info@singaporecompanyincorporation.sg
+65 6320 1888 Call our Singapore office
Singapore Company Incorporation

Singapore Company Registration Services

  • Home
  • Services
    • Our Services
    • Company Incorporation Services
    • Relocation and Immigration Services
    • Accounting and Tax Services
    • Corporate Compliance Services
    • Offshore Incorporation Services
  • Learning Centre
    • Learn About
    • Singapore Company Setup
    • Immigration and Relocation
    • Corporate & Personal Taxation
    • Offshore Incorporation
    • Resources
    • Infographics
    • Comparative Reports
    • Frequently Asked Questions
  • Tools
    • Company Name Check
    • Tax Calculators
    • Corporate Tax Calculator
    • Personal Tax Calculator
  • Community
    • Get the Latest Updates
    • Blog
    • Press Releases
    • Job Opportunities
  • Contact
  • Incorporate Now
You are here: Home / Blog / 3 Steps to Set Up a New Business in Singapore

3 Steps to Set Up a New Business in Singapore

December 31, 2013 IN Blog, Featured Articles

setting up a business in Singapore

The small island nation of Singapore rose to the top of World Bank’s best places to do business report six years ago and has never surrendered the number one position since.

The report claims it takes just three days to start a business in Singapore. And isn’t that the way businesses owners like it? Fast and easy. No fuss.

In an article posted on Business Insider, Saranya Kapur writes, “Apart from its business-friendly laws and flexible immigration policy, one big reason why Singapore has dominated the list for so long is its simple method for filing taxes.” The World Bank report puts the U.S. in 4th position overall, but 64th in terms of ease of paying taxes.

3 Simple Steps to Set Up a New Business in Singapore

The process can be summarized in 3 simple steps.

1. Choose your business entity

Though options exist, many new companies register with the Accounting & Corporate Regulatory Authority (ACRA) as “private limited companies” due to its scalability. On top of that, shareholders are not liable for debts and losses beyond their share capital.

Designated as such, your company is recognized as a taxable entity.

2. Set up your company

The private limited company is governed by the Singapore Companies Act, and must comply with its laws under ACRA and the Inland Revenue Authority of Singapore (IRAS). Designations include:

  • Company name – Must be approved by the ACRA.
  • Shareholders – Minimum of one.
  • Directors – At least one director must reside in Singapore.
  • Company Secretary – Also must be a Singapore resident.
  • Paid-up capital – At least S$1
  • Registered address – A physical office address is required.

As a newly-incorporated Singapore company, you may purchase a Business Profile from ACRA. This electronic report details information regarding your business, including your registration number (UEN), registration date, shareholders etc. This profile will be required to open a corporate bank account, apply for licenses and permits and check on potential business partners.

3. Open a bank account

After incorporating, you can open a bank account in Singapore. You may choose from a variety of local as well as international banks.

Business Processes That Follow Incorporation

Additional post-registration activities may include:

  • Licenses and permits – Some business activities require approval or a license from government authorities. Examples include: private schools, video companies, travel agencies, liquor distributors, money lenders, banks, financial advisers, childcare centers, and importers, wholesalers and retailers of liquor.
  • Registered office hours – You must register your office address and hours (minimum of three hours per weekday).
  • Registration number – The business registration number issued by ACRA must be on all your documents used for official business communications.
  • Customs registration – If your business involves importing or exporting, you must register your company with the Singapore customs.
  • Goods and services tax registration – Goods and Services Tax (GST) is a tax on the supply of goods and services in Singapore and on the import of goods into Singapore. You must register for GST if your annual taxable revenue exceeds S$1 million per year.
  • Registration with Singapore Central Provident Fund (CPF) – The Central Provident Fund or CPF is a compulsory pension fund scheme in which the employer and Singapore citizen/permanent resident employee contribute a percentage of the monthly salary to the fund.

Company Registration in Singapore FAQs

What are the steps in company registration in Singapore?

There are only 3 easy steps to company registration in Singapore;

1) Choose your business entity,
2) Complete the Documents Required for Singapore Company Registration, and
3) Open a bank account

What are the requirements for company registration in Singapore?

The requirements for company registration in Singapore are;

1) Company name – Must be approved by the ACRA.,
2) Shareholders – Minimum of one,
3) Directors – At least one director must reside in Singapore,
4) Company Secretary – Also must be a Singapore resident,
5) Paid-up capital – At least S$1, and
6) Registered address – A physical office address is required

How long does it take to complete a company registration in Singapore?

With a Singapore company registration service provider, it will only take you at least a day to complete your company registration in Singapore, that is, if you have all the required documents needed.

What are the processes for company registration in Singapore?

The processes for company registration in Singapore includes choosing your Singapore company name, completing the required documents, and registering your business with ACRA, and opening a bank account.

What is the easiest way to complete a company registration in Singapore?

The easiest and quickest way to complete a company registration in Singapore, is to find a Singapore company registration service provider. The provider will help your new company to comply with ACRA.

Incorporate a company in Singapore quickly and easily

Singapore Company Incorporation is the leading force in company registration in Singapore. With a gamut of services including Work Visas & Relocation, Accounting & Taxation, Business Licenses, Company Secretary and Trademark Registration, we are well-positioned to support your business.

Let Us Help You


Suggested Readings

A Step by Step Guide for Company Registration in Singapore how long does it take to register a company in SingaporeHow Long Does It Take to Register a Company in Singapore? Business Incorporation in Singapore8 Basic Elements of Incorporating a Company in Singapore A Beginner’s Guide for Incorporating Tech Start-ups in Singapore
← Looking for a new place to do business? Head to Singapore 8 Basic Elements of Incorporating a Company in Singapore →
Singapore Company Incorporation Services Incorporation Taxation Accounting Immigration
Get a quote Request call back Have a question?

Our Services

  • Singapore Incorporation
  • Relocation and Immigration Services
  • Accounting and Tax Services
  • Offshore Incorporation Services

Learning Centre

  • Incorporate Company
  • Relocation and Employment Visas
  • Taxation & Accounting
  • Offshore Incorporation

Calculate Your Taxes

  • Personal Tax Calculator
  • Corporate Tax Calculator

Free Download

  • Download our Singapore Company Formation Guide

    Download our Singapore Company Registration Guide

  • This field is for validation purposes and should be left unchanged.

Latest Posts

  • Everything to know about the Singapore Budget 2021
  • Your Guide to Filing IR8A for Employee Earnings in Singapore
  • Q&A: Transfer Pricing Singapore Guidelines
  • 10 Recession-Proof Business Ideas
  • How family offices in Singapore can secure your legacy
  • Setting up a Company in Singapore

Incorporation

  • Company Incorporation Singapore
  • How to Register Company in Singapore
  • Subsidiary Company Registration
  • Branch Office Registration
  • Incorporation Packages

Immigration

  • Singapore Work Visas
  • Employment Pass
  • Entrepreneur Pass
  • Personalised EP
  • Permanent Residence

Tax & Accounting

  • Corporate Tax Guide
  • Personal Tax Guide
  • Goods & Services Tax
  • Bookkeeping & Financial Statements
  • Payroll Services

Corporate

  • Corporate Secretary
  • Business Licenses
  • Trademark Registration
  • Statutory Compliance
  • De-Registration/Strike Off

Tools

  • Company Name Check
  • Personal Income Tax Calculator
  • Corporate Tax Calculator
  • Incorporation Wizard

Copyright © 2021 Singapore Company Registration & Work Visa Specialists. All Rights Reserved. | Privacy Policy | Terms of Use

We use cookies to improve and customise your browsing experience. You are deemed to have consented to our cookie policy as you continue browsing our site.OK