It isn't as complicated to set up a company in Singapore as compared to other places. It even has one of the simplest business incorporation processes in the world. But registering a company is not the same as managing one. It is still up to the business owners to make their firm a success, despite the numerous support and incentives the small but economically outstanding Southeast Asian country offers them. Nevertheless, to run a successful company in Singapore, the first stage is to register it with ACRA or the Accounting and Corporate Regulatory Authority.
If you want to set up a company in the country, you need to be at least 18 years old, and must not be an undischarged bankrupt. Submit your company application online via BizFile, the business services portal of ACRA. You need to log in your NRIC or SingPass before you can lodge an online transaction. For foreign residents, they would need the services of a corporate services firm to be able to submit the online application.
Submit a company name proposal and have it accepted by ACRA. The statutory board will approve the name if it's not undesirable, identical to an existing business name, or similar to a name being held in reserve under the the Business Registration Act, the Companies Act, the the Limited Liability Partnership Act, or the Limited Partnership Act. Check with Bizfile if the company name you want is already taken.
You have to pay SGD15 for name approval fee upon registration. For the registration fee for company incorporation, it depends on the type of company you select. For registration of a company that is limited by guarantee, the fee is SGD600, whereas for company that's limited by shares, it's SGD300.
The company incorporation process can take as quickly as 15 minutes to as long as 2 months. Singapore company registration process is usually just 15 minutes after the registration cost has been paid, but it can take from 14 to 60 days if your application needs to be passed on to another government agency for assessment or approval. This is normally the case if the name of your company includes the words bank, media, and law, or if the activity of your company requires further evaluation. For example, your company's activities would involve the setting up of a private school, in which case your request would be referred to the Ministry of Education.
If you want to set up a company in the country, you need to be at least 18 years old, and must not be an undischarged bankrupt. Submit your company application online via BizFile, the business services portal of ACRA. You need to log in your NRIC or SingPass before you can lodge an online transaction. For foreign residents, they would need the services of a corporate services firm to be able to submit the online application.
Submit a company name proposal and have it accepted by ACRA. The statutory board will approve the name if it's not undesirable, identical to an existing business name, or similar to a name being held in reserve under the the Business Registration Act, the Companies Act, the the Limited Liability Partnership Act, or the Limited Partnership Act. Check with Bizfile if the company name you want is already taken.
You have to pay SGD15 for name approval fee upon registration. For the registration fee for company incorporation, it depends on the type of company you select. For registration of a company that is limited by guarantee, the fee is SGD600, whereas for company that's limited by shares, it's SGD300.
The company incorporation process can take as quickly as 15 minutes to as long as 2 months. Singapore company registration process is usually just 15 minutes after the registration cost has been paid, but it can take from 14 to 60 days if your application needs to be passed on to another government agency for assessment or approval. This is normally the case if the name of your company includes the words bank, media, and law, or if the activity of your company requires further evaluation. For example, your company's activities would involve the setting up of a private school, in which case your request would be referred to the Ministry of Education.
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