Foreigners are required to engage the services of an approved Corporate Service Provider (CSP), such as our company, to register a business in Singapore. Singaporeans are also strongly advised to utilize the services of a CSP to facilitate the registration process and ensure ongoing compliance. The application fee for sole proprietorships and partnerships, LP and LLP is $100. Incorporating a business in Singapore costs SGD 15 for the company name application and SGD 300 for the registration fee. You can purchase a certificate of incorporation at the price of SGD 50. Alternatively, you can engage an agent to incorporate your business.
Step 1: Decide on a business structure
After your company has been incorporated, you can apply for an Employment Pass under the new company. The approval of the pass is subject to eligibility requirements and prevailing government policies. When your pass is approved, your family will also be eligible to relocate on the Dependant Pass visa. 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 incorporation 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.
Some traditional banks offer remote corporate account openings for foreign entrepreneurs while others may require a physical presence for verification or additional due diligence. On the other hand, Singapore digital banks generally offer remote account opening. All applications are usually processed and approved within 15 minutes of the payment of application fee.
You can submit your new business name application via BizFile+. A sole proprietorship or general partnership is Singapore’s most basic form of business structure. Simply put, a single individual providing or doing activities can register himself or herself as the owner to become a formal business.
- You can apply if you have started or plan to start a venture-backed or technologically innovative private limited company registered with ACRA.
- While a Singapore Private company can have two or more partners, it is limited by a maximum of 50 shareholders.
- Our platform allows you to easily communicate with us online for any clarifications you may need at any step of the process.
- If you plan to start a company in Singapore and are moving there, you can register it with the relevant work visas or do so remotely by appointing a resident director or a nominee director.
- However, the Company Secretary must be appointed within 6 months of incorporation.
- 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.
Company Registrationwith ACRA
This means there is unlimited liability to taxes and debts from the business and the individual who runs it. 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. By following these steps, you ensure compliance with local laws and set a solid foundation for your business operations. Once you’ve reserved your business name and completed your registration, your next move is to set up a Corppass Administrator account.
Learn more about what you need to register your business, depending on the business structure you’ve chosen at Step 1. Learn about the different business structures and find out which one best suits your business. Use this e-Adviser to get recommendations for a suitable business structure, based on your business requirements. You want to be a forensic accountant must provide an address when registering your business with ACRA. You must inform ACRA of any address change within 40 days of registration. It is like laying the foundations for your house – or perhaps more like designing the floor plan.
Private Limited Company (Pte. Ltd.)
Applications that need to be referred to another government agency may take 14 to 60 days to be processed and approved. In Singapore, all businesses are generally required to register with the Accounting and Corporate Regulatory Authority (ACRA). Exemptions are granted for business owners who operate their businesses using their names as reflected in their NRICs. The corporate secretary of Singapore is responsible for ensuring regulatory compliance and maintaining company records. Whether you’re running an online business or you’re operating locally in Singapore, there are plenty of good reasons to join the thousands of new businesses that are incorporated here each year.
How To Register a Company in Singapore in 2024
If you are thinking of starting a small-scale business from home, here’s a step-by-step guide to help you. Limited liability does not apply to a sole proprietorship or partnership. If you’re starting a business in Singapore, the first question to consider is whether you need to register it.
Additionally, there are tax deductions and incentives for business activities like research and development, investment in approved activities, or qualifying expenses. You can also find out how the Start-up Guide has helped other business owners to take the first step in establishing their venture. 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.