Business registration matters

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register business singapore

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. The Branch Office is often chosen by foreign businesses when registering an entity in Singapore. https://www.quick-bookkeeping.net/ The branch of foreign company it is not considered a separate legal entity, but as a registered extension in Singapore of its parent company. 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.

  1. Prepare to pay a fee of $300 for Enterprise, $100 for Sole Proprietor, or $100 for Partnership.
  2. When everything is in order, ACRA will send you an email confirming that your company has successfully been incorporated.
  3. If you are thinking of starting a small-scale business from home, here’s a step-by-step guide to help you.
  4. Upon registering your business, you will be issued a business profile containing details of your business as well as a Unique Entity Number (UEN) (i.e. your business’ identification number).
  5. If you are the only person running your business, you may wish to register as a sole proprietorship which has less administrative requirements and requires less management.

We have selected the three must-know business structures for Entrepreneurs, Startups and SMEs when setting up a company in Singapore. The Singapore Business Registration Authority will require you to list two main business activities when setting up a company in Singapore. By knowing the Singapore Standard Industrial Classification Code for each activity, you will be able to save time during the registration process.

Business Savings Account: Benefits, Account Opening Process & Factors to Consider

Depending on the type of business you intend to register, you may need to seek approval from the relevant regulatory authority before starting your application to register on ACRA. After going through the steps above, you will be directed to fill out an online form and make a payment of $ 15 for the application. If ACRA does not approve the name, then you must re-register another name.

Singapore is recognised globally as a hub for finance, manufacturing, trade, and technology. You should also avoid selecting names that are undesirable (i.e. vulgar, obscene or offensive) or bear similarity to government bodies or are protected by law. For instance, names containing “Temasek” are not available for registration. 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+. SETTING aside money in government funds is important to meet “real commitments and real spending needs” in the future, said Finance Minister Lawrence Wong in Parliament on Wednesday, the third and final day of the Budget debate.

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+. Upon registering your business, you will be issued a business profile containing details of your business as well as a Unique Entity Number (UEN) (i.e. your business’ identification number). For instance, an unregistered blogshop owner being owed money by a client may find himself without legal remedies to reclaim the payment as their contract with the client cannot be enforced. Another consequence of failing to register is that any contractual rights may be unenforceable by an unregistered business owner. For a company, it is a standard incorporation fee of $315 which includes the registration of a business name.

Typically, you can complete the initial company registration documents quickly, but additional verification steps may be required. The documents required for registration may vary based on your business type and location. Common documents include business licenses, identification documents, and banking information. You will receive guidance on the necessary documentation during the registration process. Registering your business with HitPay is the first step to access our payment processing and financial solutions. You will be able to accept payments, manage your business transactions, and leverage our suite of tools to enhance your Singapore companies and operations.

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. The registered address must be a verified and legitimate legal property within Singapore, whether by purchasing or renting.

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. Corppass serves as your business’s singular https://www.online-accounting.net/ corporate digital identity, accessible through your personal Singpass. You can opt for a nominee director service if you prefer to stay overseas. This service helps you fulfil all the necessary legal requirements for starting a business in Singapore.

Exemptions from Registration of Business

The UEN is your business’ unique identification number that will be used in all transactions with government agencies. Once you’ve saved your Guided Journey, follow the recommended steps to complete the process. You can also pause and continue your application any time on the GoBusiness Dashboard, and the status will be reflected under “My Submissions”.

register business singapore

Understand the benefits and requirements of opening a corporate bank account. Learn more about what you need to register your business, depending on the business structure you’ve chosen at Step 1. Reserve your business name and https://www.bookkeeping-reviews.com/ register your business entity on GoBusiness with guidance from the e-Adviser. A data exchange service provided by SGDex to enable trusted and consent-driven data sharing between government agencies and financial institutions.

As prescribed by section 5 of the Business Names Registration Act (BNRA), all types of businesses except those exempted (see below) must be registered with the Accounting and Corporate Regulatory Authority (ACRA). 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 complete information regarding prerequisites, and other supporting documents will vary depending on the type of your business structure. In Singapore, a corporate secretary has important jobs to do for a company. They help make sure the company follows all the rules and regulations.

Step 2: Choose a Business Address

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. English is widely spoken in Singapore, minimising language barriers and the need for translators. The country boasts a skilled and productive workforce readily available for hiring. Geographically, Singapore is strategically located for trade, especially for import/export companies, with neighbouring countries such as Thailand, Cambodia, Indonesia, the Philippines, and Malaysia. Furthermore, in recent assessments, Singapore’s airport and maritime ports consistently rank among the best globally.

Registering a name

You should run an online Google search to find out if your proposed name has already been used by a currently registered business, or if it is extremely similar to the name of such a business. 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. If you are the only person running your business, you may wish to register as a sole proprietorship which has less administrative requirements and requires less management. The first important choice to make would be to choose a business structure based on your considerations regarding capital, number of owners and risks. You may wish to refer to our guide on how foreigners can set up a business in Singapore to read more about the required procedures.

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This structure offers limited liability, which means the legal liabilities of the shareholders are separated from the company, making it easier to secure financing and enhancing the credibility of your business. Popular for bigger businesses in technology, IT, consultancy, and logistics. With the introduction of Login with Singpass on OCBC Bank’s digital banking platforms, customers are now familiar with the application and it’s usage, allowing faster access to their digital banking accounts. More than 1 million OCBC Bank digital banking logins have been made via SingPass, with close to 1 in 5 made by new digital customers. 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. 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.

We use encryption and follow stringent security standards to protect your business, corporate bank account, and customer information. 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. The timeline is important as foreigners often go for the Employment Pass to live and work in Singapore. The Employment Pass is a type of visa that is sponsored by the Singapore based company. With processing time in between 3 to 6 weeks, the Employment Pass cannot be issued to a foreigner to take on the duties of resident director on the date of the company incorporation.

Send and receive data from corporate customers and save time on B2B online transactions. HitPay Payment Solutions Pte Ltd (“HitPay”) is currently exempted from holding a licence under the Payment Services Act for the provision of Domestic Money Transfer Service and Merchant Acquisition Services for a specified period. HitPay is not licensed, nor exempt to provide cross-border money transfer services, and consequently provides these services in conjunction with MAS licensed or exempt partners. 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.