Section 171 requires all companies in Singapore to appoint a corporate secretary whose main duty is to ensure that the company complies with Singapore’s laws. When the company is incorporated, Company Secretary can be left blank initially. However, the Company Secretary must be appointed within 6 months of incorporation. A business name is the name your business will use to operate. Before registering your business with ACRA, you need to register your business name.
- You will need a company name, a description of business activities, shareholder details, and a registered address.
- Section 171 requires all companies in Singapore to appoint a corporate secretary whose main duty is to ensure that the company complies with Singapore’s laws.
- Before registering your business with ACRA, you need to register your business name.
Simple Regulations
Applications that need to be referred to another government agency may take 14 to 60 days to be processed and approved. In Singapore, all businesses are generally required to register with the Accounting and Corporate Regulatory Authority (ACRA). Exemptions are granted for business owners who operate their businesses using their names as reflected in their NRICs. The corporate secretary of Singapore is responsible for ensuring regulatory compliance and maintaining company records. Whether you’re running an online business or you’re operating locally in Singapore, there are plenty of good reasons to join the thousands of new businesses that are incorporated here each year.
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. Our experience with Singapore Corporate Services has been absolutely outstanding. We spent a lot of time reviewing and considering who to work with in our Singaporean business incorporation and are so happy that we chose Jacqueline and her team. Their communication and execution are exemplary and their online platform so easy to navigate.
GST Registration (Optional)
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.
Once registered, you must comply with ongoing reporting and filing requirements. Understand the benefits and requirements of opening a corporate bank account. Upon successful registration of your business entity, you may need to apply for a licence or permit from other government agencies before commencing business. For example, start-up companies can receive full or partial exemptions for up to three years.
Types of Business Structures in Singapore
You can submit your new business publication 504 divorced or separated individuals name application via BizFile+. A sole proprietorship or general partnership is Singapore’s most basic form of business structure. Simply put, a single individual providing or doing activities can register himself or herself as the owner to become a formal business.
Some traditional banks offer remote corporate account openings for foreign entrepreneurs while others may require a physical presence for verification or additional due diligence. On the other hand, Singapore digital banks generally offer remote account opening. All applications are usually processed and approved within 15 minutes of the payment of application fee.
Foreigners are required to engage the services of an approved Corporate Service Provider (CSP), such as our company, to register a business in Singapore. Singaporeans are also strongly advised to utilize the services of a CSP to facilitate the registration process and ensure ongoing compliance. The application fee for sole proprietorships and partnerships, LP and LLP is $100. Incorporating a business in Singapore costs SGD 15 for the company name application and SGD 300 for the registration fee. You can purchase a certificate of incorporation at the price of SGD 50. Alternatively, you can engage an agent to incorporate your business.
Learn more about what you need to register your business, depending on the business structure you’ve chosen at Step 1. Learn about the different business structures and find out which one best suits your business. Use this e-Adviser to get recommendations for a suitable business structure, based on your business requirements. You must provide an address when registering your business with ACRA. You must inform ACRA of any address change within 40 days of registration. It is like laying the foundations for your house – or perhaps more like designing the floor plan.
