Incorporating your business will be your first step in fulfilling your entrepreneurial aspirations. In this post, the Investeur Team provides a brief overview of business registration process and take your business idea one step further.
First of all, you’ll need to decide what business structure is most suitable for your startup. But regardless of whether you set up as a sole proprietorship or company, you’ll have to register your business with Singapore’s Accounting and Corporate Regulatory Authority (ACRA). This can be done directly by submitting an online application to BizFile. Alternatively, you may opt to go through an agency to help you through the registration process. Notably, BizFile requires applicants to have a SingPass, which you can apply for here.
Two roles are required in your new company, the director and within 6 months a secretary. To become director you need to be an “ordinary resident in Singapore”, which means you need to live and be allowed to work in Singapore. The secretary you normally need to hire and while you are at it, it is usually cheapest and easiest to get a package deal including your incorporation. A good corporate secretary should also be able to advise you on practical things like necessary visa, setting up of your paperwork, ACRA filling, etc.. Prices can vary a lot, so make sure you compare.
Most applications in BizFile are approved within 15 minutes. After registering your business, you’ll be able to start trading, set up your startup company website and open your corporate bank account.
When looking for help on business registration, be sure to check Investeur’s Startup Market.