Are you intending to set up your business in Singapore? You’ve come to the right place! The city-state’s pro-business environment makes setting up a business as easy as ABC, helping you start running your business and growing it fast, too!
Here is how you can register a company in Singapore in 3 easy steps. We’ve summarized the process on how to register a company in Singapore into easy ABCs below:
A is for ACRA
The first acronym you need to learn about how to register a company in Singapore is ACRA.
ACRA stands for the Accounting and Corporate Regulatory Authority, which has the role of regulating businesses and public accountants in Singapore.
If you are thinking of starting online business, you might ask, do online businesses need to register, too? The answer is yes. Regardless of whether you carry out your business in a traditional office or from the screen of your computer, as long as you are continuously doing a business activity to generate profit, then you need to register your business with ACRA.
B is for Business Structures
To register a company in Singapore, you must decide on which business structure will work for your business efficiently.
There are five business structures to choose from, namely:
Sole Proprietorship. As the name suggests, this business structure has only one owner.
If your business is owned by and between 2 and 20 people, then it should be registered as a Partnership.
Limited Partnership. If your business has at least two partners, where one is a general partner and the other a limited partner, then it is a Limited Partnership.
Limited Liability Partnership. This structure is a partnership where the liability of each partner is generally limited.
If choose to register a company in Singapore under the “Company” structure, then this means you are giving the company its own legal status separate from your directors and shareholders. A company must have at least one director and one shareholder.
When you register a company in Singapore, it’s important to choose the correct business structure as this will affect your tax structure and payment as well as your business expansion in the future.
C is for Choosing a Name
Decide carefully on a name for your business which clearly positions your brand and gives an idea of what you do. Then register your business name with ACRA’s online one-stop business registration portal, called BizFile+.
Remember, you cannot register a business name which is the same as an already registered company. So decide carefully and act fast when you finally have a business name in mind.
The steps on how to register a company in Singapore vary from one business structure to another. But whatever business structure you choose, a sure way to register a company in Singapore fast and in a hassle-free manner is to contact a professional company registration provider to do the job for you.
Corporate services provider (CSP) are accredited professional filers who know how to register a company in Singapore like the back of their hands. There are many CSPs offering their services, so how do you know which one to choose?
Find a firm that takes time to understand the kind of business you want to set up and your vision for the business. Thereafter, they will advise you of the most appropriate business structure to choose.
Corporate Services Singapore is an accredited CSP with ACRA.
Aside from our work to register a company in Singapore, Corporate Services Singapore also offers corporate secretary services that ensure your business is compliant with Singapore’s statutory requirements such as tax and reports filing.
Contact Corporate Services Singapore for business and corporate secretary service requirements today and boost your business to success!