Singapore is known for its pro-business policies and easy registration process. As such, it has become a popular destination for entrepreneurs looking to start a business in Southeast Asia. In this article, we will outline the steps required to register a business in Singapore.
Table of Contents
Choose a Business Structure
The first step in registering a business in Singapore is to choose the appropriate business structure. The most common business structures in Singapore are:
Sole Proprietorship: A business owned and operated by one individual.
Partnership: A business owned and operated by two or more individuals.
Limited Liability Partnership (LLP): A partnership where partners have limited liability.
Private Limited Company (Pte Ltd): A company with limited liability, which means that the shareholders are only liable for the amount of their investment.
Choose a Business Name
Once you have chosen the appropriate business structure, you will need to choose a unique name for your business. You can check the availability of your desired name using the online business name search tool on the Accounting and Corporate Regulatory Authority (ACRA) website.
Register Your Business with ACRA
To register your business with ACRA, you will need to complete an online application form via the BizFile+ portal. You will need to provide details such as your business name, business structure, registered address, and details of your directors and shareholders.
Obtain Necessary Licenses and Permits
Depending on the nature of your business, you may need to obtain certain licenses and permits before you can start operations. Some of the common licenses and permits required in Singapore include:
Business license
Work permit or Employment Pass for foreign employees
Food establishment license for food and beverage businesses
Liquor license for businesses that sell alcohol
Open a Corporate Bank Account
To operate a business in Singapore, you will need to have a corporate bank account. You can open a corporate bank account with any of the major banks in Singapore.
Register for Taxes
All businesses in Singapore are required to register for Goods and Services Tax (GST) if their annual turnover exceeds SGD 1 million. You will also need to register for other taxes such as corporate income tax and withholding tax.
In conclusion, registering a business in Singapore is a straightforward process. However, it is important to ensure that you have all the necessary licenses and permits before starting operations. Generis Global can help you with the legal part of your business journey in Singapore. Contact us today to learn more about our services.