Your GoBusiness Guide to starting a business in Singapore
Your business location will be based on an approved physical address. Once you’re done registering your business, you will receive a business profile containing details of your business, as well as a Unique Entity Number (UEN), which is something of an ID for your business. Refer to this table on ACRA’s website for more details of types of business structure in Singapore.
- Designed for foreign entrepreneurs and foreign companies, this package covers all services that are necessary to incorporate and start a new Singapore company.
- But requirements for these companies are also more stringent, and are subject to more corporate governance regulations.
- You can also pause and continue your application any time on the GoBusiness Dashboard, and the status will be reflected under “My Submissions”.
- If you don’t have a Singapore-resident person to act as the director, you can use our nominee director service to satisfy this requirement.
- Before you can register your business, you need to have these details ready.
A Singapore company must appoint a company secretary who resides in Singapore. A company secretary is responsible for ensuring the company complies with its regulatory obligations and filings. When you incorporate your company through us, we will appoint a company secretary for your company. 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.
Decide a Business Address
Use your Corppass Administrator account to manage your business’ digital transactions with the Government. Do note that Housing Development Board (HDB) flats and private residential properties are intended for residential use, and there are conditions and guidelines that need to be followed. Most importantly, the property must still be used for residential purposes and the business examples of fixed costs activity must be kept at a small scale to avoid causing disamenities to your neighbours. If you are thinking of starting a small-scale business from home, here’s a step-by-step guide to help you. 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+.
- Check out these videos on the various aspects of starting a business in Singapore.
- For example, if the name contains words like “legal” or “law”, it will be referred to the Legal Services Regulatory Authority.
- Upon registration, all official documents will be immediately available on our online portal.
- You can check the services included on our Local Package service page.
- The country occupies the second-place spot in the World Bank’s Doing Business rankings, and requirements for starting a company are relatively easy.
You will need to fork out $40 for this, and will still be required to submit your residential address for record purposes. In this context, part-time or contract workers such as freelancers or tuition teachers who are providing services under their full names could be exempted from having to register their businesses. That said, they may be missing out on some of the benefits that businesses get when they register with ACRA. Singapore-resident and foreign-resident persons can be directors of a Singapore company as long as there is at least one Singapore-resident director. Corporate directors are not permitted in other words a company cannot be a director; it must be a person.
Samsung Experience Store
Establishing a branch office in Singapore can be an exciting growth opportunity for businesses with an entity set up in their home country. To succeed in this endeavour, it is vital to understand the critical components of the branch registration process and ensure full compliance with Singapore’s regulatory requirements. As a foreign business owner, you must carefully consider the registration process, documentation, and the benefits and drawbacks of opting for a branch office compared to other business entities. Once you’ve reserved your business name and completed your registration, your next move is to set up a Corppass Administrator account.
How to Register a Business and Apply for Licences in Singapore
The duration of the registration is dependent on the preparedness of the applicant. The financial backbone to unlock hypergrowth, from aspiring local startups to established global enterprises. 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.
Carrying out a small-scale business from home
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 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. You can also find out how the Start-up Guide has helped other business owners to take the first step in establishing their venture. Timcole is a professional company incorporation, secretarial and accounting firm in Singapore.
This comprehensive guide will help you in understanding the process involved in starting a business in Singapore, registering a company as an individual and registering a company as a foreigner. As one of Asia’s high-income economy, Singapore has a number of requirements that needs to be complied in order to register a company or operate a business. Before registering your business with ACRA, you need to register your business name.
Product & Service
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. 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. Once ACRA approves your application, they will issue a Unique Entity Number for your branch office, signifying its official registration in Singapore. With their vast experience in business formation and company incorporation, 3E Accounting Pte Ltd – Singapore can smooth out the process and ensure all the legal requirements are met in a timely manner. By outsourcing this crucial task, business owners can focus on other aspects of their expansion strategy. Aside from branch offices, other business structures available to foreign companies in Singapore include subsidiaries and representative offices.