Singapore Company Registration: Steps to Register a New Company
Registering your new company with the government is step one as you move towards doing business on the open market. This article offers a step-by-step approach so that no detail is forgotten, and you can move into productivity seamlessly. This list is equipped to inform both local and foreign businesses. WeCount is equipped to assist you in each step of this process.
Before You Register
Before you begin the process of registration, local businesses must apply for a SingPass. This will be necessary for all government transactions. Foreign businesses must first apply for an EntrePass from the ministry of manpower, and then apply for a SingPass.
What is a SingPass?
A SingPass is a Singapore employment pass for citizens of Singapore. It is validation of eligibility to work with online government services.
What is an EntrePass?
An EntrePass allows registered business owners and families to live in Singapore. Business executives who need to travel in and out of Singapore often for their business must apply for a 1-, 2- or 5-year Multiple Journey Visa. If, while doing business in Singapore, you want to employ people from your home nation, you must apply for employment passes and work permits.
Local and foreign businesses should prepare the materials in the following checklist before registering so you are fully prepared.
Checklist for Preparing Registration
- Your business must meet the requirements, which vary and are based on the structure you choose.
- You should discover whether the type of business you run requires registration. Some individuals, organizations and professionals are not required to register.
- Check the availability of your desired company name. You can do this at the Singapore Network Information Center (SGNIC).
- Find the SSIC (Standard Industry Classification Code) code for your company. This is required to register with ACRA.
- Choose a location for your company.
- Refresh your Medisave. If your business is a partnership, sole-proprietorship, LLP or LP, your Medisave contributions must be current. You can do this through the Central Provident Fund Board (CPF). This step is not a requirement for foreigners.
- Obtain all necessary permits and licenses. Educate yourself on the laws and statutes pertaining to your avenue of business. Be prepared to submit to those regulations.
- Choose to self-register your business or to hire a professional. If you are not up to the task of registration, a law or accounting firm such as WeCount will be able to do it for you.
Whom Do Businesses Register With?
The agency you must contact for registering your business is ACRA (Accounting and Corporate Regulatory Authority). This is a simple process and usually takes about 15 minutes. However, if your business requires approval from other departments of government, it will take 14 days to process the inquiry.
Apply online at ACRA’s website or apply online on the Online Business Licensing Service (OBLS) website. This is a relativity straightforward process once you have completed the previous checklist.
How Much Does Registering Your Company in Singapore Cost?
The registration cost for local businesses is between 50 SGD and 600 SGD, based on your business type. The registration cost for foreign businesses is between 300 SGD and 1,200 SGD. The cost for the approval of your business name is 15 SGD per name.
What Are the First Steps After Registering Your Business?
Once you have completed all these steps, and have been approved and registered, there are some important regulations you must observe while doing business in Singapore. Research these with the help of WeCount.
Are You Required to Register a Singapore Branch of a Foreign Business?
Yes, you must register your Singapore branch with ACRA. If you are establishing a representative office (RO) to explore the market opportunities in Singapore, you must register with the Monetary Authority of Singapore if the RO is working in insurance and banking. If working in any other area register with International Enterprise Singapore.
What is a UEN Number?
From 2009, all businesses registered in Singapore receive a Unique Entity Number (UEN). This number will replace all preceding identification numbers given by different government departments, and should be used when communicating with all subsequent government agencies.
If your business is local and already registered, your existing ACRA registration number will serve as your UEN. If your business is foreign, the UEN you receive upon registration will be your tax reference number and should be used to transact with IRAs.
WeCount hopes that this information was helpful in assisting you with preparation for registering your business in Singapore. We have a well-prepared staff available to go into depth with you and make this process even simpler. Give us a call to set up an appointment.