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. The SSIC refers to the national standard developed by the Singapore Department of Statistics (DOS) to classify all registered firms into the respective industries based on their principal economic activity. You should also avoid selecting names that are undesirable (i.e. vulgar, obscene or offensive) or bear similarity to government bodies or are protected by law.
Setting Up a Local Company
You can also pause and continue your application any time on the GoBusiness Dashboard, and the status will be reflected under “My Submissions”. This will direct you to the e-Adviser for Starting a Business, where you will be asked to enter details such as your selected business name, business structure, and activities. If you’re registering a Sole Proprietorship manufacturing financial statements or Partnership, you can reserve your business name and register the company via GoBusiness, by logging in with your Singpass. Once you have decided on a name for your business or company, you should check if the name has already been registered through BizFile+. The proposed name cannot be identical to one that is registered by existing entities.
- They consider Singapore an ideal location due to its universal business model and access to a diverse network of global markets.Smart Karma is a company focused on investment research.
- That being said, should you wish to change your business’ FYE, the change must be filed with ACRA .
- For YA 2020 onwards, 75% of the first S$100,000 of profits earned in Singapore for the first 3 years from a company’s incorporation are exempted from taxes.
- 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).
- 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.
How to Register a Business and Apply for Licences in Singapore
The pre-requisites, information and supporting documents needed for the application to register the business will vary, depending on the business structure type. For sole proprietorships and partnerships, registrations are usually approved within 15 minutes after the registration fee is paid. You can register all types of business entities in Singapore – including in leading industries in Singapore like manufacturing, business services, and tech. Singapore’s business-friendly environment and low tax rates reflect the country’s commitment to transparency and inclusivity.
A Guide to Starting a Business in Singapore
Certain names or business activities require approval from the relevant government agencies (Referral Authorities). For example, names containing ‘hospital’, ‘clinic’, ‘surgery’, ‘healthcare’ will require approval from https://www.online-accounting.net/ the Ministry of Health. In such cases, the application may take between 14 days to 60 days. Choosing the right business structure in Singapore is crucial as it impacts liability, taxation, and regulatory obligations.
Guide to Effective Business Continuity Planning in Singapore
In addition to Singapore citizens and permanent residents, only foreigners with a Dependant’s Pass, Overseas Networks & Expertise (ONE) Pass or Letter of Consent are allowed to register a sole proprietorship. 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. Once you’ve saved your Guided Journey, follow the recommended steps to complete the process.
Taxation and Accounting Obligations Your Business Must Comply With
Once you’ve understood the steps required from the guide, start the registration process by choosing a business structure. Consider factors such as the number of owners for your venture, your business plan, and the ease of setup and maintenance for each business structure to decide which one best fits your venture. To sum it up, the actual registering of your business is merely the first step when starting a business in Singapore. Taxation obligations, financing options and hiring considerations must all be fulfilled before your business can run smoothly. For instance, while a company is legally required to hire a company secretary within 6 months of incorporation, this requirement is not present for other company structures.
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. You must provide an address when registering your business with ACRA. You must inform ACRA of any address change within 40 days of registration.
ACRA, a statutory board under Singapore’s Ministry of Finance, serves as the national regulator for business entities, public accountants, and corporate service providers in Singapore. Here is a checklist of all essential requirements to register a Singapore company. In comparison to other types of companies in Singapore, a Private Limited Company (Pte Ltd) is the most scalable, advanced, and flexible business structure for Singapore companies. It is also the most common and preferred type of business compared to limited liability partnership (LLP) or sole proprietorship (SP).
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. Learn more about what you need to register your business, depending on the business structure you’ve chosen atStep 1. Alternatively, you may also appoint a registered filing agent to submit the application on your behalf.
For instance, names containing “Temasek” are not available for registration. This is unless you have incorporated a company, as company registrations do not expire. For instance, an unregistered blogshop owner being owed money by a client may find himself without legal remedies to reclaim the payment as their contract with the client cannot be enforced.
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. Your business should also not disturb or cause inconvenience to your neighbours. You may refer to the guidelines on selecting a business name issued by ACRA to make the process of choosing a business name more efficient. If you intend https://www.kelleysbookkeeping.com/how-is-petty-cash-reported-in-financial-statements/ to carry on your business as an individual under only your full name, you are exempted from registration. To customers and suppliers, a registered business appears more legitimate because information on your business can be searched and verified via ACRA. As a result, your business will find it easier to obtain financing and contracting on credit.
For 2023, 72% of the monthly new companies incorporated in Singapore were Private Limited Companies. 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. If the business unfortunately has to close down, there are some requirements on closing a business that may be applicable.
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