Tips to registering your business in Singapore
Ensure your business activities comply with legal requirements. Most of the privately registered companies are registered as Pte Ltd, including us Piloto Asia. Shareholders of the company can be individuals or corporate entities, or a mix of both. After registering your company in Singapore, there’s more to do to ensure your business thrives.
Can you register a company in Singapore online?
- A public limited company is another form of LLC, but they may offer their shares to the public instead of a private limited company.
- Every limited company that opens in Singapore must register with The Accounting and Corporate Regulatory Authority (ACRA).
- Profits are taxed at partners’ personal income tax rates if the partner is an individual.
- Incorporating a company in Singapore is fast, easy, and free from unnecessary red-tape.
- Registering a company in this dynamic, innovation-driven city-state comes with many benefits for you to turn your entrepreneurial dreams into reality.
Every business needs a name to differentiate itself from other businesses. Use your Corppass Administrator account to manage your business’ digital transactions with the Government. Selected e-services in BizFile+ will be unavailable from 22 June 2024 (Sat) 6pm to 23 June 2024 (Sun) 2am due to service maintenance.
What is the difference between a registered office address and a business address?
When you incorporate your company through us, we will appoint a company secretary for your company. You can reserve your desired name for up to 120 days before registering your business. All applications are usually processed and approved within 15 minutes of the payment of application fee. Applications that need to be referred to another government agency may take 14 to 60 days to be processed and approved. Alternatively, you may also appoint a registered filing agent to submit the application on your behalf.
Can you use your personal bank account for a sole proprietorship in Singapore?
When you have all the information, you may log in to BizFile+ () to submit your application. If the business unfortunately has to close down, there are some requirements on closing a business that may be applicable. In other cases, the regulatory https://www.quick-bookkeeping.net/ authority may only get involved in approving your registration after it has been submitted to ACRA. You may wish to refer to this ACRA webpage for more information. Only certain types of businesses are eligible for this scheme.
Can I outsource my accounting to a company in Singapore after I register my company?
ACRA has set requirements on what sort of company address is needed. It’s also legal to issue shares without first receiving money from shareholders. Or simply wait until you have the capital before issuing shares. Every limited company that opens in Singapore must register with The Accounting and Corporate Regulatory Authority (ACRA). They are the national regulator of Singapore’s Companies Act.
Options for Foreign Companies to Open Their Office 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. Melissa’s unique storytelling expertise makes a difference for small business owners and entrepreneurs. Her background in content and social media spans eight years in various industries, including publishing, e-commerce and marketing.
In contrast, partnership agreements and company constitutions are required for registering a partnership and a company respectively. Factors influencing the exact duration include the type of business entity you’re registering and whether all required documents are readily available. Overall, the efficiency of the Singapore company registration process is a testament to its commitment to fostering a conducive environment for businesses to thrive.
Alternatively, you would require Halal Certification should you wish to serve food to Muslim customers due to religiously prescribed requirements on the food they consume. For more information on the registration process, as well as the relevant exemptions from registration, you may refer to this article on registering 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.
You’ll also benefit from other tax schemes depending on the nature and size of your business. Take your learning even further and read up on tips to creatively market your brand, or learn to manage your new business on the GoBusiness Dashboard. Ready to turn your business dreams into reality, but feeling daunted at the thought of incorporating your venture? The process may seem overwhelming, but it doesn’t have to be. GoBusiness is here to help, by making the process seamless, fuss-free, and all the more easy for you to kickstart your business and be your own boss.
For example, the setting up of private schools must be approved by the Ministry of Education before the business can be registered. Singapore boasts one of the most attractive corporate tax rates at 17% on chargeable income. That being said, there are certain obligations that businesses must meet in order to operate in Singapore. A business’ FYE is determined entirely by the business itself based on what best suits its business operations.
The pre-requisites, information and supporting documents needed for the application to register the business will vary, depending on the business structure type. 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. Public limited companies are also listed on the stock exchange when they https://www.accountingcoaching.online/payroll-accounting/ meet the requirements and desire to do so. A PLC is outside the scope of our services since the PLC structure is for large businesses. As LLP, owners have the flexibility of operating as a partnership but also enjoying the benefits of a corporate structure like a Pte Ltd. Like the other partnerships, LLP requires at least two partners at all times during the business is in operation.
The company secretary keeps your business compliant with regulations and tax filings. It’s an essential aspect of successfully doing business in Singapore. Singaporean law requires at least one company director to reside there. That person can be a foreign national or a Singaporean citizen. As long as the business director legally resides in Singapore, they can help you fulfil this requirement. What you choose will determine how your business will be governed.
We spent a lot of time reviewing and considering who to work with in our Singaporean business registration 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. We have now incorporated multiple businesses with them and look forward to a prosperous and mutually beneficial ongoing relationship.
Use this e-Adviser to find out next steps based on your business requirements. You may register any business structure directly on ACRA’s BizFile+. The findings come from a March 2024 survey more than 500 senior business leaders in Singapore, involved depreciable business assets in leading the sustainability strategies for their organisations. They include board members, C-suite executives, directors, and senior managers, from small, medium, and large multi-national corporations (MNCs) across a range of industries.
