How to start a business in Singapore
Anywhere in the world, it takes a long time and a lot of work to start a business. Before functions can begin, there are a number of things to take care of, steps to finish, and rules to follow. But before you start a business in Singapore, you need to make sure it’s the right choice for you.
It is not easy to run a business and make it successful. Entrepreneurs and business people in Singapore need to know the local policies, laws, and compliance rules in order to start a business there.
Singapore is an easy place to start a business because these laws are easy to understand.
How to get a business started in Singapore?
You need a business idea before you can start a business in Singapore. A business idea can be a service or product that you can sell to a large number of people.
It could be a new idea or something that already exists, but you think it could be better. After you come up with a good idea that people will buy, you need to learn the rules for your business.
In order to start a business in Singapore, you need to do the following:
- Company name: By law, if you want to run a business in Singapore, you must register your company with the ACRA. The first step in registering a local company is to choose a name for the company and send in a name application through the online filing and business registration portal Bizfile from ACRA.
- Type of company: A private limited company is the most common type of company in Singapore, though there are other options. Private limited companies are popular because they are the easiest to grow.
- Company registration: In Singapore, the ACRA (Accounting and Corporate Regulatory Authority) is in charge of business registration in Singapore. The Singapore Companies Act is in charge of these companies. After registering with the ACRA, companies must also register with the IRAS, or Inland Revenue Authority of Singapore, which is the local tax system.
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For business registration in Singapore to go smoothly, the following documents must be sent to the registration office:
- A name for a business that is okay with the ACRA
- List of directors and shareholders; at least one of each must be on the list.
- Paid-up capital proof
- The office address must be a registered address.
- The name of the company secretary.
- Formalities should be finished, and a bank account should be opened. Once all of these steps are done, the business should have a business profile from the ACRA. This would include things like a business registration number or UEN, the date the business was formed or registered, etc. You would need this information to open a business account at the bank. In Singapore, every business needs a corporate account.
This information is also needed for the business and smooth operation of the company’s other permissions and licenses, such as opening a corporate account.
Permissions and licenses
Depending on what a company does, it needs different permissions and licenses.
Licenses come from different places. It is important to put the business registration number on every document to make sure you have all the licenses and other paperwork you need.
Other registrations, like those for customs, the Goods and Services Tax, and the Singapore Central Provident Fund, must also be done.
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Sources:
“Working in Singapore” from www.mom.gov.sg, a Singapore Government Agency Website
