How to Register a Business in Singapore
As a financial hub of Asia, Singapore has always attracted people not only from Asia but also from across the globe. The country offers dream opportunities to business aspirants to launch their ideas with maximum profit margins. Foreseeing its importance as a fascinated destination for investments, Singapore has always made it easy for people to register and incorporate their companies. In Singapore, you can even register and start a business within three days.
Why register your business?
According to Section 5(1) of the Business Names Registration Act 2014, “before a person carries on business in Singapore, the person and the person’s business name must be registered.” (sso.agc.gov.sg)
Singapore has always sustained its positive image for being one of the least corrupt countries and has never favored for off-shore companies. Therefore besides legal regularities, registering your company is also in favor of your profit. It will be a reputable and legitimate option for its customers, investors, and suppliers. They can authenticate the details of your business without any hassle and doubt.
As a business center of Asia, there is a high competition in the market of Singapore. It also enables companies to come up with more effective and innovative ideas. You can collaborate for government contracts and intellectual properties. Moreover, you can also go for fundings offered by many public or private enterprises.
Singapore business incorporation also allows you to enjoy a 0% income tax rate on the first $100,000 income for the initial three annual tax payments. After registering your company in Singapore, you can access to double taxation agreement with more than 60 countries in the world.
As many people are moving to online platforms to launch their ideas, buying a physical office might not be in your plans. So, if you’re starting an online business, you can register your company without renting or buying an actual office.
Guide to register a business in Singapore
Singapore business incorporation is not a tiresome process at all. Just at the ease of one click, you can make it to the end. If you are a newbie and looking forward to a bright future, here is an easy guide to staying on the right track of the registration process.
1) Online application via the BizFile+
If you want to register your business, you can make an online application through Bizfile+(the electronic filing and information system) website. After providing all the information, it takes almost 15 minutes to complete. Some businesses require approval from certain authorities before registering. These authorities may take 15 days and sometimes two months to complete this task. It is better to select two or more names apart from your first selection to avoid unnecessary time delay. However, it depends on the business you want to register, that you may need to get approval from the relevant regulatory authority before you start to register your application.
2) Requirements for the online application
For this online application, you may need the following documents. So you should keep them ready beforehand.
a) Documents for Residents
Identity card of Singapore
Proof of your residence if you are living overseas.
KYC (Know your customer) form
Records of previously owned business
b) Documents for Foreigners
Passport of the person
Proof of residence in Singapore
Proof of residence in another country (home country)
Records of previously owned business
c) Documents for Corporate Entity Shareholders
Incorporation documents including email and certificate from ACRA
Constitution document to explain how you will legally regulate the internal affairs of your company including the affairs with co-owners and shareholders
The corporate document explaining the link between the previous company and the new one
Minimum capital of 1 USD
Proof of Identity; Identity card in case of residents and Passport in case of foreigners
d) Other documents related to Business
Log in to access the Singapore government’s online services (SingPass)
Name of the business
Dates of starting the business and duration of registration
Details of Business including location and information of owners, if there is any
e) Bank account
You may be required to do online transactions for various steps like fee of registration etc.
3) Fee of Registration
For sole proprietorship, partnership, and Limited Liability Partnerships: You have to pay 115 USD for one-year incorporation and 175 USD for three years.
For companies: If you are a company, you have to pay 315 USD for incorporation, and it includes the registration of the name of your company as well.
What to do next?
After completing the registration process, they evaluate your profile, approve your registration, and issue you a Unique Identity Number (UEN) along with your business profile. You may need this UEN for business transactions within government services.
Renewal of Registration
To be very clear, the above period of registration limit applies to incorporation. Registration of a company does not expire unless you have incorporated your company. In this case, you need to pay a renewal fee of 30 USD for one year or 90 USD for three years.
How professionals help you?
Consultant companies like Bestar offer their professional, experienced, and affordable services to help you in completing the processes of registration and Singapore business incorporation. You might face difficulty in getting your documents, filling out the forms, or doing transactions, especially if you are a foreigner and do not know much about the legal regularities in Singapore agencies. Therefore professionals make sure that the process goes smoothly and perfectly.