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Once you have officially incorporated your Singapore business, the Companies Act requires specific annual filing requirements to be made. 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.
- Should your business require any licences, you may apply via GoBusiness prior to running your business.
- One example is the Productivity Solutions Grant (PSG), which subsidizes the cost of digitally enhancing your business.
- Failure to register your business may result in a fine of up to $10,000, or even imprisonment of up to 2 years, or both.
- In this guide, we walk you through all the steps to register a new Singapore company.
- If you are a foreigner, you might not be aware of the regulations in Singapore or know the processes involved.
You can even apply for an extension of time via BizFile+ in a case where an AGN needs to be extended. Furthermore, ACRA’s Financial Reporting Surveillance Program (FRSP) guides companies to come out with reports. Such an initiative guides the companies in meeting the requirements as prescribed in the Accounting Standards in Singapore. As soon as you appoint us to register your Singapore company, we will apply for the approval of your desired company name.
Required documents when registering a business in Singapore
Some corporate service providers such as us at Sleek offer matchmaking services with their network of bankers, making the process even smoother. Singapore banks also offer excellent Letters of Credit (LC) support to Singapore companies engaging in international trading. This fee includes both company registration and 1 year of our company secretary services.
Use this e-Adviser to get recommendations for a suitable business structure, based on your business requirements. Use this e-Adviser to find out next steps based on your business requirements. Upon successful registration of your new business, your business will be issued a Unique Entity Number (UEN).
Account & Community
You may need to travel in order to set up a corporate bank account, depending on the bank you choose. A private limited company is characterized by (a) having less than 50 shareholders, and (b) not having its shares bookkeeping for landscaping businesses accessible to the public. Shareholders of a private limited company can be other companies, individuals, or a mixture of both. Understand the benefits and requirements of opening a corporate bank account.
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. The registered address must be a verified and legitimate legal property within Singapore, whether by purchasing or renting. 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.
Timeline for registering your company
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. If you plan on incorporating on your own, it is essential to make sure you have covered everything. Get them all answered with a free consultation on business structure and compliance in Singapore.
- Also, keep the transaction number of your approved Company Name Application handy as you would need the same at the time of online submission.
- Such a password permits you as a user to access or undertake transactions with the majority of government agencies online in an easy and secure way.
- An LLP is typically established to carry a profession, such as attorneys, architects, etc. where two or more would like to join together and form a practice in their shared field.
- 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+.
Whenever you apply for a loan from a bank or a financial institution, you will have to give security to your creditor or lender. One such security is a charge over assets which is nothing but a form of security interest. Thus, whenever a new charge is created, you are required to get it registered with ACRA. BizFile+ is an online platform managed by ACRA through which you as a business entity can file statutory documents and buy information on businesses registered in Singapore with ACRA. Of the 3 types of partnerships, an LLP is the most advanced and most recent of business structures where the individual partner’s own liability is generally limited.
Alternative to Bank account opening, the business account
Business is best when it’s done face-to-face – and with a base in Singapore, there are several key emerging markets like Indonesia, Malaysia, and the Philippines a few hours’ plane ride away. Unfortunately, most are not aware of this disadvantage, and it is recommended that aspiring entrepreneurs avoid this type of entity. Get an estimate of how much it costs to start and run a business in Singapore with our Setup Cost Calculator.
