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How to Register a Business in Singapore in 2023

Introduction To Business Registration In Singapore

The business registration process in Singapore is relatively straightforward and inexpensive. The process of registering a business in Singapore is divided into two steps: registering a business name and registering the company with the Accounting and Corporate Regulatory Authority (ACRA). It is important to note that registering a business name and registering a company are two separate processes, and both must be completed before a business can be legally established in Singapore.

Requirements For Business Registration in Singapore

The first step in registering a business in Singapore is to register a business name. This can be done through the Business Name Registration System (BNRS) and requires the submission of the following documents:

A copy of the applicant’s identity card
Proof of the registered address of the business
Proof of the Singapore Business Number (SBN) of the business
A business plan

Once the application has been submitted, it will be reviewed by the BNRS and a business name will be registered within two weeks. The registered business name must be used in all business dealings and documents.

Applying For Company Incorporation in Singapore

Once the business name has been registered, the next step is to apply for company incorporation with the Accounting and Corporate Regulatory Authority (ACRA). This can be done through the BizFile+ system, which requires the submission of the following documents:

A completed application form
A copy of the registered business name
A copy of the identity cards of the directors and shareholders
A copy of the registered address of the business
A copy of the Singapore Business Number (SBN) of the business
A business plan

Once the application has been submitted, it will be reviewed by ACRA and a company will be registered within two weeks. The company will then be issued a Certificate of Incorporation and will be legally established in Singapore.

Post-Incorporation Requirements

Once the company has been registered, there are a number of post-incorporation requirements that must be met. These include:

Appointing a company secretary within six months of incorporation
Opening a corporate bank account
Applying for a Corporate Tax Number (CTN)
Registering for GST, if applicable
Filing the annual return and financial statements
Applying for relevant business permits and licenses

By fulfilling these post-incorporation requirements, a business will be able to operate legally in Singapore.

Conclusion

In conclusion, registering a business in Singapore is relatively straightforward and inexpensive. The process is divided into two steps: registering a business name and registering the company with the Accounting and Corporate Regulatory Authority (ACRA). Once the company has been registered, there are a number of post-incorporation requirements that must be met in order for the business to be able to operate legally in Singapore.