For instance, you would require a Food Shop License, Food Stall License, Petroleum, and Flammable Material License, etc. if you are planning to start a food business. The licenses or approvals needed would depend upon the type of business you are planning to undertake. In addition to this, you also need to decide whether your accounting period comprises 12 months or more than 52 weeks. It must be noted that the Directors, Company Secretary, and the shareholders must endorse their consent online through BizFile+.

• For instance, a company registration might be filed correctly but still get rejected by the Company Registry for reasons beyond our control.
• More information on the eligibility requirements and application process here.
• Visit business Licensing – a Singapore Government Agency website – to know what licenses and approvals you need.
• This is a residential scheme by the Housing and Development Board (HDB) and the Urban Redevelopment Authority (URA), which allows you to run an approved small-scale registered business from your home address.
• The country’s pro-business environment makes it an attractive location for entrepreneurs.

You can check the services included on our Foreigner Package service page. To mitigate these issues, we offer our clients with recent company incorporations to register a business account in Singapore. Unlike the bank account, the business accounts services are faster to open for limited companies with average time of 14 days. Once you’ve reserved your business name and completed your registration, your next move is to set up a Corppass Administrator account.

How to Register a Business in Singapore

In case your first choice name is not available, our team will apply for your other choices. 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. Ready to turn your business dreams into reality, but feeling daunted at the thought of incorporating your venture? GoBusiness is here to help, by making the process seamless, fuss-free, and all the more easy for you to kickstart your business and be your own boss. We will not be able to refund Government fees once the application has been submitted, nor any third-party processing fees. The talent pool is highly educated, literate, and English-speaking, minimizing communication difficulties between offices.

The personal assets of the owner are not protected from the liabilities and business risks of the company. This means when your business is not able to pay back a particular debt, the creditors can go after your assets as well as those of the company. This type of business is straightforward but carries propeller industries competitors revenue alternatives and pricing more risk for its owner since the owner will be personally liable for his/her company. Get more information on the documents required and the process of applying for an EntrePass here. If you are thinking of starting a small-scale business from home, here’s a step-by-step guide to help you.

Government e-Services for your business

Open a business bank account in Singapore for a newly incorporated company might be a challenging and lengthy process. Singapore banking environment offers numerous solutions and MBiA has partnered with the best on the market to simplify the Business Bank Account opening process. The timeline is important as foreigners often go for the Employment Pass to live and work in Singapore.

The Ministry of Manpower (MOM) gives entrepreneurs an opportunity to obtain an EP once they have incorporated a company in Singapore. If you don’t have an EP, you can hire a visa agent like Sleek to submit the EP application on your behalf. Once it has been approved, you are then free to enter Singapore and begin work at your new company. Note that your Singapore business has to be incorporated before you can apply for an EP. To transact with government agencies in Singapore, you’ll need to create a Corppass Administrator account. Corppass is a single corporate digital identity that you can access using your personal Singpass.

Setup cost calculator

Your company can be a private limited (Pte Ltd), a sole proprietorship or a limited liability partnership (LLP). In addition to the ocean of venture capital pouring into Singapore, the Singapore government has also adopted several very pro-innovation and entrepreneur-friendly policies in a bid to attract foreign startups. These policies include several forms of grants, tax incentives, and assistance schemes. Additionally, if your business falls within specific economic sectors, the government also subsidises labor costs for your new business.

• It is the most common type of business compared to limited liability partnership (LLP) or sole proprietorship (SP).
• Note that 100% foreign shareholding is allowed i.e. all shareholders can be foreigners.
• As per the Companies Act, you as a Singapore incorporated company need to file an annual return with ACRA.
• However, the owner of the LLP needs to go into detailed agreements on how the profits will be divided.
• You may refer to the guidelines on selecting a business name issued by ACRA to make the process of choosing a business name more efficient.

The parent company is implicitly directly liable for all the debts and liabilities of the branch, unlike a Singapore Private Limited company. Check our Corporate secretarial services Singapore, Bookkeeping Services Singapore, Accounting services Singapore, and all about Sole Proprietorship Singapore. Carrying on a business after its registration has lapsed is an offence, for which the defaulter will be liable upon conviction to a fine of up to $10,000 or a term of imprisonment of up to 2 years or both. Your business should also not disturb or cause inconvenience to your neighbours. If your partners and you wish to limit your liabilities by not being personally liable for the partnership’s debts, a LLP may be ideal. If you intend to carry on your business as an individual under only your full name, you are exempted from registration.

Benefits of Registering a Business in Singapore

Any self-employed Singapore citizen or Permanent Resident, conducting continuous activities for the purpose of gain under the name other than its own, is eligible to register a sole proprietorship. If you had chosen to register your business as a company, you must apply to ACRA to voluntarily wind up your company or to strike it off the register. Additionally, for a sole proprietorship or partnerships, the registration will expire once it has lapsed and was not renewed. However, the business name remains registered until the registration is cancelled. This is unless you have incorporated a company, as company registrations do not expire.

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 on the eligibility requirements and application process here. If you’re relocating to Singapore to start a company, you can register it if you have the relevant work visas. Or you can choose to start a company without moving to Singapore by appointing a local resident director. Reserve your business name and register your business entity on GoBusiness with guidance from the e-Adviser. There are two ways to register for a Corppass Administrator Account, via GoBusiness or via the Corppass portal.

Singapore Company Registration in 5 Easy Steps Online

In addition, it has been the norm that directors and shareholders disclose their personal details as part of the incorporation process. This is unless, they are carrying on business in Singapore in the name of a foreign company that has already been registered under the Companies Act. All Singapore incorporated companies must file annual returns with ACRA so that the companies’ information is up to date on ACRA’s register.