How To Register a Company in Singapore in 2024

For instance, the Enterprise Development Grant covers up to 50% of costs for projects relating to a business’ core capabilities, innovation and productivity, and market access. On the financing aspect of things, companies can also utilise the Enterprise Financing Scheme to secure loan facilities at significantly favourable terms. Depending on the type of business you intend to register, you may need to seek approval from the relevant regulatory authority before starting your application to register on ACRA. The first important choice to make would be to choose a business structure based on your considerations regarding capital, number of owners and risks. As a company, you are required to hold an annual general meeting (AGM). Please note that once you have finished registration within the BizFile+ portal, you will be given a Unique Entity Number (UEN), which you will use with government agencies and to file taxes as a sole proprietor.

Apply for an Entrepreneur Pass (EntrePass)

Now that you have your business idea developed into a plan and you have successfully chosen the business structure that will best fit your business, It’s time to decide what you should call it. For example, start-up companies can receive full or partial exemptions for up to three years. Additionally, there are tax deductions and incentives for business activities like research and development, investment amortization expense calculator in approved activities, or qualifying expenses. If you are thinking of starting a small-scale business from home, here’s a step-by-step guide to help you. Alternatively, you may also appoint a registered filing agent to submit the application on your behalf. Even for non-startups, a wide array of financial schemes are available – such as the Double Tax Deduction for Internalisation (DTDI) scheme.

Get a Licensed Corporate Secretary and Director

It is like laying the foundations for your house – or perhaps more like designing the floor plan. Just like a house structure, different business structures will suit you depending on your business plan and business model. For more information, you may refer to our other article which discusses in depth the filing processes for corporate tax in Singapore as well as the penalties for late or non-payment of corporate tax or inaccurate tax filings. For sole proprietorships or partnerships, you must notify ACRA that the business has ceased by filling in the “Cessation of Business” transaction online via BizFile+. However, certain types of business require approval from certain regulatory authorities before they can be registered. Getting such approval may require an additional 14 working days to 2 months.

1. A Limited Liability Partnership (LLP) serves as a business structure in Singapore, providing owners with the flexibility of a partnership combined with a separate legal identity similar to a private limited company.
2. Your representative must meet the criteria set by Singapore’s authorities, as he or she will serve as a local point of contact for formal correspondence related to your business.
3. Separately, should you wish to hire foreign workers for your business, you must also obtain work permits for these employees.
4. That being said, should you wish to change your business’ FYE, the change must be filed with ACRA .
5. Under the DTDI scheme, you may benefit from a tax deduction on eligible expenses for international market expansion and investment development activities, thus freeing up more of your assets for allocation to other purposes.

You will need a company name, a description of business activities, shareholder details, and a registered address. Limited liability does not apply to a sole proprietorship or partnership. You must provide an address when registering your business with ACRA. You must inform ACRA of any address change within 40 days of registration.

You can apply if you have started or plan to start a venture-backed or technologically innovative private limited company registered with ACRA. The company should be less than 6 months old or can be registered after EntrePass approval. Singapore boasts one of the most attractive corporate tax rates at 17% on chargeable income.

Company

Now that you are well-versed in all the steps you need to take on how to start a business in Singapore, let’s take a quick look at the options you will have as a business to secure funding. Now that you are much closer to getting the right guidance on how to start a business in Singapore, there are only a few minor steps that you need to take to complete this process. The final step on how to start a business in Singapore will require you to officially register with ACRA under their BizFile+ portal. It almost goes without saying that a business plan is the ultimate step in making your business ideas come to reality.

Or are you looking to partner with another how do capital accounts in llcs work person and buy large clinics to form a healthcare group? A LLP is where an individual partner’s own liability is generally limited if compared to a partnership. With its strategic location and an active government that constantly provides support to its local businesses, it truly is the place to start your business. Your local director may not necessarily partake in all decisions, but they should still satisfy the government requirement such as minimum salary, holding the annual general meeting, and so on. Whether you’re running an online business or you’re operating locally in Singapore, there are plenty of good reasons to join the thousands of new businesses that are incorporated here each year. Understand the benefits and requirements of opening a corporate bank account.

After the period of registration has expired, your registration will have to be renewed. Business activities must be confined within the flat and should not cause inconvenience to your neighbours. If the name you have chosen has been used before or is extremely similar to a used business name, ACRA will refuse to register it. Remember also to leverage the business-friendly landscape of Singapore where you get access to a pool of global talent and benefit from a strong regulatory business environment. If other methods are not within your reach, then the simplest and most traditional form of securing funds is through a bank loan.

Should you not have SingPass, then be sure to appoint a registered filing agent. Before you do so, do a quick check and make sure that all your documents, as per the checklist below, are available and in hand so that your registration process is smooth. Your business plan will be useful in many different ways as long as it outlines the business description, market analysis, organisational management, and sales strategies, to name a few. If you plan to start a company in Singapore and are moving there, you can register it with the relevant work visas or do so remotely by appointing contribution margin and break a resident director or a nominee director.