Registering your business name in Singapore is a critical step for anyone looking to establish a formal business presence in the country. This comprehensive guide will walk you through the entire process, from understanding the benefits of registering with the Accounting and Corporate Regulatory Authority (ACRA) to the post-registration steps necessary to commence your business activities. By following these steps, you can ensure that your business is set up correctly and is fully compliant with Singaporean regulations.
Key Takeaways
- Registering with ACRA offers benefits such as increased transparency, discoverability, and access to governmental support.
- Conduct a thorough name search on BizFile+ to ensure your chosen business name is available and compliant with regulations.
- Understand the requirements for registering your business address, including options for using residential or alternate addresses.
- Familiarise yourself with the registration process on BizFile+, including the fees for different business structures and obtaining your Unique Entity Number (UEN).
- After registration, take essential steps like opening a business banking account and, if you’re a foreigner, engaging a registered filing agent.
Benefits of Registering Your Business with ACRA
Registering your business with ACRA offers several significant advantages. One of the primary benefits is increased transparency and discoverability. When your business is registered, it becomes part of a public database, making it easier for potential clients and partners to find and trust you. Additionally, registration provides access to various forms of governmental support, including grants and resources from agencies like Enterprise Singapore. This support can be invaluable in helping your business grow and succeed. Lastly, registering with ACRA allows for better business risk management, as it provides a formal structure and legal recognition, which can protect your business in various ways.
Choosing an Appropriate Business Name
Before finalising your business name, it is prudent to perform a search on BizFile+, ACRA’s online filing and information retrieval system, to ensure the name is available. Avoid names that closely resemble existing businesses or those that are vulgar, obscene, or offensive. Additionally, names prohibited by the Minister of Finance, such as those containing the word “Temasek,” should be avoided.
When selecting a business name, it is crucial to steer clear of names that are similar to existing businesses. Names that are vulgar, obscene, or offensive are also considered undesirable. Furthermore, certain names are prohibited by order of the Minister of Finance, including those containing specific terms like “Temasek.”
Once your chosen name is approved, it will be reserved for 120 days. If you do not register your business or incorporate the company within this period, the name will become available to the public again. This reservation period allows you ample time to complete the necessary registration steps without the risk of losing your preferred business name.
Registering Your Business Address
Requirements Based on Entity Type
When registering your business address, the requirements vary depending on the type of entity. For sole proprietorships, you can use your residential address under the Home Office Scheme, applicable to both HDB and private properties, provided you obtain prior approval from HDB or URA. For companies and LLPs, a registered office address is required, where all communications and notices are addressed, and the business’s register and records are kept. This office must be operational and accessible to the public during office hours, though it does not need to be the location where business activities are conducted.
Providing a Residential Address
All business owners and company officers must provide their residential address to ACRA at the point of registration. These addresses will be publicly available when someone purchases information about the business entity. If you prefer not to disclose your residential address publicly, you can opt for an alternate address.
Using an Alternate Address
If privacy is a priority, you may consider registering an additional alternate address. This address will be displayed in your Business Profile for public information instead of your residential address. However, the alternate address must be a location where you can be contacted and within the same jurisdiction as your residential address. You will need to pay S$40 for this service and still submit your residential address for record purposes.
Understanding the Registration Process
Using BizFile+ for Registration
To register your business, we will utilise the BizFile+ portal, which is the official online filing and information retrieval system of ACRA. This platform simplifies the registration process, making it more efficient and user-friendly. Ensuring all required documents are ready before starting the registration will save us time and effort.
Fees for Different Business Structures
The registration fees vary depending on the type of business structure we choose. For instance, the fee for registering a sole proprietorship or a limited liability partnership (LLP) for one year is S$115, while a three-year registration costs S$175. On the other hand, incorporating a company incurs a standard fee of S$315. It’s important to budget for these costs as part of our initial business setup.
Receiving Your Unique Entity Number (UEN)
Upon successful registration, we will be issued a Unique Entity Number (UEN). This number is crucial as it serves as the official identifier for our business in all interactions with government agencies. The UEN will be used in various transactions, ensuring our business is recognised and compliant with regulatory requirements.
Post-Registration Steps
Opening a Business Banking Account
After successfully registering your business, the next crucial step is to open a business banking account. This account will help you manage your business finances effectively and keep your personal and business transactions separate.
Engaging a Registered Filing Agent for Foreigners
For foreign entrepreneurs, it is advisable to engage a registered filing agent. These professionals can assist with compliance requirements and ensure that your business adheres to local regulations.
Commencing Business Activities
With your business officially registered and your banking account set up, you are now ready to commence business activities. Make sure to stay compliant with all regulatory requirements as you start your operations.
After successfully registering your company, there are a few essential steps to ensure smooth operation. From appointing a company secretary to setting up a corporate bank account, our comprehensive guide will walk you through each stage. For detailed assistance and to make the process seamless, visit our website.
Conclusion
Registering your business name in Singapore with ACRA is a crucial step towards establishing a legitimate and recognised entity. The process, while detailed, is straightforward if you follow the outlined steps meticulously. From selecting a unique and appropriate business name to ensuring all necessary documentation and requirements are met, each stage is designed to help you build a solid foundation for your business. The benefits of registering with ACRA, such as increased transparency, access to government support, and enhanced credibility, far outweigh the administrative efforts involved. By adhering to the guidelines and utilising resources like BizFile+, you can efficiently navigate the registration process and set your business on the path to success. Now that you are equipped with this comprehensive guide, you are well-prepared to take the next steps in your entrepreneurial journey.
Frequently Asked Questions
What Are the Benefits of Registering With ACRA?
There are several advantages to registering a business with ACRA. They include greater transparency and discoverability of your business, as well as access to governmental support such as those offered by Enterprise Singapore. In some cases, it also allows you to better manage your business risks.
How Do I Conduct a Name Search on Bizfile+?
Once you’ve come up with a suitable name, it is advisable to first conduct a search on BizFile+ – ACRA’s online filing and information retrieval system – to see if it’s available. Steer clear of names that are similar to existing businesses, undesirable names that are vulgar, obscene or offensive, and names that are prohibited by order of the Minister of Finance.
What is the Name Reservation Period?
Once it is approved, the name will be reserved for 120 days. If you don’t register your business or incorporate the company within this period, the name will be made available to other members of the public thereafter.
What Are the Address Requirements for Registering a Business?
The next step would be to register a business address, which you will need in order to register your business in Singapore. Different requirements apply based on your entity type. All business owners and company officers must provide their residential address to ACRA at the point of registration.
What Are the Fees for Registering Different Business Structures?
For sole proprietorships and LLPs, fees for a one-year registration is S$115, while fees for a three-year registration is S$175. For companies, the standard incorporation fee is S$315, including the registration of a business name.
What Do I Need to Do After Registering My Business?
Once you’ve successfully registered your business, you will receive a business profile containing details of your business, as well as a Unique Entity Number (UEN). You can commence your business once it is registered with ACRA, provided you do not require further licences/approvals from other government agencies.