It isn't as complicated to start a company in Singapore as it is in other places. The fact is that the tiny but economically superior Southeast Asian country has one of the simplest corporation registration processes in the world. But registering a company is not the same as managing one. Though Singapore provides business owners support and incentives, it's still up to them to ensure the success of their business. Nonetheless, registering a company with ACRA or the Accounting and Corporate Regulatory Authority is the first step in managing a successful company in Singapore.
If you wish to set up a company in Singapore, you need to be at least 18 years old, and must not be an undischarged bankrupt. Lodge your company application online through BizFile, the business services website of ACRA. You need to log in your NRIC or SingPass before you can lodge an online transaction. For foreign citizens, they would need the services of a professional firm to be able to submit the online application.
One important filled that you have to answer in the registration form is your company's name. Think of one that is not undesirable, similar to an existing business name, or identical to a name being reserved under the Companies Act, the Limited Liability Partnership Act, the Limited Partnership Act, or the Business Registration Act. To make sure your corporation name is unique, check it with BizFile.
You need to pay SGD15 for name approval fee upon registration. For the registration fee for company incorporation, it is determined by the type of company you select. For registration of a company that is limited by guarantee, the fee is SGD600, while for company that's limited by shares, it's SGD300.
The company incorporation process can take as quickly as 15 minutes to as lengthy as 2 months. Singapore company registration process is typically just 15 minutes after the registration fee has been paid, but it can take from 14 to 60 days if your application needs to be passed on to another government authority for assessment or approval. This is usually 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 example, your company's activities would involve the establishing of a private school, in which case your request would be passed on to the Ministry of Education.
If you wish to set up a company in Singapore, you need to be at least 18 years old, and must not be an undischarged bankrupt. Lodge your company application online through BizFile, the business services website of ACRA. You need to log in your NRIC or SingPass before you can lodge an online transaction. For foreign citizens, they would need the services of a professional firm to be able to submit the online application.
One important filled that you have to answer in the registration form is your company's name. Think of one that is not undesirable, similar to an existing business name, or identical to a name being reserved under the Companies Act, the Limited Liability Partnership Act, the Limited Partnership Act, or the Business Registration Act. To make sure your corporation name is unique, check it with BizFile.
You need to pay SGD15 for name approval fee upon registration. For the registration fee for company incorporation, it is determined by the type of company you select. For registration of a company that is limited by guarantee, the fee is SGD600, while for company that's limited by shares, it's SGD300.
The company incorporation process can take as quickly as 15 minutes to as lengthy as 2 months. Singapore company registration process is typically just 15 minutes after the registration fee has been paid, but it can take from 14 to 60 days if your application needs to be passed on to another government authority for assessment or approval. This is usually 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 example, your company's activities would involve the establishing of a private school, in which case your request would be passed on to the Ministry of Education.
About the Author:
For related articles on Singapore company incorporation or Click here to learn more.
