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 what is the difference between negative assurance and positive assurance 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.
We have selected the three must-know business structures for Entrepreneurs, Startups and SMEs when setting up a company in Singapore. Singapore has a business-friendly environment, making it easy for individuals to register 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. Some business activities may require your company after it has been registered, to apply for additional licences or permits before you can start your operations.
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This allows her to utilize her knowledge of Southeast Asia and bring her Thai experience into the company. She was drawn away from her life in Japan to move to Singapore because of the strength of the business sector and ample career opportunities available. “I wanted to understand digital disruption, sustainability, or digital transformation, which I didn’t have an opportunity to learn during my bachelor’s degree,” she says.
- All other requirements for incorporation remain the same as that of setting up a local company.
- The proposed name cannot be identical to one that is registered by existing entities.
- Apart from this, you will also have to obtain an Employment Pass or an EntrePass, which enables foreign entrepreneurs to operate new businesses in Singapore.
- Indeed, each private limited company in Singapore requires one resident director.
- Upon successful registration of your new business, your business will be issued a Unique Entity Number (UEN).
- The registered address must be a verified and legitimate legal property within Singapore, whether by purchasing or renting.
This corporate guide is designed to give an overview of the different types of registration and incorporations in Singapore such as the private limited company, the sole proprietorship, the branch office, etc. Keeping in mind the role of company officers (shareholders, directors, and corporate secretaries), the registration of an entity in Singapore is made out of requirements that can be bridged by the appropriate services. To mitigate these issues, we offer our clients with recent company incorporations to register a business account in Singapore. Unlike the bank account, the business accounts services are faster to open for limited companies with average time of 14 days.
The registered address must be a verified and legitimate legal property within Singapore, whether by purchasing or renting. Your business location will be based on an approved physical address. According to the Companies’ Act, each business is required to employ a company secretary within six months from the date of incorporation. He or she ensures that the directors and shareholders are well-informed of statutory obligations (which include annual general meetings and annual filing of audited accounts).
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. Alternatively, you may also appoint a registered filing agent to submit the application on your behalf. Understand the benefits and requirements of opening a corporate bank account. Learn about the different business structures and find out which one best suits your business.
You need to search for the relevant SSIC Code to denote the primary and secondary business activity of your company. Foreigners who look for setting up their business in Singapore look for a hassle-free process that is devoid of corruption and red-tapism. The Singapore government has made the registering process for foreigners simple. A sole proprietorship or partnership is simple to set up, and less costly to administer as compared to a company. This is a quick summary of how to set up a sole proprietorship or partnership.
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All businesses are registered through ACRA’s online filing system known as BizFile. Some entities hire professional corporate service providers (CSP) to conduct transactions on their behalf. Once you’ve reserved your business name and completed your registration, your next move is to set up a Corppass Administrator account. 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.
Business Registration Requirements in Singapore
Along with their personal details, the Company should also provide the total amount paid by the shareholders for their shares. Use your Corppass Administrator account to manage your business’ digital transactions with the Government. 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+.
Your GoBusiness Guide to starting a business in Singapore
Timcole is a professional company incorporation, secretarial and accounting firm in Singapore. It serves as a one-stop solution for your business and offers affordable fees to lessen your company’s administrative burden. Timcole is one of the leading company incorporation and accounting firm based in Singapore. Our wide range of professional services serve as a one-stop solution for your business, offering you the most affordable price for services conducted with the highest level of excellency. If you are a foreigner interested in setting up a business in Singapore while you operate it from Overseas, you need to select at least 1 Director who is the citizen of Singapore.
The country occupies the second-place spot in the World Bank’s Doing Business rankings, and requirements for starting a company are relatively easy. The country’s pro-business environment makes it an attractive location for entrepreneurs. When everything is in order, ACRA will send you an email confirming that your company has successfully been incorporated.
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The application fee for sole proprietorships and partnerships, LP and LLP is $100. As delays in the compliance and KYC processes of banks are becoming more frequent, it can take up to 6 months to open a corporate bank account in Singapore. Indeed, requirements related to shareholders and directors are more becoming more stringent. As your Local Consultants we ensure your business will comply with the local regulations and requirements. We continue to guide you through the corporate registration and streamline the processes to register your company. To transact with government agencies in Singapore, you’ll need to create a Corppass Administrator account.