How to Register a Company in Singapore
A company is a legal entity that allows entrepreneurs to conduct business activities. There are different forms of companies, depending on the type and scope of businesses that entrepreneurs wish to conduct. In Singapore, private limited companies are the most popular form of business structure. These companies offer limited liability, ensuring that shareholders’ personal assets are protected in the event of business failure. They are also able to raise funds through equity, making them a viable option for entrepreneurs.
When deciding on the right structure for your business, consider factors such as tax implications, level of personal liability, statutory requirements and incorporation costs. Additionally, if you plan to operate in a regulated industry, there are likely to be additional requirements such as licenses and permits.
After determining the type of business you wish to register and choosing a name, the next step is to officially register with ACRA. The process takes between a day and a few days.
Once the company is registered, you will receive a Certificate of Incorporation from ACRA that includes your unique business registration number. You will also be provided with a free business profile, which serves as your corporate business card.
Entrepreneurs must also make sure that their company has a local registered address. This is a physical address that will be used by ACRA and other government agencies for official correspondence. The address must not be a P.O. box, and must be located in Singapore. You must also appoint a company secretary within six months of your company’s registration. This role is an important part of the management team and can be fulfilled by a professional company secretary. how to register a company in Singapore