Singapore has many accolades pegged to its brand, bolstering the Republic’s reputation as a key regional and global hub for companies to do business. Consistently outranks the world as one of the cities with the best investment potential, Singapore leads the pack among the rest of the global economies when it comes to maintaining its competitive edge.
Setting up a business or company in Singapore can be done in 6 simple steps.
Any activity which is carried out on a continual basis for the purpose of gain is required to be registered with ACRA.
Every person, before carrying on business in Singapore, must register with ACRA except for those who are exempted under the Business Names Registration Act.
There are a few business structures available. Depending on the ownership structure and risk appetite, choose the structure which is most suitable for your business.
A sole-proprietorship is a business owned by one person or one company. There are no partners; the sole-proprietor has the absolute say in the running of the business.
A partnership is a business firm formed by two to twenty partners.
A Limited Partnership consists of a minimum of two partners, with at least one general partner and at least one limited partner.
Limited Liability Partnership
A Limited Liability Partnership (LLP) gives the owners the flexibility of operating as a partnership while having a separate legal identity like a private limited company.
A company is a business entity registered under the Companies Act, Chapter 50. It has a legal personality i.e. it has rights to own properties, has perpetual succession and can sue or be sued in its own name.
There are 3 types of company:
Find out what are risks to you as an owner for each of the different structures, the different legal impacts each business structure has and which business structure is most suited for you by dropping us a note.
Contact us to learn more about the availability of grants and subsidies to support your business and the most popular business structure these days.
The name of your business or company shall not be:
All businesses or companies should have a local business address which is not a P.O. Box address.
To find out whether you can use your residence as business address, contact us.
For a company, there should be at least one director who ordinarily resides in Singapore. A company secretary must also be appointed within 6 months from incorporation.
Apply for name registration and incorporating of business or company with ACRA via their BizFile+ portal.
Post incorporation, the directors of the company have a fiduciary duty to ensure compliances with the Companies Act. Appoint us as your company secretary and we will help you keep abreast of the changes in Companies Act and ensure compliance with the various regulatory requirements.