Procedure to set up or start a business in Singapore?
- You can easily register your company online, including any international branch offices by ACRA.
- Complete name as it appears on your NRIC while doing business.
- Foreign companies may contact these government organizations if they want to open a representative office in Singapore: Banking, finance, and insurance – Monetary Authority of Singapore, Legal – Legal Services Regulatory Authority, All other industries – Enterprise Singapore.
- Applying for a business name and then registering the business are the two steps in the registration process.
- You can start the business registration process after the name has been approved.
- Upon successful registration of your new business, your business will be issued a Unique Entity Number (UEN). The UEN is your business’ unique identification number that will be used in all transactions with government agencies.
Where to register?
- Register directly through Bizfile.
- Obtain the assistance of a registered filing agent (such as a legal firm, accounting firm, or a corporate secretarial firm) to file an online application on your behalf.
What type of business you can register?
Depending on the type of business structure, different prerequisites, information, and supporting documents will be required for the application to register the business.
- Sole Proprietorship/Partnership
- Compared to a corporation, a single proprietorship or partnership is easier to establish and less expensive to run. This is a brief explanation of how to form a partnership or sole proprietorship.
- Usually within 15 minutes of paying the registration fee
If the application needs to be evaluated by Referral Authorities, it can take 14 to 60 days. - All position holders must be at least 18 years old.
- Limited Partnership
- In Singapore, a Limited Partnership (LP) is a method of conducting business. A minimum of two partners are required for this partnership, with at least one general partner and one limited partner. A limited partnership (LP) cannot sue or be sued separately from its partners or possess property since it lacks an independent legal identity.
- A general partner or a limited partner of the LP might be either an individual or a business. A local manager need not be appointed unless all of the general partners live elsewhere.
- To register check the details here.
- Limited Liability Partnership
- An option for conducting business in Singapore is a Limited Liability Partnership (LLP). Owners of an LLP have the freedom to do business as a partnership while maintaining a distinct legal identity, much like a private limited corporation.
- This indicates that the LLP has a legal identity distinct from its partners and is regarded as a body corporate. The everlasting succession of an LLP ensures that its existence, rights, and obligations are unaffected by changes in its partners.
- To register check the details here.
