How Do You Start Any Business in Singapore?

There could be one of the many reasons behind your decisions to opt for company registration in Singapore. Maybe you want to formalize your freelancing activities or start a business from home. Or you have found a business niche which is somewhat different from your present business. Or maybe you are just bitten by an idea bug.

Whatever the case, you need to know how to start your business in Singapore with ACRA. Your best solution is to employ an experienced agent or a provider offering services for company registration in Singapore. And let its experts work their magic.

You can register your business using one of the following business structure:

• Private Limited Company (Pte. Ltd.)
• Limited Liability Partnership (LLP)
• Sole Proprietorship

You need to know the differences among these structures before you use them. Discuss your business needs with your agent. It will enable you to understand how your choice of business structure can impact your liability as to the business owner. It will also reveal how it can affect your business' compliance needs, annual filing, and ability to raise funds from expansion.

Private Limited Company

Business owner prefers to register a private limited company in Singapore. The company limits the shareholders' liability to their capital in the company's shares. On the other hand, Sole proprietors and members of LLPs have unlimited liability.

If you are over the age of 18 years, you as a single shareholder can register a company in Singapore. As per the Company Law, you can own 100% of its shares. Your company will have a separate legal identity and can buy property in its name. It will keep on existing even after you have sold your shares in it. Investors, banks, and suppliers trust a private limited company which makes it easy to raise loans for its expansion.

Requirements for Setting Up a Private Limited Company

Before you start the process for company registration in Singapore, you need:

• At least 1 shareholder
• Minimum initial paid-up capital of S$1
• At least 1 company secretary
• At least 1 local or resident director
• Registered local address

Documents to Set Up a Singapore Company

You also need KYC and incorporation documents to submit along with your application.

• ACRA approved company name
• Description of business activities
• Singapore registered office address
• Particulars of shareholders
• Particulars of directors
• Particulars of company secretary
• Foreign Individuals need a copy of passport and residential address proof (overseas)
• Singapore Residents need a copy of Singapore ID

Steps in Company Registration Process

Singapore business incorporation process is easy. It has only two steps: company name approval from ACRA and registration and registering a company with ACRA. The total cost of the company incorporation is S$315.

Company Name Registration

Your agent will ask you a list of at least 3 names for your proposed company. They will check these names on BizFile+ portal for availability. They will pay S$15 to reserve the available name for you for 60 days.

Company Registration with ACRA

Normally the ACRA takes only 1-3 days to process an application to register a company. However, it gets referred to higher authorities, and you may have to wait up to 2 months for the approval. After forming your company, ACRA sends an email containing Certificate of Incorporation, Unique Entity Number, etc.

Even after the setting up of your Singapore company, you need to finish a few post-registration tasks. They are, opening a corporate bank account, statutory donations, CPF, GST registration, etc.

An experienced company secretary Singapore will help you in streamlining your business compliance and administration-related tasks. A provider of Singapore tax services can help you in resolving whether you need to register your business for Goods and Services Tax in Singapore.