A business is an organization or enterprising entity engaged in commercial, industrial, or professional activities for profit and customer satisfaction. It can also be a non-profit organization fulfilling a charitable mission or furthering a social cause. Businesses vary in size and scope, from small operations operating within a single industry to massive global corporations.
The first step in registering a business in Singapore is choosing the right company structure. This determines how your business is governed and what legal requirements you must adhere to. Common structures include private limited companies, sole proprietorships, and partnerships.
After selecting a structure and getting approval for your chosen name, you must register your business with ACRA (the Company Registrar of Singapore). You can do this online via BizFile+. The cost of registration is $300. This fee covers the processing fees, but you’ll need to submit a list of other incorporation documents, such as the Memorandum and Articles of Association and the Company Secretary’s report.
One of the requirements for registering your business is having at least one person who is a resident of Singapore. This can be a company director or an authorized representative that manages the business. Foreigners can also register a business in Singapore if they have a residence visa like the EntrePass, which is granted to entrepreneurs with venture-backed or tech-innovative startups.
Once your business is registered, ACRA will send you a Certificate of Incorporation by email. This confirms your business’s registration and includes its unique business registration number. You can also request a hard copy for a small fee. how to register a business in Singapore