Set up your Company | Start your Own Company in Singapore
Business | Singaporeby Priyadarshini 16 November 2021
You are coming up with crazy business ideas that you’re certain will work, and you’re sick and tired of working for unappreciative bosses? Perhaps the next step is to expand your own business! In Singapore, forming a corporation is extremely quick and simple, and best of all, everything can be done online. Here’s how to do it in just a few simple steps. In this blog, we talk about how to set up your company in Singapore.
Set up your Company in Singapore:
Approval for your company name
Before you can seek to register a business, you must first ensure that the name you choose is available and reserve it. You can do so by registering a new business name on ACRA’s Bizfile website. Simply sign in to Bizfile and navigate to Explorer eServices > Business > Application for a New Business Name. Fill out the online form and submit it.
Make a $15 online payment for the application. If your business name is authorized, ACRA will notify you through email. To avoid wasting your $15, there are specific standards for company names in Singapore that you should be aware of, as breaking these restrictions will result in a fine.
Register your chosen business entity
After your name has been approved, the next step is to register your business entity on ACRA Bizfile. This could include forming a corporation, forming a partnership, or simply establishing your firm as a sole proprietorship.
Here are the main distinctions between the three.
This is the most apparent sort of business and denotes that the company operates as a separate legal entity from its owners. This means that the company’s obligations and liabilities are its own, not the owners’. If a firm’s formal name ends in “Private Limited,” it is a company.
A self-employed person who runs a one-man show, such as a private teacher. Because a sole proprietorship is not a separate legal entity from its owner, you are personally liable for any obligations or liabilities incurred by your company.
A partnership is similar to a sole proprietorship in that the owners are personally liable for the business’s debts and liabilities, but there is more than one owner. There are also Restricted Partnerships and Limited Responsibility Partnerships, in which the owners’ liability is limited to the business’s assets and investments.
Create your company
When registering your company, you must nominate the following officers:
- There is at least one stockholder (this can be a person or a corporate entity)
- At least one director must be based in Singapore.
- There is one corporate secretary.
- People can take on several responsibilities. As a result, you can serve as a shareholder, resident director, and/or secretary.
You must also specify the following:
Singapore registered office address — If you do not have an office, you may use your residential address.
The initial paid-up share capital must be at least $1.
Establish a business bank account
You may want to open a business bank account for accounting purposes at some point. It is as simple as going to a bank branch and asking for a company account. However, you should make sure to inquire ahead of time about the paperwork you’ll need to provide, which may include your Certificate of Incorporation, a printout of your business profile, and a signed consent form to function as a director or secretary, all of which can be found on ACRA’s website.
Steps to take next to start your business
Depending on the nature of your firm, you will either hit the ground running or do one or more of the following:
Make an application for licences and permissions
Certain sorts of business activities necessitate the acquisition of licenses and permissions before they may be legally carried out.
Sign up for GST
If your yearly taxable turnover exceeds $1 million per year then you must register your firm for GST. Failure to register within 30 days of becoming a GST-liable firm may subject you to penalty. Using your business’s CorpPass, you can register for GST registration on IRAS’s myTaxPortal website and set up your company in Singapore.