Upon successful registration of your new business, your business will be issued a Unique Entity Number (UEN). The UEN is your business’ unique identification number that will be used in all transactions with government agencies. Thus, many foreigners resort to having a local nominee director before being issued the Employment Pass and being able to become local director. One of the other significant decisions is the Financial Year End (FYE) for the accounting period. The accounting period is generally 12 months (one year) and will be important for the business as the FYE coincides with the due dates of corporates filings and taxes.

• After your company has been incorporated, you can apply for an Employment Pass under the new company.
• The SSIC refers to the national standard developed by the Singapore Department of Statistics (DOS) to classify all registered firms into the respective industries based on their principal economic activity.
• For example, if the name contains words like “legal” or “law”, it will be referred to the Legal Services Regulatory Authority.
• The accounting period is generally 12 months (one year) and will be important for the business as the FYE coincides with the due dates of corporates filings and taxes.
• Before registering your business with ACRA, you need to register your business name.
• Do note that a registered office must be operational and accessible to the public during office hours.

We partner with Singapore banks and payment services that can open a business bank account for you remotely online. We present you to the banks, but we can’t guarantee you’ll get an account for your business. An all-inclusive compliance package for business owners seeking a hassle-free, Singapore-based incorporation service.

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Anyone who wants to run a business for profit should register with the Accounting and Corporate Regulatory Authority (ACRA). This will help to keep track of your business and make sure you’re complying with all the necessary regulations. You should also avoid selecting names that are undesirable (i.e. vulgar, obscene or offensive) or bear similarity to government bodies or are protected by law.

• Learn about the different business structures and find out which one best suits your business.
• The financial backbone to unlock hypergrowth, from aspiring local startups to established global enterprises.
• The Singapore government has made the registering process for foreigners simple.
• If privacy is priority, you may want to consider registering an additional Alternate Address.

The SSIC refers to the national standard developed by the Singapore Department of Statistics (DOS) to classify all registered firms into the respective industries based on their principal economic activity. Our team will assist you with selecting a suitable bank for your company’s corporate bank account and make an introduction to the appropriate bank executives. A Singapore company must appoint a company secretary who resides in Singapore.

Step-by-Step Guide: How to Register a Company in Singapore?

You will still have to submit your residential address for ACRA’s records. Although you could use the same address for both your business and residence, it’s a good idea to have a separate business address and residential address for professional purposes. If you choose to use your home address as a business address, you must obtain approval from the Housing Development Board (HDB) or Urban Redevelopment Authority. After your name application is approved, we will reserve the name for 120 days. If you do not proceed to register the business or incorporate the company within this period, the reservation will expire and the name will be released for anyone to register. 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.

The financial backbone to unlock hypergrowth, from aspiring local startups to established global enterprises. Once you have decided on a name for your business or company, you should check if the name has already been registered through BizFile+. The proposed name cannot be identical to one that is registered by existing entities. Our Local Package is for Singapore Citizens and Residents who want to set up a company in Singapore. You can check the services included on our Local Package service page.

Specifying your business activity

Timcole will ensure that all documents have been collected and submitted in order and that all the directors and shareholders have signed the requisite forms. If you are a foreigner interested in setting up a business in Singapore while you operate it from Overseas, you need to select at least 1 Director who is the citizen of Singapore. All other requirements for incorporation remain the same as that of setting up a local company. This type of registration eliminates the need for you to locate to Singapore.

Choosing a company or business name

A company secretary is responsible for ensuring the company complies with its regulatory obligations and filings. When you incorporate your company through us, we will appoint a company secretary for your company. If you require assistance in registering your business, do check out our rates or get in touch. 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).

As soon as you appoint us to register your Singapore company, we will apply for the approval of your desired company name. In case your first choice name is not available, our team will apply for your other choices. For instance, an unregistered blogshop owner being monthly procedure for outstanding checks owed money by a client may find himself without legal remedies to reclaim the payment as their contract with the client cannot be enforced. Failure to register your business may result in a fine of up to $10,000, or even imprisonment of up to 2 years, or both.

Incorporating a company in Singapore is fast, easy, and free from unnecessary red-tape. In this guide, we walk you through all the steps to register a new Singapore company. If you are ready to incorporate now, click the Get Started button.