Thinking of setting up your business in Singapore? Great choice! Singapore’s pro-business environment and efficient company registration process make it a global hotspot for entrepreneurs.
In this blog, we’ll walk you through the step-by-step process of registering a company with ACRA (Accounting and Corporate Regulatory Authority), including key details like company registration number, fees, documents, and post-registration compliance. Whether you’re a local entrepreneur or a foreigner setting up a business, this blog will make your journey smooth and hassle-free.
Let’s get started on turning your business dreams into reality!
Why Registering with ACRA is Crucial for Your Business
When you register your business with ACRA, you receive a Company Registration Number (or Unique Entity Number - UEN), which makes your company legally recognized in Singapore. This UEN is essential for all business activities, such as opening a corporate bank account, filing taxes with IRAS, and even applying for certain business licenses.
Registering with ACRA will also give your business legitimacy and enhance its credibility, signaling to potential clients and investors that your company is trustworthy and compliant with Singapore’s business registration regulations. For more details on why you need to register a company in Singapore, visit ACRA’s official website.
How to Register a Company in Singapore with ACRA
Choose the Right Business Structure
Before you start the company registration process, it’s important to select the most suitable business structure. In Singapore, you have several options:
- Private Limited Company (Pte Ltd): The most popular structure, offering limited liability, tax advantages, and 100% foreign ownership.
- Sole Proprietorship: Simple but the owner is personally liable for all business debts.
- Partnership: A shared liability between two or more individuals, but not a separate legal entity.
Most entrepreneurs prefer setting up a Private Limited Company (Pte Ltd) because of its scalability, tax benefits, and the fact that it’s treated as a separate legal entity from its shareholders. This makes it an attractive option for both local and foreign entrepreneurs looking for company incorporation in Singapore.
Reserve and Register Your Business Name
Your business name is the first step toward your company identity. It should be:
- Unique: No other existing company should have the same or similar name.
- Non-restricted: Avoid using words like “Bank,” “Finance,” or “Insurance” without special approval.
- Non-offensive: Make sure the name complies with ACRA’s guidelines on appropriate business names.
You can check the availability of your desired company name through ACRA’s BizFile+ portal. Once approved, the name will be reserved for 120 days. This name reservation is the first step in the company registration Singapore ACRA process. For more details, visit BizFile+.
Ensure You Meet the Registration Requirements
Before submitting your application, ensure you meet these essential requirements for company registration:
- At least one director: The director must be a resident of Singapore (Singapore Citizens, Permanent Residents, or EntrePass holders).
- At least one shareholder: The company can have between 1 to 50 shareholders. 100% foreign ownership is allowed.
- Company Secretary: You must appoint a company secretary within 6 months of incorporation. The secretary must be a Singapore resident and cannot be the sole director.
- Minimum paid-up capital: The minimum capital required is SGD 1.
- Registered office address: A local office address in Singapore is required for your company registration Singapore. This cannot be a P.O. box.
For more information on these requirements, visit the ACRA website.
Prepare the Required Documents
You’ll need to have the following documents ready before submitting your registration:
- Approved company name (from Step 2).
- Details of directors, shareholders, and company secretary.
- Registered address in Singapore.
- The company constitution: This document outlines the rules governing your company.
- Identification documents: Copies of passports or Singapore IDs of directors and shareholders. For foreign corporate shareholders, corporate documents like a Certificate of Incorporation will also be required.
Having these documents ready ensures a smooth business incorporation process.
Submit Your Registration Application through ACRA’s BizFile+ Portal
Once your documents are ready, it’s time to submit your incorporation application through ACRA’s BizFile+ portal. Here’s a breakdown of the company registration process:
- Log in to BizFile+ and fill out the application form.
- Upload all the required documents.
- Pay the registration fees online (see below for details).
After submission, the application will be processed, and it usually takes 1 to 2 business days for approval. If everything is in order, you’ll receive a Certificate of Incorporation from ACRA, which will include your Company Registration Number (UEN).
You can explore more details at the BizFile+ portal.
Company Registration Fees in Singapore
Here’s a breakdown of the fees involved in company incorporation:
- Name Application Fee: SGD $15
- Incorporation Fee: SGD $300 for registering a company with share capital.
Once the registration is successful, you’ll receive the Certificate of Incorporation, which will be issued electronically. The entire process, from name approval to incorporation, is fast and affordable, making Singapore a top choice for business incorporation.
Post-Registration Compliance and Next Steps
After your company is successfully registered, there are a few crucial steps you need to take to ensure your business operates smoothly:
- Open a Corporate Bank Account: You’ll need your Company Registration Number (UEN) and Certificate of Incorporation to open a business bank account in Singapore.
- GST Registration: If your company’s revenue exceeds SGD 1 million annually, you must register for Goods and Services Tax (GST) with the Inland Revenue Authority of Singapore (IRAS). More details are available on IRAS’s website.
- Licenses and Permits: Depending on your business activities, you may need to apply for specific licenses (e.g., Food and Beverage, Import/Export licenses).
- Annual Compliance: Companies must hold an Annual General Meeting (AGM) and file annual returns with ACRA. You can manage your compliance filings via BizFile+.
Conclusion: Start Your Business in Singapore with Velarys Expertise
Registering a company in Singapore with ACRA is a simple and straightforward process when you have the right guidance. From selecting your business structure to handling post-registration compliance, Singapore offers a smooth, fast, and cost-effective business registration process for entrepreneurs looking to set up a business in Singapore. But to ensure everything runs seamlessly, expert support is invaluable.
At Velarys, we specialize in business incorporation services in Singapore, helping you navigate the ACRA company registration process with ease. Whether you're incorporating a Private Limited Company or another structure, our team of experts is here to handle every detail—from securing your Company Registration Number to ensuring compliance with all local regulations. Let us take care of the paperwork while you focus on growing your business.
Ready to take the next step? Partner with Velarys for a smooth and successful company registration in Singapore.