Starting a business in Singapore is a great idea! Singapore is a vibrant & exciting cosmopolitan city. It has a strategic location & is one of the 4 Asian Tiger economies. In the very beginning of your startup venture, you need some milestones that would guide you in a correct direction.
Do-It-yourself
o register your own company, you have to access to bizfile under Accounting and Corporate Regulatory Authority (ACRA) as a private limited This can be done simply online using a Singpass (apply at www.singpass.gov.sg).
Fees for registering a company are $15 for the name application and $300 to incorporate the company. The registration is usually approved within 15 minutes for online applications.
Seek Professional Help
Entrepreneur who needs fast and one-stop service may seek professional guidance from a Chartered Accounting firm. A Chartered Accountant (CA) has the expertise to help you with starting a business in Singapore. Some CA comes with years of experience in jumping start your business with days using the Cloud Technologies.
By going to an Chartered Cloud Accounting firm, you are more assured of a professional company incorporation based on the regulations of the Singapore Companies Act.
Step 1 – Business Structure
The structures available are:
- Sole Proprietorship – a business that is owned by 1 person
- Partnership – a business with between 2 & 20 partners
- Limited Liability Partnership – a partnership where the liability of each individual partner is generally limited
- Limited Partnership – a partnership with at least 2 partners, 1 a general partner & the other a limited partner
- Company – a legal entity separate from its directors & shareholders. There must be at least 1 director & shareholder
Step 2 – Name your company
Before registering your company, you need to decide on a business name. It should describe the nature of your business & assist in marketing your business effectively. It is preferable to avoid names which are identical or similar to those that other business entities have already registered with ACRA, as well as names which are offensive to the public. Try checking your name in Google first.
Before registering your company, you need to decide on a business name. It should describe the nature of your business & assist in marketing your business effectively. It is preferable to avoid names which are identical or similar to those that other business entities have already registered with ACRA, as well as names which are offensive to the public. Try checking your name in Google first.
Step 3 – Incorporate the company
You will need to prepare:
- 2 preferred company names
- A short description of your business activities
- Copies of identity cards (for Singaporeans)
- Documentary proof for foreigners (Passports & details of overseas residential address)
- Share Capital and shareholding details
- Shareholders’ particulars
- Directors’ particulars
- Registered company address
Step 4 – Post Incorporation Work
Your professional Cloud Accountant will prepare all the necessary documents with a complimentary company secretary on your first year of service. We will also start by assisting you with the following MUST HAVE services to jump start your business with our alliances.
- Setting up Cloud Accounting Software for Quotation and Billing
- Assisting with Branding Identity
- Training you to keep your administrative work (FREE from EBOS)
Chat with EBOS Cloud Accountant if you have any question about starting a business in Singapore.
