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A Guide to Starting a Business in Singapore

A Guide to Starting a Business in Singapore

register business singapore

Applications that need to be referred to another government agency may how to calculate the debt service coverage ratio dscr take 14 to 60 days to be processed and approved. On a more legal aspect, it is usually commonplace for creditors such as banks to require a form of security in finance agreements when offering financial facilities. Companies can put up their assets, for example, office machinery or shares, as security.

Hiring Employees For Your Business

For example, start-up companies can receive full or partial exemptions for up to three years. Additionally, there are tax deductions and incentives for business activities like research and development, investment in approved activities, or qualifying expenses. All applications are usually processed and approved within 15 minutes of the payment of application fee.

A ‘business’ refers to any activity that is carried out on a continual basis for the purpose of profit. This includes online or web-based businesses such as running online stores as well as home-based businesses, such as those selling home-baked goods. Under section 5 of the Business Names Registration Act (BNRA), all types of businesses except those exempted (see below) must be registered with the Accounting and Corporate Regulatory Authority (ACRA). It is like laying the foundations for your house – or perhaps more like designing the floor plan.

Fees for registration of businesses

Ultimately, there are different pros and cons with each business structure, and this decision is largely dependent on your objectives. For instance, while setting up a company is relatively more expensive compared to other business structures, the members of the company have the benefit of not being personally liable for the debts and losses of the company. In contrast, while other business structures enjoy a lower initial start-up cost, its members are unable to avoid personal liability. Alternatively, you may wish to delegate this task to a corporate secretarial firm to manage your business’ obligations in this aspect. Failure to file a business’ income tax returns on time is an offence, and you will be liable to pay a 5% late payment maximum level or maximum limit of stock fee or even face legal action should your business repeatedly fail to settle the payment.

Otherwise, you may run your business immediately upon its successful registration. Upon registering your business, you will be issued a business profile containing details of your business as well as a Unique does insurance expense go on the balance sheet Entity Number (UEN) (i.e. your business’ identification number). Depending on the type of business you intend to register, you may need to seek approval from the relevant regulatory authority before starting your application to register on ACRA.

  1. For sole proprietorships or partnerships, you must notify ACRA that the business has ceased by filling in the “Cessation of Business” transaction online via BizFile+.
  2. The purchase of equipment, rental costs, start-up costs, and production costs all translate into financial costs which must be met for a business to operate smoothly.
  3. Depending on the type of business you intend to register, you may need to seek approval from the relevant regulatory authority before starting your application to register on ACRA.
  4. Examples of such goods include chewing gums, firecrackers and telecommunication equipment.

What to Do After Registering Your Business

By following these steps, you ensure compliance with local laws and set a solid foundation for your business operations. Incorporating a business in Singapore costs SGD 15 for the company name application and SGD 300 for the registration fee. Such services usually include the cost that has to be paid to the government. On the other hand, raising share capital may prove a less harsh arrangement financially for a business. This is because although shareholders who provide capital are entitled to be paid dividends (i.e. a cut of the company’s profits), these dividends can only be paid out of the company’s profits. This requires the company to be profitable before any dividends may be issued, which means that a company need not worry about issuing dividends should it not be making profits.

register business singapore

Choosing a business address

The authorities will start processing once the name application fee is paid and will be completed within 15 minutes. However, for more complex businesses, it may take up to 2 months if the application needs to be referred to another agency for approval or review. Singaporean law requires every company to appoint a corporate secretary and at least one director – usually within six months of incorporation, and they must be locals. This can be done online using the Singaporean government’s official platform – BizFile+. You will need a company name, a description of business activities, shareholder details, and a registered address.

You will need to understand the key differences between the structures and decide which is right for your business. For more information, you may refer to our other article which discusses in depth the filing processes for corporate tax in Singapore as well as the penalties for late or non-payment of corporate tax or inaccurate tax filings. A business may either raise capital by issuing shares in return for shareholder capital, or by borrowing from creditors. For instance, raising debt capital is relatively cheaper to obtain in comparison to share capital, as the latter requires listing costs and other expenses. For more information on the registration process, as well as the relevant exemptions from registration, you may refer to this article on registering a business. Should your business require any licences, you may apply via GoBusiness prior to running your business.

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