Having a separate account under your company’s name helps keep your finances organized and ensures accurate financial reporting. Both requirements can be done online through Bizfile. To apply for GST registration, you can visit and follow the steps on the IRAS website. The annual returns must be filed within 7 months after the end of the company’s financial year. Once the company qualifies as a small company, it will keep this status in subsequent financial years until it no longer meets the criteria or ceases to be a private company during the financial year. Registering your business is only the beginning.
Let’s dive in and get your business off the ground in Singapore, with clarity and confidence. That’s why I’ve created this guide to provide practical, step-by-step instructions to make your Singapore company setup as smooth as possible. It’s no surprise that Singapore ranks among the top globally for ease of doing business. Thinking of incorporating a company in Singapore? With its pro-business ecosystem and robust infrastructure, Singapore remains the ideal launchpad for global ambitions.
Attractive Tax Regime
Company registration in Singapore is no different. But while Singapore boasts a welcoming business climate, the country’s authorities strictly follow procedure. The how to calculate profit and loss account World Bank has listed Singapore as one of the most business-friendly countries for many years now.
Determine the business structure and collect supporting documents
- Every business must appoint a company secretary residing in Singapore.
- Additional schemes, such as the Intellectual Property Development Incentive and sector-specific tax concessions, can further lower effective tax rates.
- However, certain post-incorporation steps, such as opening a bank account, may require physical presence depending on the bank’s policy.
- Failing to comply risks enforcement actions such as fines, compliance notices, or disqualification of company directors—highlighting the importance of Singapore business compliance.
- However, you must appoint at least one local resident director as required by the Companies Act.
Once you’ve chosen a structure, use ACRA’s BizFile+ portal to register the company name in Singapore. Its benefits include more tax breaks, easier capital acquisition, perpetual existence, and the separation of personal and company assets. Selecting the right legal structure is the first decision when you register a new company in Singapore.
Don’t let accounting catch you off guard after registration.
The country offers several entity types of companies, including sole proprietorship, partnership, and company structures such as a limited liability company Singapore. Registering a company in Singapore is a straightforward process, but it’s important to understand each step to ensure compliance and avoid delays. These factors make business registration Singapore highly attractive for startups, SMEs, and foreign entrepreneurs.
Common compliance requirements for Singapore companies
Whether you’re a local founder or a foreign investor, the country offers strong legal support, modern infrastructure, and easy access to regional markets. Whether you’re a local entrepreneur or an overseas founder, we provide the right tools, knowledge, and support to help your business succeed from day one. Our incorporation process is designed for convenience and efficiency. From meticulous bookkeeping and timely financial reporting to navigating complex tax compliance, our expert team transforms your financial data into a powerful tool for strategic decision-making. At BBCIncorp, our professional accounting services are designed to provide businesses with the clarity and confidence needed to thrive in a competitive landscape.
Singaporean law requires your company to have at least one director to reside there. ACRA even provides a model structure on their website, which you can use as a template to streamline and expedite the registration process. To kickstart your venture, it’s essential to understand what’s needed for Singapore business registration. Once your application is accepted, ACRA will officially incorporate your business. Namely, the particulars of your directors and company secretary and your company constitution. A private limited company is the most common and flexible choice in Singapore.
Ongoing Formalities & Filing Requirements
Before registration, reserve your desired business name through the ACRA BizFile+ portal. Read more in this helpful guide on foreign registration, supplied by ACRA Bizfile, here. Combines the benefits of partnerships and companies, offering flexibility and limited liability. This reputation is underpinned by Singapore’s stable, pro-business regulatory framework – a key factor that draws entrepreneurs and international companies to its shores. Singapore is widely regarded as one of the most business-friendly places in the world to launch a company. No, you do not need to visit Singapore to register your company.
You can check company name availability in Singapore directly in the BizFile+ system. If approved, your reservation is valid for 120 days, giving you ample time to file for incorporation. It was named the world’s best place to do business in 2024 and holds the #2 global ranking in the World Bank’s Ease of Doing Business Index.
Step 2: Reserve Your Business Name
If you don’t have either, Sleek can provide both, along with full incorporation support, so you can launch your business in Singapore remotely and stress-free. Yes, you can register a business in Singapore even if you’re based overseas. In most cases, it takes just 1–3 working days.ACRA processes standard applications quickly, especially if your name is approved and all documents are in order. These are essential for opening a business bank account, applying for grants, and registering for GST (if applicable).
In Singapore, all companies, both local and foreign, are taxed at a flat rate of 17%. After registering your company, the next important step is opening a business or corporate account. GST-registered businesses are required to charge and account for a 9% GST rate on all sales of goods and services in Singapore unless exempted. Private limited companies are required to have their financial statements audited by an auditor or a registered public accountant at least once a year. This document certifies that the company is registered with ACRA in Singapore and may be required when opening a corporate bank account or engaging with government agencies. Every registered business in Singapore must have an actual office address to receive official correspondence from government authorities.
- Unlike when registering a company in Hong Kong, you are not required to have a company secretary at the time of registering a company in Singapore.
- Starting a business in Singapore is simpler than it sounds if you know what to expect.
- Factors influencing the exact duration include the type of business entity you’re registering and whether all required documents are readily available.
- After incorporation, open a corporate bank account in Singapore.
- While the account opening process and eligibility requirements typically vary by account plan and bank, major banks in Singapore usually require a Singpass, UEN, and Tax Identification Number (TIN).
Once you’ve checked that the name you have in mind is not taken, you can proceed to register it. Visit Bizfile and type your proposed company name in the search bar. You can check if the name you have in mind for your business is available on what is my filing status it determines your tax liability Bizfile.
From preparing financial statements to conducting your company’s AGM, we’ve got you covered. If you’re not Singaporean and you want a hassle-free experience, you might want to consider hiring a qualified company secretary.. See here for what you need to know about annual tax filing in Singapore. If you expect your annual turnover to exceed S$ 1 million, you must register for Goods & Services Tax (GST). The purpose of this address is to receive official communications, notices from the authorities, and legal papers. The corporate service providers will keep you compliant without running the admin yourself.
First, decide what type of business you’re setting up. Starting a business in Singapore is simpler than it sounds if you know what to expect. Before heading to Bizfile, it helps to have your wealth of donald trump key documents and details ready. Singapore is one of the most startup-friendly places in the world, and proper registration sets you up for growth.
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We can help connect your business with local banks and other digital-based alternatives Melissa has over eight years of experience telling stories and aims to help Singaporean small business owners and entrepreneurs with each piece she writes. By carefully navigating each step and planning ahead, you can streamline the process and avoid unnecessary delays. This positive image can boost your relationships with customers, suppliers, and investors while opening doors to new business partnerships.
When you register your Singapore business with Statrys, we assist you in applying for a Statrys multi-currency business account, subject to approval. While the account opening process and eligibility requirements typically vary by account plan and bank, major banks in Singapore usually require a Singpass, UEN, and Tax Identification Number (TIN). Sole proprietorships and partnerships must renew their business registration before the expiry date or up to 60 days prior. All companies, including inactive and dormant ones, must file annual returns, even if exempted by IRAS from filing an income tax return. Directors must appoint an auditor within three months of incorporation unless the company qualifies for an exemption as a small company. UEN number must always be quoted in business letters, statements of account, invoices, and other official correspondence, along with the company’s name.
One key requirement is to have a local resident as a company director or authorised representative. If the company is registered, it should be under six months old when applying for EntrePass. Remember, your business in Singapore needs to be a private limited one and incorporated before the EP application. Once you have officially incorporated your Singapore business, there are some specific annual filing requirements to be made. ACRA has set requirements for what sort of business address is needed. The company secretary keeps your business compliant with regulations and tax filings.
