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. To seal the deal, go back to the BizFile+ website to register your business. You will require a SingPass login to register for a business here. After your company has been successfully registered, the following documents will be issued.
- The Annual general Meeting (AGM) is also due 6 months after the FYE, while the Annual Returns are due 7 months after FYE.
- However, in rare cases, the relevant government authorities will perform additional investigations if needed.
- You will need to understand the key differences between the structures and decide which is right for your business.
- This address will be displayed in your Business Profile for public information, instead of your residential address.
Learn how it provides flexibility, enhances professionalism, and saves costs. Find out how to select the right virtual office, and discover the cheapest options available in Singapore. Our team of experts simplifies the setting up process, handling requirements like local directors, company secretaries, and legal compliance. We’ve helped over 15,000 businesses worldwide with hassle-free incorporation.
Your GoBusiness Guide to starting a business in Singapore
To learn more, see local director options for foreign-owned companies. There is also the option to rent a virtual office space, which typically provides an address and communication services for a fee, without providing a dedicated office space. Costs can range from a few hundred to a few thousand dollars per annum. The flexibility and cost-efficiency of renting virtual office space have made this option especially popular with businesses that are just starting out. Timcole is one of the leading company incorporation and accounting firm based in Singapore. Our wide range of professional services serve as a one-stop solution for your business, offering you the most affordable price for services conducted with the highest level of excellency.
- However, the business name remains registered until the registration is cancelled.
- However, you will need to seek prior approval from HDB or URA respectively.
- You need a minimum of two partners, and there is no limit on the maximum number of partners in a LLP.
- Additionally, you should also run your proposed business name through the entity search function on the BizFile+ website, which is ACRA’s online filing and information retrieval system.
- They file annual returns and resolutions on changes, prepare Annual General meetings, and processes dividends distribution.
- Get an estimate of how much it costs to start and run a business in Singapore with our Setup Cost Calculator.
When your pass is approved, your family will also be eligible to relocate on the Dependant Pass visa. Upon registration, all official documents will be immediately available on our online comprehensive income definition portal. As soon as your Singapore company is registered, you can start conducting business under its name. You must have at least one shareholder to register a Singapore company.
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. Timcole is a professional company incorporation, secretarial and accounting firm in Singapore. It serves as a one-stop solution for your business and offers affordable fees to lessen your company’s administrative burden. Upon successful registration of your business entity, you may need to apply for a licence or permit from other government agencies before commencing business. It is a mandatory requirement that at least one director is a resident in Singapore.
Business owners should be meticulous before signing and approving the noted conditions to avoid complications at a later date. The complete information regarding prerequisites, and other supporting documents will vary depending on the type of your business structure. Singapore is often considered one of the best places to do business, and it continues to be a popular choice for business investors. After all, the process of registering a business in Singapore is relatively easy and fast.
How Long Will It Take to Incorporate a Company in Singapore?
Get a registered company as a foreigner and a team of local experts to get you set up with no need to go anywhere. 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. If privacy is priority, you may want to consider registering an additional Alternate Address. This address will be displayed in your Business Profile for public information, instead of your residential address. However, the address has to be where you can be contacted, and also within the same jurisdiction as the residential address. You will need to fork out $40 for this, and will still be required to submit your residential address for record purposes.
Step 3: Choose a business address
The business registration process through BizFile is straightforward. Prepare to pay a fee of $300 for Enterprise, $100 for Sole Proprietor, or $100 for Partnership. The important thing when registering your business is to make sure that the chosen name is still available. If the chosen name belongs to another company, you can apply for a new business name on ACRA Bizfile. If you have your sights set on building your business in the hub of Southeast Asia, here is a step-by-step guide that takes you through the entire process of starting a business in Singapore. Some name applications may be referred to Referral Authorities for approval (e.g. if your proposed business name has the word “school”, it may be referred to the Ministry of Education).
Opening a Corporate Bank Account
Discover how the Foreign Worker Quota in Singapore impacts the hiring practices of companies across various industries. This essential policy measure maintains a balanced workforce and guides eligibility criteria for foreign labour. All the essentials to start a business in Singapore for those who already have their own accountant. Approval is usually immediate but may take between 14 days and two months if the application needs to be referred to relevant authorities for review. For example, if the name contains words like “legal” or “law”, it will be referred to the Legal Services Regulatory Authority.
Register your business
The branch of foreign company it is not considered a separate legal entity, but as a registered extension in Singapore of its parent company. The registered address must be a verified and legitimate legal property within Singapore, whether by purchasing or renting. Your business location will be based on an approved physical address. The next step would be to register a business address, which you will need in order to register your business here. Below are the different requirements for addresses that you will need to register based on your entity type.
Can a business owner relocate to Singapore?
Designed for Singapore citizens and permanent residents of Singapore who do not need our local director and Employment Pass application filing service. This is unless you have incorporated a company, as company registrations do not expire. 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. Another consequence of failing to register is that any contractual rights may be unenforceable by an unregistered business owner.
A key advantage is that the owner will have absolute control of the business, and low compliance burden and costs. There are several advantages to registering a business with ACRA. They include greater transparency and discoverability of your business, and access to governmental support such as those offered by Enterprise Singapore. In some cases, it also allows you to better manage your business risks. Learn about the different business structures and find out which one best suits your business. If you are thinking of starting a small-scale business from home, here’s a step-by-step guide to help you.