Updated: Nov 9, 2021
Believe it or not, starting a company in Singapore is easier than one thinks. As with any country, there are formalities that need to be observed. However, by following this step-by-step guide, one should be able to get up and running within days of deciding to start a business.
An aspiring entrepreneur can set up a business as sole proprietor, Partnership, Limited Liability Partnership or Company.
Before an incorporation can take place, a decision on the business name needs to be made. This is done by consulting the ACRA(Accounting And Corporate Regulatory Authority) for available names, and reserving it once it is confirmed that it is a unique entity name. Once this has been done, the aspiring entrepreneur then needs to decide on a business structure. If there are more than multiple owners in the business, the team will need to consider a limited liability partnership or company. If there is only one owner, the go to business structures available will be either a sole-proprietorship or a company. In both cases, the owner will have to register themselves as shareholders and provide an address in Singapore. There are pros and cons in different business structures.
For example, incorporating a company can generally give owners better protection against creditors, while a sole-proprietorship will not require lengthy declarations.
A registered business address is required for any of the above-mentioned structures . This will also be required when an application for business bank account is made. Therefore, it is important to clarify such details with an Incorporation Service Provider first.
Unless otherwise instructed by the company, this address should generally be the same as the physical business address for all correspondences with ACRA
Incorporation service providers in Singapore also provides registered business address services. This 'virtual address' provided by service providers will appear on official documentation instead of the business's actual address, making it look more established and reputable even if the business has no physical offices themselves.
Upon successful incorporation of a business. One can then be officially known as an entrepreneur in Singapore.
The next step after this would be to open a bank account with any of the Banks.
Follow us as we share in our next article on the opening of a business Bank account in Singapore.
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