As one of the world’s most competitive economies, Singapore is a prime location for businesses of all sizes. It is not without its challenges, however. Opening a business requires special requirements and processes that may seem daunting.
The term “business” refers to any activity undertaken on a continuous basis for the purpose of gain or profit. In Singapore, all businesses are required to register with the Accounting and Corporate Regulatory Authority (ACRA) to comply with the country’s legal regulations.
There are several different types of company structures in Singapore, but the most common is a private limited company. This type of company separates the owner from the business and allows for a higher level of flexibility, including multiple types of shareholders. Other options include partnerships and sole proprietorships, but a private limited company is usually the best choice for entrepreneurs.
Before applying for registration, aspiring entrepreneurs must choose a company name that is unique and memorable. The name should be easily pronounced and understood, and should not contain words that are considered offensive or indecent. It is also important to keep in mind that the registration process will take a few days. Therefore, it is a good idea to start the process early and to have all necessary documents ready.
A local registered address is essential for a successful application, as ACRA and other government agencies will need it for official communication. While renting a commercial property in the heart of the city can cost thousands, there are other ways to acquire a suitable address. Timcole can assist entrepreneurs with this by logging into the BizFile+ system on their behalf using a SingPass. how to register a business in Singapore