In this step-by-step guide, we’ll cover the steps involved in incorporating your business in Singapore, from choosing the right company structure to dealing with licenses and permits and everything in between. This guide will help you make sure you don’t miss any necessary steps along the way!
Step 1 – Decide what type of business entity you want
The first step in incorporating your business in Singapore is deciding what type of business entity you want. There are four main types of business entities in Singapore: sole proprietorships, partnerships, limited liability partnerships, and companies. Each has its own advantages and disadvantages, so it’s important to choose the right one for your business. Read our blog post on the benefits of business incorporation in Singapore to learn more about these different options.
– Find a name for your business: One of the most important steps in business incorporation in Singapore is choosing a name for your business. Think carefully about whether you want a professional sounding name that may help with marketing or if you want something personal like John Smith. Names must not be similar to other businesses already registered in Singapore (unless they have agreed to share the same name) or violate any trademarks. You can also register an abbreviation instead of typing out the whole company name
Step 2 – Choose an appropriate company name
The first step is to choose an appropriate name for your company. It is advisable to choose a name that is short, easy to remember and reflects the nature of your business. You can check with the Accounting and Corporate Regulatory Authority (ACRA) to ensure that your chosen name is available. Once you have checked this, you can proceed to submit your application for registration.
Step 3 – Register Your Company Name
Business incorporation in Singapore is a three-step process. The first step is to register your company name with the Accounting and Corporate Regulatory Authority (ACRA). This can be done online through the BizFile+ portal. You will need to provide some basic information about your company, such as the proposed company name, business activity, registered address, and share capital. Once you have submitted this information, you will need to pay a filing fee of S$50.
Step 4 – Establish where you will be operating from
You will need to have a registered address for your company in Singapore. This is where you will be operating from and all official correspondence will be sent to. You can either rent or purchase commercial property, or set up a home office. If you choose the latter option, you will need to notify the Urban Redevelopment Authority (URA). Be aware that if you use your house as an office, it may affect the amount of stamp duty payable when purchasing residential property. To find out more about renting or buying commercial property, contact any one of our expert accountants at Business Incorporation Singapore who can give you further advice on this.
Step 5 – Get the right insurance coverage
Before you start your business, it’s important to get the right insurance coverage. This will protect you and your business from any potential risks. There are a few different types of insurance you should consider:
-Product liability insurance: This will protect you if someone is injured by a product you sell.
-Professional liability insurance: This will protect you if you make a mistake while providing a service.
-Property insurance: This will protect your property if it is damaged or destroyed.
-Business interruption insurance: This will cover lost income if your business has to close for a period of time.
Once you have decided what type of insurance you need, you should shop around for the best rates and coverage.
Step 6 – Obtain a tax registration number (IRAS)
After you have registered your company, you will need to obtain a tax registration number from the Inland Revenue Authority of Singapore (IRAS). You will need to provide your company’s name, registration number, and contact information. Once you have submitted this information, you will receive a tax registration number that you can use for filing taxes and other purposes. Step 7 – Register with URA: If you are selling your products or services at one or more locations, it is necessary to register with the Urban Redevelopment Authority (URA) as well.
Step 7 – Arrange for equipment, furniture, and supplies
Before you can start operating, you need to make sure you have all the physical resources you need. This includes equipment, furniture, and supplies. You may need to purchase some of these items, while others can be leased or rented. Once you have everything in place, you’re ready to open your doors for business! The next blog post will cover what you should do when it’s time to bring your products and services to market.
Step 8 – Select bookkeeping software and start accounting procedures
Now that you have registered your company, it is time to start thinking about bookkeeping and accounting procedures. The first step is to select software that will work for your company. There are many options available, so be sure to do your research. Once you have selected software, you will need to set up an account and start tracking your income and expenses. This may seem like a daunting task, but it is essential to the success of your business.
Step 9 – Select accountant if needed (and required by law)
After you have registered your business, you will need to select an accountant if needed. This is required by law in some cases, but not all. You will need to provide them with information about your business, such as your company name, address, and contact information. The accountant will then help you with the paperwork and filing process.
Step 10 – Obtain other licenses or permits needed for specific types of businesses.
If you’re starting a business that requires special licenses or permits, you’ll need to obtain those before you can legally operate. Depending on the type of business, this could include a food handler’s license, a permit to sell alcohol, or a license to operate heavy machinery. Once you have all the necessary paperwork in order, you’ll be ready to start your business!