Apart from complying with the legal regulations, registering your business is also beneficial. Business refers to any activity that is carried out on a continual basis for the purpose of gain. This includes online or web-based businesses such as running online stores as well as home-based businesses, such as those selling home-baked goods. 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).
While registering the name, the nature of the business should also be mentioned. You need to search for the relevant SSIC Code to denote the primary and secondary business activity of your company. The Company should have minimum 1 shareholder and maximum shareholders depending on the company type or structure that has been intended.
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However, you will need to seek prior approval from HDB or URA respectively. If you don’t register your business or incorporate the company within this period, the name will be made available to other members of the public thereafter. Private Limited companies are larger and more robust than LLPs, and can have between one and 50 business owners. But requirements for these companies are also more stringent, and are subject to more corporate governance regulations. You can also find out how the Start-up Guide has helped other business owners to take the first step in establishing their venture.
If you require assistance in registering your business, do check out our rates or get in touch. Should your business require any licences, you may apply via GoBusiness prior to running your business. Otherwise, you may run your business immediately upon its successful registration. If you intend to form a business firm with one or more other partners, you may wish to register as a partnership. A partnership does not have to file its accounts or have them audited.
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For a company, it is a standard incorporation fee of $315 which includes the registration of a business name. A Singapore company must appoint a company how to start a profitable vending machine business secretary who resides in Singapore. A company secretary is responsible for ensuring the company complies with its regulatory obligations and filings.
- Costs can range from a few hundred to a few thousand dollars per annum.
- It will help you wade successfully through the complex and tedious registration process in setting up your corporation, and that too at a very reasonable cost.
- As your appointed incorporation agent, we will prepare all necessary documents.
- Additionally, if your business falls within specific economic sectors, the government also subsidises labor costs for your new business.
- Once you have officially incorporated your Singapore business, the Companies Act requires specific annual filing requirements to be made.
- Once your business name is approved, you can proceed to register your business entity in the ACRA BizFile.
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. 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. 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. Singapore’s liberal immigration laws also allow businesses to easily hire employees from any country, which can lower the company’s operating costs.
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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. When everything is in order, the company registrar will send an e-mail confirming that your company has successfully been incorporated. Should you wish to obtain a physical certificate, the company registrar will charge you at SGD 50, and it takes approximately between 3-5 working days.
Every business needs a name to differentiate itself and to make it easy for others to find it. Once you’ve come up with a suitable name, it is advisable to first conduct a search on BizFile+ – ACRA’s online filing and information retrieval system – to see if it’s available. Book a time with our experts to guide you in finding the best solution.
Limited Liability Partnership (LLP)
However, certain types of business require approval from certain regulatory authorities before they can be registered. Getting such approval may require an additional 14 working days to 2 months. 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. 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.
For example, eligible clients can get up to 70% off their yearly accounting fees. Read more about the differences between sole proprietorship and a private limited company here. Legally, a sole proprietorship is not a standalone entity, which means that the owner – whether an individual or a legal entity – and the business are considered as one. A private limited company is characterized by (a) having less than 50 shareholders, and (b) not having its shares accessible to the public. Shareholders of a private limited company can be other companies, individuals, or a mixture of both. Reserve your business name and register your business entity on GoBusiness with guidance from the e-Adviser.
Therefore, before carrying on a business in Singapore, every person must first register their business. The duration primarily depends on the speed at which the client can act. If the above documents are in any other language, you will need to provide us the translated versions.