Start A Biz Singapore
Looking to start a business in Singapore?
Business Structure
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Before registering your business, you should first find out about the different business structures, and choose one that meets your need.
Sole-proprietorship - a business owned by one person
Partnership - a business between 2 and 20 partners
Limited liability partnership - a partnership where the liability of each individual partner is generally limited
Limited Partnership - a partnership with at least two partners, one a general partner & the other a limited partner
Company - a legal entity separate & distinct from its directors & shareholders. A company must have at least one director & shareholder.
For a comparison of the form of business structures, please refer
http://www.bizfile.gov.sg/mybizfile/prod/pop_up/Comparison_Chart.pdf
Things to know when starting a business in Singapore​
The first step to setting up a business is to register it with ACRA (The Accounting and Corporate Regulatory Authority). Whether you are planning to start an online shop, or run a business from your home, as long as it is an activity that is carried out on a continuous basis to make profit, you need to register your business.
To register for a business, you must be at least 18 years of age (with effect from 1 March 2009). You must not be an undischarged bankrupt or you must have obtained the permission of the High Court or the Official Assignee if you are planning to register a business entity in Singapore. You must not be disqualified under Sections 149, 149A or 154 of the Companies Act. Since all transactions must be lodged online, you need to have your NRIC No. and SingPass in order to log into the online system.
For foreigners, you will need to apply for an EntrePass from the Ministry of Manpower (MOM) if you are going to be actively involved in managing the company's operations.
Business Name Application
After you have decided on the business structure, you have to decide on a name for your business. Once you have decided a business name, you can apply for a new company name atwww.bizfile.gov.sg. The name application fee is $15 payable to ACRA. An approved company name will be reserved for 60 days from the date of name application. If you need more time, you can extend the reservation of the approved company name via BizFile for another 60 days. The fee payable is $10. Please note that you will have to apply for the extension latest by the 59th day from the date of name application; otherwise you will not be able to apply for the extension.
Business Registration
Once your name application is approved, you may proceed to incorporate your business online at www.bizfile.gov.sg. Registration will be completed within 15 minutes upon payment. However, should your application need to be referred to other government agencies for approval or review, it may take between 14 days to 2 months to process the registration. Once your application has been submitted succesfully, you will receive your UEN, or Unique Entity Number, and you are on your way to start running your business.
Should you have any trouble with business registration, feel free to contact us for assistance.
Reporting & Filing Requirement
Don't forget there are certain reporting requirements you must adhere to. You are responsible for ensuring that your information lodged with ACRA is up-to-date and accurate at all times, by filing any changes of particulars via BizFile. Besides informing ACRA of any changes, business entities will need to lodge the necessary annual filings. Renewal for Sole-proprietorship & Partnership Annual Returns for Company Annual Declaration for Limited Liability Partnership Renewal for limited Partnership Lodging up-to-date information and financial records with ACRA will allow members of the public to have access to regularly updated information to assist them in making better informed decisions when dealing with the business concerned.
If you are planning to exit from your business, you must also notify ACRA via BizFile when closing the business.
