How To Register a Company In Singapore in 5 Easy Steps: Complete Guide

register a company in singapore

Share capital refers to the total amount that shareholders have invested or committed to invest in the company. After the company name’s been approved, you can now directly register through Bizfile+ or engage a registered filing agent to help you . Yes but you’ll need to apply for a Letter of Consent (LOC) from MOM to run your business, after you have registered it with ACRA. More information https://www.quickbooks-payroll.org/ on the eligibility requirements and application process here. Singapore’s liberal immigration laws also allow businesses to easily hire employees from any country, which can lower the company’s operating costs. Nearly a third of the country’s workforce are foreigners and Singapore makes it easy for any foreign professionals to obtain work visas or permanent residence (PR) status.

How to Register a Company in Singapore in 3 Steps

register a company in singapore

The World Bank consistently recognizes Singapore as the world’s best place to do business. More than 60,000 new companies are registered every year in the country, according to statistics from the ACRA (Accounting and Corporate Regulatory Authority). With its minimal requirements, it’s one of the easiest places globally to start a business, even bagging the #2 spot in the World Bank’s Doing Business rankings.

register a company in singapore

Registered Office Address

Highly recommend Sleek to all entrepreneurs and companies setting up in Singapore. This excludes Singapore’s Accounting and Corporate Regulatory Authority (ACRA) fee of S$375. Unless the company has been exempted from audit you every company must appoint an auditor within 3 months of registration.

Q. How to open a corporate bank account in Singapore?

A private limited company is the most popular option for both locals and foreigners setting up a company in Singapore. 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. Once the company is incorporated, the ACRA official will provide the applicant with the company registration number via email. This soft version is considered as the legal Certificate of Incorporation.

After gathering all the necessary details, access BizFile+ by logging in with your Singpass to start your application. It is best to conduct a preliminary search for identical company names on ACRA before applying for a name approval. If you intend to apply for a business licence or seek grants through incentive programs, select the appropriate SSIC code that aligns with the qualifying business activity. SSIC stands for the Singapore Standard Industrial Classification. It serves as the national standard to categorise the full spectrum of business activities possible for Singapore entities.

register a company in singapore

Singapore Company Registration in 2024: The Complete Guide

Be prepared to provide detailed information on your company’s activities, shareholders, beneficial owners, and anticipated banking needs. This encompasses tasks like new company registrations, ongoing business surveillance and ensuring proper closure procedures for businesses that cease operations. ACRA also supervises financial reporting and supports business activities. It has the authority to levy fines and issue court summonses to companies. You will need to register for GST if you expect your company’s annual turnover to be more than S$1 million.

Candidates must have acceptable qualifications, earn at least 5,000 SGD per month (all sectors except financial services) and at least 5,500 SGD monthly for financial services. When hiring foreign employees in Singapore, companies need to comply with the Employment of Foreign Manpower Act (EFMA) and apply for relevant work passes. Even if your turnover is below 1 million SGD, you may choose to register voluntarily if you make substantial taxable supplies. It can either file a notice of transfer with ACRA or report the transfer in its annual return filing. If you plan to run a small home-based business, you can use your residential address under the Home Office Scheme. However, the registered office must be open and accessible to the public for at least three hours on weekdays.

To issue new shares, the company must file a return of allotment with ACRA within 14 days. This filing provides details on the new shares issued, such as the number of shares, the amount paid per share, and the identity of the shareholders. Having one helps you a) keep business and personal money separate and b) keep track of your business money for taxes. Banks usually need people in charge and main directors to be in Singapore to sign papers for the account.

  1. If you expect your annual turnover to exceed S$1 million, you must register for Goods & Services Tax (GST).
  2. Make sure to appoint a company secretary within the 6 months of the incorporation date of your company.
  3. After the successful incorporation of company, ACRA sends a confirmation email.
  4. Some banks also may require supplementary documents on a case-by-case basis.
  5. You need to do so within 6 months of the date of company incorporation.

The Accounting and Corporate Regulatory Authority serves as Singapore’s regulatory authority for public accountants and companies. It is locally known as the Registrar of Companies and oversees the entire business lifecycle. Once registered, any changes to the office address must be updated with ACRA within 14 dates. The reason for keeping your registered address up-to-date is to ensure that your company remains reachable and does not miss important communications.

This is also where a corporate secretarial firm can come in handy, assisting in meeting these requirements and paving the way for your successful company registration. When registering a company in Singapore, you must provide net working capital definition a registered office address. It will serve as your company’s official address where all communications and legal documents are sent. After finalising a name for your business, you have to apply for it using BizFile+.

Usually, you will find out whether your proposed name has been approved or rejected within a day. Legally, a sole proprietorship is not a standalone entity, which means that the owner – whether an individual or a legal entity – and the business are considered as one. You can also transfer ownership of the company, be it partial or whole, without having to disrupt your operations or going through intense legal proceedings. The company’s ownership can be transferred by selling all of, or part of, the owner’s total shares. Issuing new shares to new shareholders, or current shareholders, is also one way of transferring ownership when you register as a PLC.

However, in practice, we can register your Singapore business in 1-3 days. The right time to open a corporate bank account is after successful company registration and before starting your business activities. Such an account is necessary for your business’ financial transactions. You can open https://www.kelleysbookkeeping.com/current-ratio-formula/ company in Singapore as a private limited company to manage your risk and tax benefits and exemptions. However, if your risk is minimal, you should better consult an expert. They may suggest you go with a sole proprietorship or an LLP instead of Pte Ltd company registration Singapore.

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