Starting a company in Singapore is easier than you might think. The country has a strong economy and provides tax benefits and exemptions. Foreigners can register their businesses as private limited companies or LLPs.
The first step is choosing a business name. Make sure to pick a name that is unique and easy to remember.
Choosing a business name
Choosing a business name is a crucial step for entrepreneurs who are looking to register their businesses in Singapore. The process can be simple, but there are some rules and regulations that must be followed.
For example, the name must not be identical to another registered or reserved business name. It also must not contain any words that the Minister of Finance has deemed undesirable or inappropriate for registration. This is to prevent infringement of intellectual property rights.
In addition, the suffix (for example, Pte or Ltd) must reflect the type of legal structure you are registering. The name should also be unique and easily recognizable. It is recommended that you have a shortlist of names in case your chosen one is already taken.
Obtaining a business license
If you’re planning to set up a business in Singapore, it’s important to understand licensing requirements. Certain types of businesses, such as educational institutions, travel agencies, financial institutions, and food and beverage establishments, require special permits or licenses to start operations. Failure to obtain these licenses could result in costly fines and a loss of reputation.
The process of obtaining a business license in Singapore involves applying for an industry-specific permit and providing evidence of compliance with relevant regulations. You may also need to submit additional documents, such as a tenancy agreement or floor plan of your premises.
The business registration process in Singapore can be complex, especially for foreign entrepreneurs. However, there are many experts who can help you navigate the complex bureaucracy.
Obtaining a bank account
Obtaining a business bank account in Singapore can seem daunting for foreigners. But, it doesn’t have to be. If you have a valid work visa or employment pass issued by the Ministry of Manpower, you can open your business bank account in Singapore.
Depending on the type of bank you choose, it may require different documentation or even an appointment. You should also be aware that different banks have varying compliance and KYC standards.
Some banks require that the company principal be physically present to open an account. If you cannot visit Singapore, Piloto Asia can help you find a bank that does not have this requirement. Additionally, you must appoint a resident corporate secretary within six months of the company’s Singapore incorporation. This can be done by hiring a professional services firm or accounting firm.
Obtaining a business address
When registering a company in Singapore, you need to provide a local registered address. This can be either residential or commercial. However, it should not be a P.O box. In addition, you must also appoint a company secretary. This is to ensure that all documents are filed and maintained in accordance with the law.
Moreover, you must open a corporate bank account for your business. Some banks require that the owners be present in Singapore, while others do not. If you cannot visit Singapore, find a bank that does not have this requirement. Once your company is incorporated, you will receive a soft copy of the certificate of incorporation from ACRA. You can request a hard copy for a nominal fee. This document contains all the information related to your business.
Getting a SingPass
Getting a Singpass is an important part of the process for business registration in Singapore. It enables you to access ACRA’s online system, BizFile. You’ll also need it to open a corporate bank account and subscribe to office utilities.
Singapore is a great location for businesses, providing close access to Asia’s population of over 4.68 billion people. This makes it easy to reach your customers, talent, and investors. In addition, the country has a strong infrastructure, a robust legal framework, and stable political environment.
You’ll need a Singpass to register your company in Singapore, unless you have an EntrePass permit that allows you to operate as a foreign business. You’ll also need to choose a SSIC code, which describes your intended business activity. The codes have a range of restrictions, so it’s important to do your research before selecting one.how to open a company in Singapore