Company Registration Guidelines For Singapore Residents And Foreigners
Singapore is open to individuals or groups who want to put up a business. As in any undertaking, the Singapore government imposes certain rules for the opening of businesses in the country. For foreigners especially, guidelines such as the securing of the SingPass is essential to applying for business registration. The following are some of the basic requirements aspiring business owners must meet.
Basics Of Company Registration For Singapore Residents And Foreigners
For Singapore company registration applications to push through, the primary business owner (or the business partners, in case of partnerships or companies) has to be of legal age, which is 18 years old. The Accounting and Corporate Regulatory Authority (ACRA), Singapore’s primary business regulating body, also requires that individuals must not be an undischarged bankrupt. You must also obtain a High Court or Official Assignee permission before registration.
The ACRA’s online portal, BizFile (www.bizfile.gov.sg), is the primary tool for all interested individuals to channel their applications for business registration. BizFile requires a National Registration Identity Card (NRIC) No. and SingPass to complete any transaction. This means that before anything else, these two must be secured from the Singapore government to make business registration a breeze.
Securing A SingPass Before Company Registration Processes
A SingPass, or Singapore Personal Access, is a password supplied by the government which can be used in all online transactions with any of Singapore’s government portals. This requires a registered Singapore address that is listed with the government under one’s name. Singapore citizens and Permanent Residents are eligible for a SingPass, and so are holders of Employment Pass and Personalised Employment Pass. EntrePass holders, S-Pass holders and their dependents, as well as selected work permit holders, are also eligible for a SingPass. Through the SingPass website, www.singpass.gov.sg, eligibles can apply for a SingPass online, which can then be sent by courier to their government-registered address. Likewise, eligibles can get a SingPass at the Counters.
Aside from services provided by ACRA, SingPass holders can also access services by the Central Provident Fund Board, Inland Revenue Authority of Singapore, and GeBIZ.