attracting customers and building trust with clients. It also helps in avoiding potential legal issues down the road. However, it’s essential to understand the various rules and regulations in place before registering a business.
The process of choosing a company name in Singapore is relatively simple and can be completed online on the Bizfile portal within less than an hour. Provided that the proposed name adheres to ACRA’s regulations, it is unlikely to be rejected. However, if the name contains regulated words (words that suggest a particular business activity, industry or profession that is subject to government regulation or supervision), it may be referred for additional verification and could delay the approval process.
After the name is approved, it can be reserved for 120 days. However, it must be incorporated or registered within this time, or else the name will be released.
Choosing an organisational form
If you’re thinking of starting a business in Singapore, it’s important to choose the right structure. This vibrant city-state offers many benefits for entrepreneurs, including tax exemptions and a robust economy. But before you start your company, make sure it’s registered.
The most popular form of business in Singapore is a private limited company, which has between 1 and 50 shareholders. These shareholders can be individuals or legal entities. A company must also have at least $1 of paid-up capital, which can be increased any time after business registration.
After registering, companies will receive their official Certificate of Incorporation from ACRA. They will also receive a free Business Profile (Bizfile), which acts as the company’s online business card. Businesses may also need to apply for a business license, depending on the type of business. This will vary according to whether the company plans to trade overseas or accept foreign currency.
Choosing a registered address
If you want to set up a Singapore company, it’s important to choose the right registered address. It will help you comply with the regulations and keep your business operations efficient. The company address will also be displayed on your business cards and website. You’ll also receive mailings from the local government authority and banks.
Under Section 142(1) of the Companies Act, Cap 50, it is mandatory for all companies to have a local registered address (which cannot be a PO box) at the point of their incorporation. This address will also be the location of correspondence from government entities like reminders on annual requirements or new incentives and mail from banks.
It is important to check your mail daily so you don’t miss any important information. It’s also helpful to hire a secretarial service to flatten your learning curve and make compliance easier for you. Vakilsearch is a technology-driven platform that offers business services, including Singapore corporate compliance. It was founded in 2014 by two IIT alumni, Shashank Rastogi and Raghav Sakhuja.
Obtaining permits and licences
Any entity that wishes to conduct business in Singapore must obtain the relevant permits and licences before starting operations. Depending on the industry, this can take a few days or weeks. During the application process, the business will need to submit a number of documents.
Upon successful registration, the company will receive a Certificate of Incorporation from the Accounting and Corporate Regulatory Authority (ACRA). The company will also be issued a Business Profile that will act as its online business card. In addition, companies can open a corporate bank account at any of the major banks in Singapore.
The minimum paid-up capital for a private limited company in Singapore is S$1. This amount can be increased later on. Besides this, the company must have at least one director who is a resident of Singapore. It is possible for foreigners to register a business in Singapore while operating it from overseas. However, the company must have a Singapore registered address.business registration Singapore