Step-By-Step Guide To Registering Your New Business In Singapore
You need to search for the relevant SSIC Code to denote the primary and secondary business activity of your company. Singapore’s Accounting and Corporate Regulatory Authority (ACRA) has a fully computerized online system which completes the registration procedures in 1-2 business days. You need to login to the BizFile+ system using your SingPass and identification number. If you are a foreigner, then Timcole will help you by accessing the online system. The Company should have minimum 1 shareholder and maximum shareholders depending on the company type or structure that has been intended.
- But requirements for these companies are also more stringent, and are subject to more corporate governance regulations.
- Corppass is a single corporate digital identity that you can access using your personal Singpass.
- All other requirements for incorporation remain the same as that of setting up a local company.
- Note that you will need to deposit the capital into your company’s bank account immediately after the company registration, and you’ll always have the opportunity to increase your registered capital subsequently.
- The financial backbone to unlock hypergrowth, from aspiring local startups to established global enterprises.
Your business location will be based on an approved physical address. When everything is in order, the company registrar will send an e-mail confirming that your company has successfully been incorporated. Should you wish to obtain a physical certificate, the company registrar will charge you at SGD 50, and it takes approximately between 3-5 working days. 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.
Exemptions from registration of business
Open a business bank account in Singapore for a newly incorporated company might be a challenging and lengthy process. Singapore banking environment offers numerous solutions and MBiA has partnered with the best on the market to simplify the Business Bank Account opening process. Compulsory licenses are required for business operating as food establishments, building constructions, educational institutions, travel or employment agencies, telecommunications companies, or financial institutions.
- Registered address is the place where all communication and notices to your company are addressed to, and it is also where your company’s statutory books are kept.
- While submitting an application, the applicant needs to provide a registered address.
- As a result, your business will find it easier to obtain financing and contracting on credit.
- If your business venture falls under other business structures, head on over to BizFile+ to register your business name directly, or appoint a registered filing agent, such as a law firm, to submit an online application.
- Do note that a registered office must be operational and accessible to the public during office hours.
Another consequence of failing to register is that any contractual rights may be unenforceable by an unregistered business owner. If you intend to form a business firm with one or more other partners, you may wish to register as a partnership. A partnership does not have to file its accounts or have them audited. Apart from complying with the legal regulations, registering your business is also beneficial. For this article, we have focused on how to start a private company in Singapore, which is usually the first choice of foreign investors. Our team will assist you with selecting a suitable bank for your company’s corporate bank account and make an introduction to the appropriate bank executives.
Singapore Company Registration in 5 Easy Steps Online
However, the business name remains registered until the registration is cancelled. However, certain types of business require approval from certain regulatory authorities before they can be registered. Getting such approval may require an additional 14 working days to 2 months. This is unless, they are carrying on business in Singapore in the name of a foreign company that has already been registered under the Companies Act.
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The ACRA fess is S$ 315 upfront which is included in the Company Incorporation Package provided by Timcole. The company will be set up in 15 minutes once the fees have been paid. While submitting an application, the applicant needs to provide a registered address. This address should be a valid address accessible by the normal public; however, need not be the place where the operations are carried out. You can also find out how the Start-up Guide has helped other business owners to take the first step in establishing their venture.
Decide corporate structure and collect supporting documents
You must provide an address when registering your business with ACRA. You must inform ACRA of any address change within 40 days of registration. Learn more about what you need to register your business, depending on the business structure you’ve chosen atStep 1. Learn more about what you need to register your business, depending on the business structure you’ve chosen at Step 1.
We continue to guide you through the corporate registration and streamline the processes to register your 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. After your company has been incorporated, you can apply for an Employment Pass under the new company. The approval of the pass is subject to eligibility requirements and prevailing government policies. When your pass is approved, your family will also be eligible to relocate on the Dependant Pass visa.
The business activities in Singapore are sorted by the Singapore Standard Industrial Classification (SSIC) which attach a code to each different activity. Singapore has a business-friendly environment, making it easy for individuals to register their cost of goods sold definition, formula, and more company. The whole registration process can be completed in a day, given all the requirements are duly submitted. This article lists the important things you need to keep in mind that will help you start your business in Singapore within a few days.
Applications are typically processed within 15 minutes but may take between 14 days and 60 days if the application needs to be referred to another agency for approval or review. For example, if you want to set up a private school, the application will be referred to the Ministry of Education. All registered companies need to follow the Annual filing requirements as stipulated by the Singapore Companies Act as well as the Income Tax filing as decreed by the Singapore Income Tax Act. While registering the name, the nature of the business should also be mentioned.
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. ACRA or the Accounting and Corporate Regulatory Authority is a government agency in Singapore that oversees company registration and compliance.