This can be done online using the Singaporean government’s official automatic data processing platform – BizFile+. You will need a company name, a description of business activities, shareholder details, and a registered address. Additionally, different business structures will require different processes and requirements to register. Common business structures are Private Limited Companies (similar to Limited Liability Companies in other jurisdictions), Sole Proprietorships, and General Partnerships.
Apply for an Entrepreneur Pass (EntrePass)
If your business venture falls under other business structures, head on over to BizFile+ to register your business name directly, or appoint a registered filing agent, such as a law firm, to submit an online application. While Singapore has a few different types of business structures, setting up a Private Limited Company (also known as PTE LTD, PVT LTD, or LLC) is by far the most preferred and popular choice. This option provides scalability, enhanced credibility, access to funding, limited liability protection, attractive tax benefits, perpetual succession, and robust governance standards. Once you have submitted the necessary information about company structure and stakeholders, our compliance team will check and assess the identities and backgrounds of all company stakeholders. This Know Your Customer (KYC) process is an important component of the company incorporation process in Singapore. It is mandated by the Monetary Authority of Singapore (MAS) and other regulatory bodies to ensure that businesses comply with Anti-Money Laundering (AML) and Anti-Terrorist Financing (ATF) regulations.
Registering a business
Such services usually include the cost that has to be paid to the government. Depending on the type of business and business structure, it usually takes 1 working day. 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. If you’re a first time entrepreneur, check out the Start-up Guide which will take you through an overview of the process of registering your small business, and six steps you can take to get started. Learn more about the benefits of registering a business, and get an estimate of the cost of establishing and running your own business in Singapore with the Setup Cost Calculator.
How To Register a Company in Singapore in 2024
If you plan to start a company in Singapore and are moving there, you can register it with the relevant work visas or do so remotely by appointing a resident director or a nominee director. Your local director may not necessarily partake in all decisions, but they should still satisfy the government requirement such as minimum salary, holding the annual general meeting, and so on. We have ready-made incorporation packages based on the most common needs of our foreign and local clients.
- You can also pause and continue your application any time on the GoBusiness Dashboard, and the status will be reflected under “My Submissions”.
- On the other hand, Singapore digital banks generally offer remote account opening.
- We have now incorporated multiple companies with them and look forward to a prosperous and mutually beneficial ongoing relationship.
Check out these videos on the various aspects of starting a business in Singapore. Get an estimate of how much it costs to start and run a business in Singapore with our Setup Cost Calculator. Do note that Housing Development Board (HDB) flats and private residential properties are intended for residential use, and there are conditions and guidelines that need to be followed. Most importantly, the property must still be used for residential purposes and the business activity must be kept at a small scale to avoid causing disamenities to your neighbours. The Ministry of Manpower (MOM) allows entrepreneurs to obtain an EP after incorporating a company in Singapore.
If you’re registering a Sole Proprietorship or Partnership, you can reserve your business name and register the company via GoBusiness, by logging in with your Singpass. Designed for Singapore citizens and permanent residents of Singapore who do not need our local director and Employment Pass application filing service. Our packages include all essential services for opening your Singapore company, without bundling unnecessary services that may not be required. To see a quick summary of various business structures in Singapore, click on one of the two options below.
Our platform allows you to easily communicate with us online for any clarifications you may need at any step of the process. Use your Corppass Administrator account to manage your business’ digital transactions with the Government. Alternatively, you may also appoint a registered filing agent to submit the application on your behalf. Take your learning even further and read up on tips to creatively market your brand, or learn to manage your new business on the GoBusiness Dashboard.
