7 Steps to Register a Business in Singapore

This is the first step towards registering your business. The general rule is that individuals and companies may incorporate and register a business in Singapore. The minimum requirement for a company is to have, at a minimum, one director and one shareholder who can be one and the same person. This individual must be of legal age, a Singapore citizen, permanent résidents, an Employment Pass holder or a Dependent Pass holder.

Other requirements for company formation in Singapore such as licenses, documents, and permits are contingent upon the type of business you want to register. It is best that you review the business structures that best suit the industry you want to enter.

You can do this step by simply searching through ACRA’s online directory of businesses via BizFile+. Some reminders when choosing your business name:

• Avoid derogatory, abusive, and obscene words or words suggestive of such.
• Certain words with historical significance or already being used by another company like “Temasek,” for instance, will not be approved.
• There are also business names that will require additional approval from a government regulatory agency like Law Society and Monetary Authority that may add to your processing timeline.

There are four main business structures in Singapore, namely: sole proprietorship, partnership, Limited Liability Company (LLC), and foreign company. Select which is the most appropriate business structure that will best suit your business.

For your new company registration to be processed, you need to provide a Singapore business address. This can be a physical brick-and-mortar type of facility like a home office, retail outlet, factory, or serviced office. But if your business does not require a face to face interaction with customers, you could opt for a virtual office address instead which is also offered by serviced office providers.

Depending on the industry that your company will operate, there will be additional permits and licenses required to conduct a specific type of businesses. For instance, if you are a professional i.e. doctor, lawyer, accountant, or pilot, you will need an occupational license before you could engage in business.

Corporate bank accounts are offered by most banks in Singapore. Universal banks have convenient features such as mobile and internet banking, global fund transfers, and trade financing. Some banking features that your business need to consider and might find very useful when applying and choosing a bank:

• The amount required to open an account
• Minimum maintaining balance requirements
• Access to mobile and internet banking
• Daily withdrawal limit
• Cheque book and debit and credit card
• Access to business loans
• Business insurance

Company formation in Singapore is pretty straightforward and can be accomplished within a few days. However, if you are a foreign investor who wants to engage in professional business and register a new company in Singapore, you are required by law to seek a professional corporate services provider.

For new companies that have director/s, secretary, and shareholders that are Singapore NRIC, Employment Pass or Dependent Pass holder, you may opt for a DIY approach and do the process in-house. Having said that, the process may become tedious and complicated for newbie entrepreneurs. Expertise and specialized knowledge on certain compliance may come in handy. It is still highly recommended to seek professional advice from a corporate service firm that can do the entire process on your behalf.