Essential Information About Setting Up A Business In Singapore

Got a plan to set up a new business in Singapore? Here are four essential pieces of information you need to know before doing so. 

Requirements to register a business entity in Singapore

First of all, before carrying on business in Singapore, you need to register your company with The Accounting and Corporate Regulatory Authority of Singapore (ACRA).

To register a company in Singapore, you are required to:

• Be at least 18 years old
• Have an identification number and a SingPass

***If you are a foreigner or you do NOT have a SingPass, you should consider engaging a Registered Filing Agent (or Corporate Service Provider) such as Global Link Asia Consulting. Read more about Setting up a company in Singapore with Nominee Director

Types of business entity in Singapore

Next, there are different types of business entities in Singapore. Make sure you have chosen the right one to meet your needs.

In Singapore, the following business entities are available for registration:

• Sole proprietorship
• Partnership
• Company (or Private limited company)
• Limited Liability Partnership
• Limited Partnership

Notes:

• Individuals and companies can set up sole proprietorships or partnerships.
• A sole proprietorship or partnership cannot register another sole proprietorship or partnership.
• Foreign companies cannot register a sole proprietorship or partnership either.

Thus, it is always suggested that foreign individuals or companies choose a Private Limited Company. 

Company name

What to take note of when naming your business? Unless you are an overseas company who has already owned a name.

• Deeply consider what you would like to represent your business image.
• Then, inform Global Link Asia Consulting of your choice of name; Global Link Asia Consulting will consult and help you to check with ACRA whether the name is available.  

Notes:

The proper name of a business in Singapore must avoid:

• The same name as another sole-proprietorship/ partnership, company, corporation, charity, limited liability partnership, or limited partnership.
• Any name that is reserved under the Business Names Registration Act, the Companies Act, the Limited Liability Partnerships Act, or the Limited Partnerships Act.
• Any other name as directed by the Minister of {Ministry Name}.

Step 4: The knowledge of taxes, licenses or permits, and CPF

When doing business in Singapore, you may be liable for taxes such as the income tax, the corporate tax, and the Goods and Services Tax (GST).

Read more to learn about Singapore corporate tax and Singapore GST tax.

Global Link Asia Consulting can help you with all taxation matters, so you can focus on doing business.

Kindly contact us with any of your questions or for any help.