The Ministry of Manpower (MOM) gives entrepreneurs an opportunity to obtain an EP once they have incorporated a company in Singapore. In addition to Singapore citizens and permanent residents, only financial terms glossary foreigners with a Dependant’s Pass, Overseas Networks & Expertise (ONE) Pass or Letter of Consent are allowed to register a sole proprietorship. Legally, a sole proprietorship is not a standalone entity, which means that the owner – whether an individual or a legal entity – and the business are considered as one.
There are different requirements and supporting documents you will need, depending on your business structure. Alternatively, you may also appoint a registered filing agent to submit the application on your behalf. Learn about the different business structures and find out which one best suits your business. If you are thinking of starting a small-scale business from home, here’s a step-by-step guide to help you. If you’re starting a business in Singapore, the first question to consider is whether you need to register it.
How long does it take to register a company in Singapore?
All companies need to note the Inland Revenue Authority of Singapore’s (IRAS) compliance requirements too. Understand the differences in doing business in Singapore versus the Philippines with this comprehensive guide by Sleek. In today’s world, the availability of lightning-fast internet communication infrastructure is crucial to the success of any new business. The telecommunication infrastructure of Singapore covers the entire country, with near zero blackouts or downtime. The talent pool is highly educated, literate, and English-speaking, minimizing communication difficulties between offices.
- You can submit your new business name application via BizFile+.
- Unfortunately, most are not aware of this disadvantage, and it is recommended that aspiring entrepreneurs avoid this type of entity.
- For example, eligible clients can get up to 70% off their yearly accounting fees.
- If you are thinking of starting a small-scale business from home, here’s a step-by-step guide to help you.
- The application fee for sole proprietorships and partnerships, LP and LLP is $100.
Resources for new business owners and directors
If you don’t have an EP, you can hire a visa agent like Sleek to submit the EP application on your behalf. Unless the company has been exempted from audit you every company must appoint an auditor within 3 months of registration. Get an estimate of how much it costs to start and run a business in Singapore with our Setup Cost Calculator. Read up on the regulations that are specific to your business sector or industry.
Unfortunately, most are not aware of this disadvantage, and it is recommended that aspiring entrepreneurs avoid this type of entity. For 2023, 72% of the monthly new companies incorporated in Singapore were Private Limited Companies. Use this e-Adviser to get recommendations for a suitable business structure, based on your business requirements. This will direct you to the e-Adviser for Starting a Business, where you will be asked to enter details such as your selected business name, business structure, and activities. No, you can engage a professional firm to handle the registration process on your behalf. Typically 1-2 days if all documents are in order and approved by the Accounting and Corporate Regulatory Authority (ACRA).
Step 4: Submit your business registration application
This means when your business is not able to pay back a particular debt, the creditors can go after your assets as well as those of the company. Before registering your business with ACRA, you need to register your business name. You can third stimulus check calculator check if youre eligible submit your new business name application via BizFile+. In comparison to other countries like China, opening a corporate bank account is also a simple process. Some corporate service providers such as us at Sleek offer matchmaking services with their network of bankers, making the process even smoother. Singapore banks also offer excellent Letters of Credit (LC) support to Singapore companies engaging in international trading.
Can Dependant’s Pass (DP) holders register a company?
Your company can be a private limited (Pte Ltd), a sole proprietorship or a limited liability partnership (LLP). Once you’ve reserved your business name and completed your registration, your next move is to set up a Corppass Administrator account. You will need to register for GST if you expect your company’s annual turnover to be more than S$1 million.
Approved company names will be held and secured for 60 days from the date of your application. If you need to extend the name reservation for another 60 days, you may do so by filing an extension just before the initial hold expires. An LLP is stocks vs bonds typically established to carry a profession, such as attorneys, architects, etc. where two or more would like to join together and form a practice in their shared field. The profits are taxed at partners’ personal income tax rates if the partner is an individual and at corporate tax rates if the partner is a body corporate. This type of business is straightforward but carries more risk for its owner since the owner will be personally liable for his/her company. Registration makes it easier for the public to find your business and transact with it.
