For instance, sole proprietorships do not require any documents that detail any agreement between its members. In contrast, partnership agreements and company constitutions are required for registering a partnership and a company respectively. More information on the filing of these two forms can be found here. Alternatively, you may wish to delegate this task to a corporate secretarial firm to manage your business’ obligations in this aspect. Failure to file a business’ income tax returns on time is an offence, and you will be liable to pay a 5% late payment fee or even face legal action should your business repeatedly fail to settle the payment.
Choosing a company or business name
For a company, it is a standard incorporation fee of $315 which includes the registration of a business name. If you do not intend to rent any office space, consider registering your home address as your business address under the Home Office Scheme. If you intend to form a business https://www.online-accounting.net/cash-book-excel-how-to-create-a-cash-book-in-excel/ firm with one or more other partners, you may wish to register as a partnership. A partnership does not have to file its accounts or have them audited. You may wish to refer to our guide on how foreigners can set up a business in Singapore to read more about the required procedures.
Step by step guide to register a company in Singapore
- A partnership does not have to file its accounts or have them audited.
- Once you have all your documents together, a company can be incorporated within one to three business days, as long as you have all of your documentation ready and ACRA does not cause any delays.
- This fee includes both company registration and 1 year of our company secretary services.
- Alternatively, you should approach an employment lawyer for further advice.
- For partnerships, the business is officially registered only after all the partners or authorised representatives have endorsed (or consented) the application.
When you have all the information, you may log in to BizFile+ () to submit your application. Reserve your business name on GoBusiness with guidance from the e-Adviser. Yes, it is mandatory to appoint how to calculate bad debt expenses with the allowance method a qualified company secretary within six months of incorporation. Understand the differences in doing business in Singapore versus the Philippines with this comprehensive guide by Sleek.
Resources for new business owners and directors
You can also choose to start a company without moving to Singapore by appointing a local resident director. One of the basic requirements of opening a company in Singapore is that one of the company directors or authorized representatives is a resident of Singapore. This person can be your authorized representative that manages your business. This excludes Singapore’s Accounting and Corporate Regulatory Authority (ACRA) fee of S$375. Requires a minimum of two partners at all times, or the company will be dissolved as well as lacks ease of transfer of ownership. Ready to turn your business dreams into reality, but feeling daunted at the thought of incorporating your venture?
What’s new on BizFile+
However, the business name remains registered until the registration is cancelled. 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.
Business is best when it’s done face-to-face – and with a base in Singapore, there are several key emerging markets like Indonesia, Malaysia, and the Philippines a few hours’ plane ride away. If you don’t have an EP, you can hire a visa agent like Sleek to submit the EP application on your behalf. Very professional, responsive, and setting up a company was extremely seamless.
Singapore has business-friendly tax rates and a wealth of tax incentives to encourage the growth of businesses and entrepreneurship, which makes incorporating a company in Singapore a good idea. You may need to travel in order to set up a corporate bank account, depending on the bank you choose. Check out our short guide on how to open a Singapore bank account. This fee includes both company registration and 1 year of our company secretary services.
Registering a business in Singapore is the crucial first step Ready to take your business to the next level? Yes but you’ll need to apply for a Letter of Consent (LOC) from MOM to run your business, after you have registered it with ACRA. More information on the eligibility requirements and application process here.
If you are thinking of starting a small-scale business from home, here’s a step-by-step guide to help you. Use this e-Adviser to get recommendations for a suitable business structure, based on your business requirements. https://www.quickbooks-payroll.org/ Use this e-Adviser to find out next steps based on your business requirements. You must register a business if you are carrying out any activity for profit on an ongoing basis unless you are exempted (see below).
Business refers to any activity that is carried out on a continual basis for the purpose of gain. This includes online or web-based businesses such as running online stores as well as home-based businesses, such as those selling home-baked goods. You may wish to contact a Banking and Finance lawyer for professional advice and help on such matters. On a more legal aspect, it is usually commonplace for creditors such as banks to require a form of security in finance agreements when offering financial facilities.
You will need to understand the key differences between the structures and decide which is right for your business. Limited liability does not apply to a sole proprietorship or partnership. A copy of your company’s constitution must be submitted when applying to incorporate your company. If you do not wish to create your own constitution, you may choose to adopt the applicable Model Constitution below.
This is a residential scheme by the Housing and Development Board (HDB) and the Urban Redevelopment Authority (URA), which allows you to run an approved small-scale registered business from your home address. Additionally, you should also run your proposed business name through the entity search function on the BizFile+ website, which is ACRA’s online filing and information retrieval system. You should run an online Google search to find out if your proposed name has already been used by a currently registered business, or if it is extremely similar to the name of such a business. The first important choice to make would be to choose a business structure based on your considerations regarding capital, number of owners and risks. Apart from complying with the legal regulations, registering your business is also beneficial.
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