In Singapore, all businesses are generally required to register with the Accounting and Corporate Regulatory Authority (ACRA). Exemptions are granted for business owners who operate their businesses using their names as reflected in their NRICs. If you’re registering a Sole Proprietorship or Partnership, you can reserve your business name and register the company via GoBusiness, by logging in with your Singpass. Ready to turn your business dreams into reality, but feeling daunted at the thought of incorporating your venture? GoBusiness is here to help, by making the process seamless, fuss-free, and all the more easy for you to kickstart your business independent contractor tax form requirements and be your own boss. In addition to the ocean of venture capital pouring into Singapore, the Singapore government has also adopted several very pro-innovation and entrepreneur-friendly policies in a bid to attract foreign startups.

The right structure ensures compliance, minimizes risks, and maximizes operational efficiency, influencing the company’s how to share information with huffpost long-term success. Upon successful registration of your business entity, you may need to apply for a licence or permit from other government agencies before commencing business. All applications are usually processed and approved within 15 minutes of the payment of application fee. Applications that need to be referred to another government agency may take 14 to 60 days to be processed and approved.

Essential requirements for registering a Singapore company

A private limited company in Singapore, often denoted as “Pte Ltd,” is a separate legal entity with limited liability. The application fee for sole proprietorships and partnerships, LP and LLP is $100. MOM approves EntrePass for eligible foreign entrepreneurs to start and operate businesses in Singapore that are either venture backed or possess innovative technologies. Understand the benefits and requirements of opening a corporate bank account. Though it can be optional depending on your type of business, having a dedicated business bank account helps you separate personal and business transactions, which will make it much easier for you to file taxes.

1. The profits are taxed at partners’ personal income tax rates if the partner is an individual and at corporate tax rates if the partner is a body corporate.
2. ACRA, a statutory board under Singapore’s Ministry of Finance, serves as the national regulator for business entities, public accountants, and corporate service providers in Singapore.
3. For a hassle-free experience, timely filings, and expert support you might want to consider hiring a professional company secretary, like Sleek!
4. The Ministry of Manpower (MOM) gives entrepreneurs an opportunity to obtain an EP once they have incorporated a company in Singapore.

How to Register a Business and Apply for Licences in Singapore

After that, you’ll be led to a list of recommended steps to take in a Guided Journey, which include applying for your business name and registering your business. One example is the Productivity Solutions Grant (PSG), which subsidizes the cost of digitally enhancing your business. Sleek is a pre-approved PSG vendor, which means entrepreneurs can get some of our services subsidized by the government. For example, eligible clients can get up to 70% off their yearly accounting fees. 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.

Take your learning even further and read up on tips to creatively market your brand, or learn to manage your new business on the GoBusiness Dashboard. Upon successful registration of your new company, you will be issued a Unique Entity Number (UEN) which will be used in all your transactions with government agencies. Yes, foreigners can fully own and operate a company in Singapore. It’s one of the easiest places to start a company in the world – it’s currently ranked #2 in the World Bank’s Doing Business rankings.

Tax benefits are one of the main reasons why many companies choose to register a company in Singapore. Had an extremely pleasant experience dealing with the Sleek platform. This was after trying to apply via the ACRA portal directly, which ended up being extremely difficult due to the poor UI/UX (not recommended for beginners). The Sleek platform and interface was also extremely user friendly. He (Oswyn) understood the urgency of setting up the account quickly and expedited the request, resulting in the entity being set up in less than 3 hours. Get more information on the documents required and the process of applying for an EntrePass here or consult our visa experts.

To start and operate a business in Singapore, you must first choose your preferred business structure. Next, you need to register your company with the Singapore Company Regulator, known as The Accounting and Corporate Regulatory Authority (ACRA). ACRA, a statutory board under Singapore’s Ministry of Finance, serves as the national regulator for business entities, public accountants, and corporate service providers in Singapore. Here is a checklist of all essential requirements to register a Singapore company. Once you’ve understood the steps required from the guide, start the registration process by choosing a business structure. Consider factors such as the number of owners for your venture, your business plan, and the ease of setup and maintenance for each business structure to decide which one best fits your venture.

Entrepreneur-friendly government policies

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. For YA 2020 onwards, 75% of the first S$100,000 of profits earned in Singapore for the first 3 years from a company’s incorporation are exempted from taxes. More information in our 5 minute Guide to Singapore’s Corporate Tax System.

This person can be your authorized representative that manages your business. Use your Corppass Administrator account to manage your business’ digital transactions with the Government. Do note that Housing Development how to calculate inventory turnover and inventory turns Board (HDB) flats and private residential properties are intended for residential use, and there are conditions and guidelines that need to be followed. Most importantly, the property must still be used for residential purposes and the business activity must be kept at a small scale to avoid causing disamenities to your neighbours. There is no minimum paid-up capital requirement for registration.