So you want to set up a company or business in Singapore? Find out if you need to register a company in Singapore and what you'll need to do when you start a business here.
Tips for Registering a Business in Singapore: Registering a business in Singapore can be time-consuming and confusing. It is a long process that you have to remember every detail. There are many steps and it’s easy to lose track of what needs to be done at what point. That’s why we have made this guide for you. With all the information you need to get your business set up and registered in Singapore.
Registering a company in Singapore can be an expensive and complicated process, but there are a few tricks that can help speed up the process without breaking the bank.
What are the Steps in Registering a Business in Singapore?
The steps in registering a business in Singapore are as follows:
- Choose the right business structure
- Register your company name
- Apply for a business license
- Open a corporate bank account
- Register for GST
- Comply with employment regulations
- Advertise your business
Considerations Before Registering Your Business in Singapore
Before you register your business in Singapore, there are a few things to consider. These include the type of business structure you want, the name of your business, and the location of your business. You will also need to decide if you want to register as a sole proprietor, partnership, or limited liability company.
The type of business structure you choose will determine the legal requirements and procedures for setting up your business. For example, if you choose to register as a sole proprietor, you will need to file a notice of intention to carry on business with the Registry of Companies. On the other hand, if you register as a partnership or limited liability company, you will need to submit various documents, such as a Memorandum and Articles of Association.
Once you have decided on the structure of your business, you will need to choose a name for your company. The name must be unique and should not be identical or similar to any existing company in Singapore. You can check the availability of names by searching the Company Register at the Accounting and Corporate Regulatory Authority (ACRA).
After choosing a name for your company, you will need to identify a registered address for your business. You can Register a Business in Singapore Online.
Registering the Business Name
The first step in registering your business in Singapore is to register the business name. You can do this at the Accounting and Corporate Regulatory Authority (ACRA).
Once you have registered the business name, you will need to apply for a Business Profile with ACRA. This will give you a unique identifier that will be used when dealing with government agencies. It is important to have this profile set up before you start the actual business registration process.
The next step is to register the company with the Registrar of Companies (ROC). You will need to provide some basic information about the company, such as the address, contact details, and type of business. Once the registration is complete, you will be given a Company Registration Number (CRN).
Now you are ready to start the actual process of registering your business in Singapore!
Registering an EIN with the IRS:
It’s used to identify the tax accounts of businesses and other entities. If you’re starting a business in Singapore, you’ll need to register for an EIN. Once you have your EIN, you can use it to open a bank account, apply for business licenses, and file your taxes.
Registering for an EIN is quick and easy, and it’s an important step in setting up your new business.
Registering with Singapore Companies Registry (SCR)
To register your business in Singapore, you will need to submit a few key pieces of information to the Singapore Companies Registry (SCR). This includes your business name, a list of your directors, their addresses and identity card numbers, your Company Incorporation address, and the type of business activity that your company will be undertaking. You will also need to appoint a company secretary and have at least one shareholder.
The process of registering your business with the SCR is relatively straightforward, but there are a few things to keep in mind.
- First, you will need to make sure that your chosen business name is available and not already taken by another company.
- Second, you will need to decide on the structure of your company – whether it will be a sole proprietorship, partnership, or limited liability company.
- Each type of company has different implications for taxation, liability, and administration.
- Once you have gathered all the required information and documents, you can begin the registration process by submitting them online or in person at the SCR.
The whole process usually takes around two weeks. After your company has registered. You will be issued with a Certificate of Incorporation and an identification number called a Unique Entity Number.
How to register for IRAS Online Services?
If you are starting a business in Singapore, you will need to register for IRAS Online Services. This will allow you to file your taxes and stay up to date with your tax obligations. To register, you will need to provide your company’s name, registration number, and contact information. Once you have registered, you can login to your account and begin filing your taxes.
Vakilsearch’s Company Name Generator has many company name suggestions for you to use on your new unregistered company.Concluding Tips and Tricks
As a final set of tips, remember to:
- Check that your business name is available by searching the Accounting and Corporate Regulatory Authority (ACRA) website
- Ensure that you have all the required documents, such as a business profile, before beginning the registration process.
- Submit your application online via the registry website.
With these helpful tips in mind, you should be well on your way to successfully registering your business in Singapore!
Frequently Asked Questions about Registering a Business in Singapore
What are the different types of business entities in Singapore?
There are four main types of business entities in Singapore: Sole proprietorships, partnerships, limited liability companies, and branches of foreign companies.
How do I register my business in Singapore?
The process of registering a business in Singapore relatively simple and can be done online. You will need to submit a few documents, including a business plan, and pay the registration fee. Once your application is approved, you will be issued a Business Registration Certificate.
What are the requirements for setting up a company in Singapore?
To set up a company in Singapore, you will need to have at least one shareholder and one director who are resident in the country. You will also need to have a registered address and a corporate bank account. Additionally, you will need to submit various documents, including a memorandum and articles of association.
How much does it cost to register a business in Singapore?
The cost of registering a business in Singapore depends on the type of entity you choose. For example, a sole proprietorship is less expensive than a limited liability company. In addition to setting up and registering your business. You will also be required to pay ongoing fees, such as taxes and annual registration costs.
Conclusion
Registering your business in Singapore is a relatively simple process that can be completed online in just a few minutes. However, there are a few things you should keep in mind to ensure that everything goes smoothly.
Vakilsearch is a technology-driven platform that offers various legal services for startups and established businesses. The company was founded in 2014 by two Indian Institute of Technology alumni. Shashank Rastogi and Raghav Sakhuja. VakilSearch provides end-to-end solutions for business registration, trademark filing, copyright registration, and corporate compliance. The platform also has a team of expert lawyers who provide consultation on various legal matters.
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