Company registration Singapore is one of the most crucial steps for aspiring entrepreneurs looking to start their own business in this vibrant city-state. While the process is relatively straightforward, there are a few key requirements that must be fulfilled. Here, we look at some of the main steps involved and typical timelines for completing each step.
What are the different types of business structures?
The most popular options for company registration in Singapore are a private limited company and an LLP. Both offer separate legal entities from their owners and shareholders, offering limited liability protection. A limited company is also more flexible than a sole proprietorship, with the option to transfer shares and open multiple bank accounts. Choosing the right structure is essential to ensuring your company is set up properly.
A minimum of 1 director is required for Singapore business registration. This can be a Singapore citizen, permanent resident or someone with an Employment Pass. Those who do not have a local director will need to find a candidate and acquire their work permit before proceeding with the registration process.
GST registration is mandatory for companies with annual turnover exceeding S$1 million. A tax consultant can help you with the process. You will also need to select an SSIC code that reflects your business activity. Depending on your industry, you may need other permits or licences to begin operations. These include moneylenders, private education businesses, travel agencies, video companies and liquor distributors.