out your business operations.
One of the early steps of the company creation is to find a name for the company. The name can be reserved with the Accounting and Corporate Regulatory Authority (ACRA) and at the same time submit the future business activity of the entity. The business activities in Singapore are sorted by the Singapore Standard Industrial Classification (SSIC) which attach a code to each different activity. The main drawback for Sole Proprietorship is not being a separate legal entity from the entrepreneur. However, certain types of business require approval from certain regulatory authorities before they can be registered.
Registering the company
When everything is in order, ACRA will send you an email confirming that your company has successfully been incorporated. Additionally, you will receive the company registration number, an official certificate of incorporation. The important thing when registering your business is to make sure that the chosen name is still available. If the chosen name belongs to another company, you can apply for a new business name on ACRA Bizfile. Once you have these details ready, you can start registering your company with ACRA Singapore. You will be issued a Certificate of Incorporation and a Business Profile that contains key information about your company.
Getting such approval may require an additional 14 working days to 2 months. If you intend to expand your business and would like to raise capital more easily in the future, you may wish to incorporate a Singapore company. This would be a separate legal entity which would similarly allow you to limit your liabilities. The first step in registering your company is to select an appropriate name for your business.
You can hire a company secretary firm like Sleek who can help with the entire business registration process and also provide services such as nominee director and registered address. Once your business name is approved, you can proceed to register your business entity in the ACRA BizFile. The application can be submitted online, and you must include the following documents as a requirement. You can continue to get your company incorporated once your application is approved.
Singapore Company Registration in 5 Easy Steps Online
Thus, you need to login to BizFile+ and use SingPass to submit your application via ACRA’s BizFile+ and register as a business entity with ACRA. Before the coming of BizFile+, business registration in Singapore was quite challenging. Individuals who intended to set up a company in Singapore were required to go to the Registry of Companies and Businesses (RCB) and fill out the requisite form. Singapore company registration consists of a number of steps and the typical timelines for each step is described below. Please keep in mind that some of these timelines are dependent on you, so if you take longer to assemble the necessary information, the corresponding step may take longer.
- You would be required to apply for certain licenses or approvals from other government agencies before starting off with your business.
- BizFile allowed individuals to file documents and buy business information online.
- Check if your company needs to submit financial statements along with the Annual Return.
- Check this e-guide for Application for a New Company Name in case you want to understand the steps involved in applying and reserving a company name for your business entity.
Log in with your Singpass and use Guided Journey to register your Sole Proprietorship/Partnership through step-by-step guidance.If you do this, you do not need to apply on ACRA’s BizFile+. The financial backbone to unlock hypergrowth, from aspiring local startups to established global enterprises. what is the procedure for preparing a trial balance The duration of the registration is dependent on the preparedness of the applicant. If the business unfortunately has to close down, there are some requirements on closing a business that may be applicable. After the period of registration has expired, your registration will have to be renewed.
e-Services for local business registration
Upon registration, all official documents will be immediately available on our online portal. As soon as your Singapore company is registered, you can start conducting business under its name. After that, you’ll be led to a list of recommended steps to take in a Guided Journey, which include applying for your business name and registering your business.
- Get more information on the documents required and the process of applying for an EntrePass here.
- The Singapore Business Registration Authority will require you to list two main business activities when setting up a company in Singapore.
- A Singapore company must appoint a company secretary who resides in Singapore.
- These policies include several forms of grants, tax incentives, and assistance schemes.
ACRA does not accept PO Box addresses or virtual properties as business locations. Only valid physical addresses will be accepted for your business idea, whether it is a small business or a corporation. Anyone who wants to run a business for profit should register with the Accounting and Corporate Regulatory Authority (ACRA). This will help to keep track of your business and make sure you’re complying with all the necessary regulations. They enable international payments with low fees and provide global accounts with multi-currencies. We provide to Entrepreneurs, Startups and SMEs the best Corporate, Accounting and Tax services to allow them to thrive in a competitive market.
Decide a Business Address
Corporate directors are not permitted in other words a company cannot be a director; it must be a person. If you don’t have a Singapore-resident person to act as the director, you can use our nominee director service to satisfy this requirement. If you’re a first time entrepreneur, check out the Start-up Guide which will take you through an overview of the process of registering your small business, and six steps you can take to get started. Learn more about the benefits of registering a business, and get an estimate of the cost of establishing and running your own business in Singapore with the Setup Cost Calculator.
The UEN is your business’ unique identification number that will be used in all transactions with government agencies. The pre-requisites, information and supporting documents needed for the application to register the business will vary, depending on the business structure type. The complete information regarding prerequisites, and other supporting documents will vary depending on the type of your business structure. Before you can register your business, you need to have these details ready. For sole proprietorships or partnerships, you must notify ACRA that the business has ceased by filling in the “Cessation of Business” transaction online via BizFile+. In other cases, the regulatory authority may only get involved in approving your registration after it has been submitted to ACRA.
Types of companies in Singapore
Email or call us, and we’ll process the refund within five working days. It’s one of the easiest places to start a company in the world – it’s currently ranked #2 in the World Bank’s Doing Business rankings. Singapore’s liberal immigration laws also allow businesses to easily hire employees from any country, which can lower the company’s operating costs. Nearly a third of the country’s workforce are foreigners and Singapore makes it easy for any foreign professionals to obtain work visas or permanent residence (PR) status. Singapore has an excellent international reputation as a stable jurisdiction with a robust financial infrastructure and a well-regulated economy. From government grants, accelerators, incubators, VCs, and banks, there are several ways to get access to capital at any stage of development.
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