How To Register a Company In Singapore in 5 Easy Steps: Complete Guide

The application needs to be submitted via the ACRA online portal, which requires a SingPass. Our Foreigner Incorporation Package designed for foreign entrepreneurs and foreign companies is the most popular option. The cost of the first-year service bundle is S$3,100, inclusive of official government fees.

A free copy of Business Profile for your business will be emailed to the person filing the application. Carrying on a business after its registration has lapsed is an offence, for which the defaulter will be liable upon conviction to a fine of up to $10,000 or a term of imprisonment of up to 2 years or both. If the name you have chosen has been used before or is extremely similar to a used business name, ACRA will refuse to register it. If you intend to carry on your business as an individual under only your full name, you are exempted from registration.

What are the benefits of registering with ACRA?

You may engage a registered filing agent (e.g. law firm, accounting firm or corporate secretarial firm) to submit an online application on your behalf. To transact with government agencies in Singapore, you’ll need to create a Corppass Administrator account. Corppass is a single corporate digital identity that you can access using your personal Singpass. Once you have determined what kind of business you want to start, it’s worth checking to see if it requires a license.

Many businesses, such as restaurants, employment agencies, financial services, and travel agencies, require a license to operate legally in Singapore. Some licenses have specific requirements, such as having a minimum amount of capital, meeting professional qualifications, etc. Singapore has a business-friendly environment, making it easy for individuals to register what are cash and cash equivalents their 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. Below are general guidelines for the types of documents that should be provided to satisfy this requirement.

Step 3: Post-registration

Check out our guide on the annual filing requirements for companies established in Singapore. To register your business in Singapore, you must make sure that your proposed name is approved by ACRA. Usually, you will find out whether your proposed name has been approved or rejected within a day. However, if your proposed name contains specific words such as media, bank, law, finance, or education, the corresponding external governmental authority may be required to review and approve the name. This fee includes both company registration and 1 year of our company secretary services.

Approved company names will be held and secured for 60 days from the date of your application. If you need to extend the name reservation for another 60 days, you may do so by filing an extension just before the initial hold expires. One of the basic requirements of opening a company in Singapore is that one of the company directors or authorized representatives is a resident of Singapore.

How Long Will It Take to Incorporate a Company in Singapore?

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. You must provide an address when registering your business with ACRA. You must inform ACRA of any address change within 40 days of registration. Your company can be a private limited (Pte Ltd), a sole proprietorship or a limited liability partnership (LLP).

This type of business is straightforward but carries more risk for its owner since the owner will be personally liable for his/her company. This excludes Singapore’s Accounting and Corporate Regulatory Authority (ACRA) fee of S$375. 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+. Welcome to /r/startups, the place to discuss startup problems and solutions.

A key advantage is that the owner will have absolute control of the business, and low compliance burden and costs. Though it can be optional depending on your type of business, having a dedicated business bank account helps you separate personal and business transactions, which will make it much easier for you to file taxes. Upon successful registration of your new company, you will be issued a Unique Entity Number (UEN) which will be used in all your transactions with government agencies.

• Check out our short guide on how to open a Singapore bank account.
• However, the address has to be where you can be contacted, and also within the same jurisdiction as the residential address.
• MOM approves EntrePass for eligible foreign entrepreneurs to start and operate businesses in Singapore that are either venture backed or possess innovative technologies.
• 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.
• Some entities hire professional corporate service providers (CSP) to conduct transactions on their behalf.
• More information on the eligibility requirements and application process here.

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. It is a mandatory requirement that at least one director is a resident in Singapore. He or she will be responsible for fulfilling the criteria stipulated in the Companies Act. In addition, it has been the norm that directors and shareholders disclose their personal details as part of the incorporation process.

A Comprehensive Guide to Doing Business in Singapore vs United Kingdom

If you are thinking of starting a small-scale business from home, here’s a step-by-step guide to help you. Limited liability does not apply to a sole proprietorship or partnership. If you’re starting a business in Singapore, the first question to consider is whether you need to register it. You may register any business structure directly on ACRA’s BizFile+. Singapore is often considered one of the best places to do business, and it continues to be a popular choice for business investors. After all, the process of registering a business in Singapore is relatively easy and fast.

Failure to Register Your Business

A minimum of one shareholder (a local or a foreign person or corporation) is required. For a more sophisticated company structure, you may need to think about different classes of shares, but for a simple and straightforward structure, you will likely issue ordinary shares only. If privacy is priority, you may want to consider registering an additional Alternate Address. This address will be displayed in your Business Profile for public information, instead of your residential address.

Understand Singapore’s Company Registration Requirements

It may seem that the application approval process has been delayed. However, in rare cases, the relevant government authorities will perform additional investigations if needed. 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. 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.