Registering a business in Singapore is a fairly simple process, but there are specific steps to follow. All business owners must register with the Accounting and Corporate Regulatory Authority (ACRA), unless they are exempt. ACRA offers a fully automated online system, BizFile+, that completes the registration procedures in 1-2 business days.
The first step in registering your business is to choose a unique name. This must be distinct from other names registered with ACRA, and it is advisable to have several alternates in case your preferred name is not available. You must also decide on a company structure, as there are four options: sole proprietorship, partnership, private limited company by shares, and public limited company by shares. Depending on your industry, you may need to obtain permits and licenses to carry out your business activities.
You must also provide a physical address, which can be either your office space or your nominee director’s home. If you are a foreigner, it is best to use your nominated director’s home as the company’s address, as this can help reduce costs. If your business is a public limited company by shares, you must also appoint a local resident director and have a minimum amount of issued share capital.
Finally, you must prepare a Company Constitution, which is the legal document that defines how your company will be run. A standard template is provided by ACRA, but if you prefer to hire a professional firm, they can draft one for you at a reasonable cost. register business Singapore