This article was originally posted on Sleek.com. Want to register company in Singapore? This guide contains key facts on opening a company and doing business in Singapore – the requirements, procedures, and timelines.
How to start a business in Singapore?
To start a business in Singapore, you need to: 1. Select your desired business structure 2. Register your company with the Singapore Company Regulator ACRA 3. Set up your corporate bank account
What is ACRA?
ACRA refers to The Accounting and Corporate Regulatory Authority which is a statutory board under the Ministry of Finance of the Singapore Government. ACRA is the national regulator of business entities, public accountants and corporate service providers in Singapore.
How long does it take to register a Singapore Company?
The timeline needed to register a new company can vary from a few hours to days. When working with a company secretary the timeframe is primarily determined by how quickly each shareholder and director can send to the company secretary their personal documentation for verification such as a proof of identification and residential address.
How much it cost to register company in Singapore?
How can a foreigner register a company in Singapore?
If you are a foreigner, you might not be aware of the regulations in Singapore. To understand each and every process can also take up a lot of time so to avoid the hassle, you are advised to hire a company secretary firm like Sleek who can help with their entire business registration process and also provide services such as nominee director and registered address.
Registering a Singapore Company: high-level overview
Other helpful things to keep in mind when registering a company:
- Company Name: Aside from the obvious strategic and brand value there are other considerations that may guide your choice of company name.
- Tax Incentives: Many new companies in Singapore are eligible to receive appealing tax incentives and exemptions. This is one of the primary reasons that entrepreneurs from around the world prefer to form their Singapore company.
- Business Activity Classification: At the time of incorporation every business in Singapore must select an SSIC code intended to describe their intended business activity. SSIC codes are used as a means Government Statistics purposes and some codes require the need for specific licenses. Stumped as to which SSIC code to pick for you company?
- Licenses & Permits: Some SSIC codes, company name and business activities are restricted and require the application of a license prior to being able to conduct business. The good news is that Singapore has set up a business license portal that aims to deliver user-friendly and efficient licensing experience. For more information you can refer to ACRA’s guidelines on restricted company activities.
- Insurances: When starting a business in Singapore, it is important to think about what insurances your business may need. By having such protection in place, it will allow you peace of mind to run your business.