You as a Singapore incorporated company need to file financial statements with ACRA only if you are not exempted. As mentioned above, you or your corporate secretary would use BizFile+ for a variety of purposes if you are a business entity registered in Singapore. RCB was responsible for the management of company registration, company incorporation, providing strategic business information, and registry of company documents.
- In addition to this, you also need to decide whether your accounting period comprises 12 months or more than 52 weeks.
- This is unless, they are carrying on business in Singapore in the name of a foreign company that has already been registered under the Companies Act.
- Thus, businesses can now get access to more than 300 electronic services with BizFile+.
Use this e-Adviser to get recommendations for a suitable business structure, based on your business requirements. Use this e-Adviser to find out next steps based on your business requirements. The pre-requisites, information and supporting documents needed for the application to register the business will vary, depending on the business structure type. The complete information regarding prerequisites, and other supporting documents will vary depending on the type of your business structure. If you want to keep your personal information private, you can submit an alternate address for a fee of $40. You will still have to submit your residential address for ACRA’s records.
Why Are Company Stamps Still Important in Singapore?
Failure to make such a registration could potential make any business contract entered to between the business owner and a third party void on the grounds of illegality. Like the company name, it is also vital that the business owner decides on the entity’s principal activity. A list of activities is set out in the Singapore Standard Industrial Classification or SSIC. If you had chosen to register your business as a company, you must apply to ACRA to voluntarily wind up your company or to strike it off the register. 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+. Another consequence of failing to register is that any contractual rights may be unenforceable by an unregistered business owner.
- The first step in registering your company is to select an appropriate name for your business.
- After that, you’ll be led to a list of recommended steps to take in a Guided Journey, which include applying for your business name and registering your business.
- Of the 3 types of partnerships, an LLP is the most advanced and most recent of business structures where the individual partner’s own liability is generally limited.
- Upon registering your business, you will be issued a business profile containing details of your business as well as a Unique Entity Number (UEN) (i.e. your business’ identification number).
ACRA would send an email notification to the appointed officers in case of company registration. You can access this email from the dashboard of your BizFile+ account. CorpPass allows entities to undertake transactions with multiple government agencies online. It is a single login method to undertake the government for business transactions.
Or you can choose to start a company without moving to Singapore by appointing a local resident director. Learn more about what you need to register your business, depending on the business structure you’ve chosen atStep 1. Registration makes it easier for the public to find your business and transact with what is cost of goods sold cogs it. There are different requirements and supporting documents you will need, depending on your business structure. Learn more about what you need to register your business, depending on the business structure you’ve chosen at Step 1. Limited liability does not apply to a sole proprietorship or partnership.
Types of companies in Singapore
The online platform ensured that individuals were no longer required to physically go to ACRA’s service center. In other words, individuals seeking business registration in Singapore could now make the requisite submissions and applications via BizFile+ online. After your company has been incorporated, you can apply for an Employment Pass under the new company. The approval of the pass is subject to eligibility requirements and prevailing government policies.
What Happens If the Business Closes Down?
If you should choose to get a registered filing agent to register your Singapore business. You would need to furnish your NRIC/Passport/recent utility bill (last 3 months) to the registered filing agent for their internal approval and compliance purposes. Also you would need to disclose the purpose for which you are setting up the relevant entity so that the registered filing agent can run “Know you client and anti-money laundering checks.
Setup cost calculator
This fee includes both company registration and 1 year of our company secretary services. Our expert team will also help you to prepare any other documentation your company will need to get started and running. 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. Accordingly, the business entities would have to choose the business structure and follow the necessary steps to get itself registered with ACRA. BizFile+ is an online platform managed by ACRA allowing businesses to file statutory documents online and retrieving information related to registered businesses.
When your pass is approved, your family will also be eligible to relocate on the Dependant Pass visa. Upon registration, all official documents will be immediately available on our online portal. As soon as your Singapore company is registered, you can start conducting business under its name. Once the incorporation documents are ready and signed, we will register the company with Singapore’s company registrar, Accounting and Corporate Regulatory Authority (ACRA).
For the registration of a limited liability partnership, you would need the names, NRIC/passport number of the partners and the name of the LLP and choose a manager. To register a business in Singapore, you would need a Singpass account and a Corpass account. For those outside Singapore, you would need to find a registered filing agent with those accounts to register your business for you. You would be required to apply for certain licenses or approvals from other government agencies before starting off with your business. You need to be prepared with certain details in order to submit an online application to BizFile+ for company incorporation. Designed for foreign entrepreneurs and foreign companies, this package covers all services that are necessary to incorporate and start a new Singapore company.
Understand the benefits and requirements of opening a corporate bank account. Reserve your business name and register your business entity on GoBusiness with guidance from the e-Adviser. There are two ways to register for a Corppass Administrator Account, via GoBusiness or via the Corppass portal. The business registration process through BizFile is straightforward.
