Singapore is renowned for its pro-business environment, and registering a company name is one of the first steps to establishing a business here. This guide walks you through the entire process, from brainstorming your ideal name to receiving approval from the Accounting and Corporate Regulatory Authority (ACRA).
Step 1: Brainstorming the Perfect Name
Your company name is a key element of your brand identity. It should be unique, relevant to your business, and easy to remember. While brainstorming, consider the following:
- Relevance: Choose a name that reflects the nature of your business or industry.
- Originality: Ensure the name isn’t similar to existing businesses to avoid confusion.
- Future-proofing: Avoid overly specific names that might limit your business growth or diversification.
Step 2: Checking Name Availability
Before submitting your desired name, you’ll need to verify its availability. Use ACRA’s BizFile+ portal to search for existing names:
- Visit the BizFile+ website (https://www.bizfile.gov.sg).
- Use the Name Search function to check if your desired name is available.
- Ensure the name doesn’t violate any of ACRA’s naming guidelines, such as:
- No vulgar or offensive terms.
- No similarities to established brand names or trademarks.
Step 3: Meeting ACRA’s Naming Requirements
To increase the chances of approval, ensure your name complies with ACRA’s regulations:
- Avoid prohibited words or phrases.
- Seek approval for names containing regulated terms like “bank,” “finance,” or “medical.”
- Ensure the name accurately represents your business activities.
Step 4: Reserving Your Company Name
Once you’ve confirmed availability, you can proceed to reserve your company name. Here’s how:
- Log in to the BizFile+ portal.
- Select “Application for Name Approval and Reservation.”
- Fill out the required information, including your proposed name and business type.
- Pay the application fee (S$15 per name).
Name reservations are valid for 120 days, giving you ample time to complete the company incorporation process.
Step 5: Receiving Approval
ACRA typically reviews name applications within 1-2 business days. However, if your name includes regulated terms, it may take longer as additional approvals are required.
- Approved Names: Once approved, the name is reserved exclusively for your use.
- Rejected Names: If rejected, review ACRA’s feedback and submit a revised application.
Step 6: Proceeding to Company Registration
With an approved name, you can now proceed to register your company. This involves:
- Preparing incorporation documents, including your company constitution and particulars of directors/shareholders.
- Filing the incorporation application through BizFile+.
- Paying the registration fee (S$300 for most companies).
Tips for a Smooth Registration Process
- Double-check all details before submission to avoid delays.
- Work with a corporate service provider if you’re unfamiliar with the process.
- Stay updated on ACRA’s guidelines and requirements.
Conclusion
Registering a company name in Singapore is a straightforward process, provided you follow the guidelines and prepare thoroughly. With the right approach, you’ll move seamlessly from idea to approval, setting the foundation for your business success in one of the world’s most dynamic economies. Start your journey today and bring your business vision to life!
Check out our website at https://ebos-sg.com/ to explore more articles and discover how our Cloud Accountant Services can support you on your business.
