It isn't as difficult to start a company in Singapore as compared to other places. It even has one of the easiest business registration processes in the world. But registering a company is not the same as operating one. It is still up to the business owners to make their business a success, despite the numerous assistance and incentives the small but economically outstanding Southeast Asian nation offers them. All the same, to run a successful company in Singapore, the first step is to register it with ACRA or the Accounting and Corporate Regulatory Authority.
If you have a company that you want to register in the country, you can do so if you are at least 18 years of age, and if you are not an undischarged bankrupt. Submit your application online through the business services portal of ACRA, on Bizfile. Before you can submit an online transaction, you would need to log in with your NRIC or SingPass, so if you're a foreigner, you can hire the services of a professional firm to be able to lodge your application.
Submit a corporation name proposal and have it accepted by ACRA. The statutory board will allow the name if it's not undesirable, similar to an existing business name, or identical to a name being held in reserve under the Companies Act, the Business Registration Act, the Limited Partnership Act, or the Limited Liability Partnership Act. Check with Bizfile if the company name you want is already taken.
The registration fees differ, subject to the type of company you select. The name approval fee is SGD15, though, regardless of what company type you incorporate. For company that is limited by shares, you would be asked to pay SGD300, while you would need to pay SGD600 for company that is limited by guarantee.
The company incorporation process can take as quickly as 15 minutes to as lengthy as 2 months. Singapore company registration process is usually just 15 minutes after the registration fee has been paid, but it can take from 14 days to 2 months if your application needs to be passed on to another government authority for evaluation or approval. This is normally the case if the name of your company includes the words bank, media, and law, or if the activity of your company requires further review. For instance, your company's activities would involve the establishing of a private school, in which case your application would be referred to the Ministry of Education.
If you have a company that you want to register in the country, you can do so if you are at least 18 years of age, and if you are not an undischarged bankrupt. Submit your application online through the business services portal of ACRA, on Bizfile. Before you can submit an online transaction, you would need to log in with your NRIC or SingPass, so if you're a foreigner, you can hire the services of a professional firm to be able to lodge your application.
Submit a corporation name proposal and have it accepted by ACRA. The statutory board will allow the name if it's not undesirable, similar to an existing business name, or identical to a name being held in reserve under the Companies Act, the Business Registration Act, the Limited Partnership Act, or the Limited Liability Partnership Act. Check with Bizfile if the company name you want is already taken.
The registration fees differ, subject to the type of company you select. The name approval fee is SGD15, though, regardless of what company type you incorporate. For company that is limited by shares, you would be asked to pay SGD300, while you would need to pay SGD600 for company that is limited by guarantee.
The company incorporation process can take as quickly as 15 minutes to as lengthy as 2 months. Singapore company registration process is usually just 15 minutes after the registration fee has been paid, but it can take from 14 days to 2 months if your application needs to be passed on to another government authority for evaluation or approval. This is normally the case if the name of your company includes the words bank, media, and law, or if the activity of your company requires further review. For instance, your company's activities would involve the establishing of a private school, in which case your application would be referred to the Ministry of Education.
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