Once the business name application is approved, it will be reserved for 120 days. You can what is a flat rate pricing model pros and cons explained submit your new business name application via BizFile+. Before registering your business with ACRA, you need to register your business name.
Incorporated companies are required by the Singapore Companies Act to hold an Annual General Meeting (AGM) and file annual returns with ACRA to ensure the company’s information is up to date. UEN number must always be quoted in business letters, statements of account, invoices, and other official correspondence, along with the company’s name. Generally, you should log in as an individual, since the business user option is generally meant for corporate service providers or entities managing filings on behalf of other businesses. In Singapore, all company registration applications must be submitted online through the Bizfile system, which you can only do so with a Singpass. Deciding on your company’s Financial Year End (FYE) is also important because it sets the deadlines for your mandatory annual filings and tax submissions.
What is the income tax filing deadline for 2024 in Singapore?
Here are the key points to help you choose and reserve your company name successfully, and to avoid unnecessary delays or fees. After submission, ACRA will send the necessary documents to the appointed directors, shareholders, and company secretary. If you don’t have a Singpass, you’ll need to engage a professional filing agent. Once everything is ready, submit your application online through Bizfile using a Singpass. This must be set during registration and can follow a 12-month or 52-week cycle.
The first important choice to make would be to choose a business structure based on your considerations regarding capital, number of owners and risks. As a result, your business may find it easier to obtain financing and contracting on credit. This includes online or web-based businesses such as running online stores as well as home-based businesses, such as those selling home-baked goods. A ‘business’ refers to any activity that is carried out on a continual basis for the purpose of profit. We are built for serving real businesses, not for investor slides. When you sign up with us, you’ll be assigned to one of the experienced CSP teams who will guide you through each step of the incorporation journey.
If you do not have a local director or registered addresses, costs can rise to SGD 5,000 to 8,000 or more, as you’ll need to pay for those services. If your company is GST registered and is no longer carrying on a business, you would also need to apply for cancellation of GST registration with IRAS. We can manage the entire company registration process remotely through our online corporate services platform. Your company must have a local registered address in Singapore. That means appointing a company secretary within six months, filing annual returns with ACRA, sending in corporate tax filings to IRAS, and keeping accurate accounts.
This estimate does not include the time you spend preparing your application and documentation. This is not included in the initial incorporation cost but it is a recurring yearly expense after that. After successfully incorporating your Singapore business, you can apply for the necessary licences.
Choosing the Right Type of Business Entity in Singapore
You can view samples of the Business Profile for different types of business on the ACRA website. A Business Profile is like an identity card for your Singapore business. All appointed officers must confirm their roles in Bizfile within 60 days of the email date, or the application will be cancelled. Once you click “Start,” you will be asked if you will log in as a business or individual user.
Can you register a company in Singapore online?
By entering the name or registration number of a business, details like its operational status, registration number, and the nature of its activities are readily available. Such agents an invoice statement: how to write are responsible for managing all required filings with ACRA on behalf of your business, and they typically offer additional support in maintaining compliance and organizing necessary paperwork to meet all regulatory standards. Singapore’s single-tier tax regime ensures that profits earned by companies face taxation just once, with no subsequent taxes imposed on profit distributions. In their initial three years, such startups are eligible to receive a full exemption on the first SGD 100,000 of taxable income they earn.
- Pay the company registration fee using a credit or debit card (Visa, Mastercard®, or American Express), PayPal, Apple Pay, or Google Pay.
- That means appointing a company secretary within six months, filing annual returns with ACRA, sending in corporate tax filings to IRAS, and keeping accurate accounts.
- Singapore’s ACRA BizFile+ portal allows you to file the registration online.
- After you have registered your company, you can set up and manage your company’s Corppass account on the Corppass website.
- However, you must appoint one within six months from the date of incorporation.
Singapore Company Registration Packages
Ltd. company as a subsidiary rather than a branch office structure. Moreover, a branch office in Singapore usually has higher operating costs, as there are audit requirements. For tax purposes, a branch office is considered nonresident and tax exemptions do not apply. The parent company must own 100% of the branch office and is responsible for the liabilities of the branch office. This is generally recommended for small, low-risk businesses or freelancers. For most businesses in Singapore, a Private Limited Company (Pte. Ltd.) is the most appropriate structure.
- If you don’t have a Singpass, you’ll need to engage a professional filing agent.
- The common business structures in Singapore include
- However, businesses must comply with tax filing and payroll obligations to avoid penalties.
- Other types of business entities may have specific requirements, so it’s important to check the guidelines that apply to your chosen business structure.
- Registering your business is only the beginning.
How to start a business in Singapore as a foreigner online?
In Singapore, company registration can be done exclusively online through Bizfile, which is the online platform provided by the Accounting and Corporate Regulatory Authority (ACRA). Here are the necessary documents and information you will need for Singapore company incorporation. If you require assistance in registering your business, do check out our rates or get in touch. A sole-proprietor or partner may notify ACRA it has ceased business by filing the “File cessation or dissolution of business entity” eService online via Bizfile.
Step-by-Step Guide to the Registration Process
However, similar to Hong Kong, Singapore operates a territorial tax system which means foreign-sources income is generally not liable to tax unless it is remitted into the country. The Inland Revenue Authority of Singapore (IRAS) oversees corporate taxes and enterprise disbursement schemes. Lastly, let’s understand how taxes work for your company in Singapore. This account allows you to hold up to 11 major currencies and make international and local transactions at competitive rates, as well as access personalised support from dedicated account managers. Traditional banks also often require an in-person interview for business account openings. Having a separate account under your company’s name helps keep your finances organized and ensures accurate financial reporting.
Foreigners can register a company online through ACRA’s Bizfile portal. There’s no rule requiring a local shareholder, making it a popular choice for foreign founders. Singapore lets foreigners hold all the shares in a Private Limited company.
How much does it cost to register a sole proprietorship in Singapore?
Additionally, you must have at least one director who is a Singapore resident (Citizen, PR, or EP holder) to set up your business in Singapore. Fill out the track your charitable donations to save you money at tax time form below to discuss your planned business activities and how we can support your setup. For foreign hires, you’ll need to apply for a work visa through the Ministry of Manpower (MOM).
Before jumping into the registration process, let’s start with the key requirements. In fact, over 53,000 new business entities were registered in 2024, an average of more than 4,400 new companies formed every month. However, the business name remains registered until the registration is cancelled. (Though, in certain meritorious cases, an unregistered business owner may apply to the court to be allowed to enforce their legal rights.) 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.
Set the Amount of Share Capital
Opting for such services with commercial locations can serve as the company’s official office, which not only boosts the business’s image but also assures adherence to legal obligations. In Singapore, it’s mandatory for every business to maintain a registered address that is open to the public for a minimum of three hours within normal working hours. To encourage business growth, Singapore offers various tax exemption schemes that allow eligible companies to lower their tax burden, especially for start-ups and SMEs. In Singapore, all companies, both local and foreign, are taxed at a flat rate of 17%. After you have registered your company, you can set up and manage your company’s Corppass account on the Corppass website. Private limited companies are required to have their financial statements audited by an auditor or a registered public accountant at least once a year.