Registration Of Business
Registration Of Business In Singapore
Registration Of Business: Types Of Business Structures
Singapore is a land of opportunities for entrepreneurs. For the sixth consecutive year in 2012, the pro-business Southeast Asian nation has topped the ranking on ease of doing business index by the World Bank. It has proven time and again that it is capable of giving businesses the support and security they need to flourish. It also welcomes all forms of business and investment, making the registration of business in Singapore a straightforward process.
There are five structures of business recognised in Singapore. Entrepreneurs can register their business as sole-proprietorship, partnership, Limited Liability Partner (LLP), Limited Partnership (LP), and Company. All businesses, including firms that perform for foreign companies, are required to register with the Accounting and Corporate Regulatory Authority (ACRA).
There are exceptions, though. Certain individuals, professionals, and organisations are exempted from ACRA registration. Individuals who don’t need to register include taxi drivers, farmers, licensed hawkers, domestic craftsmen, and private fish and prawn pond keepers, while professionals who are exempted include lawyers, doctors, and accountants. However, if they wish to set up an accounting or law firm, they would need to register their business with ACRA.
Registration Of Business In Singapore For Foreigners
Anyone over the age of 18 can register their business in Singapore, provided that they follow steps and submit to requirements. Although the country offers equal opportunity for both local and foreign citizens, there are additional requirements given to foreigners. This is to maintain and protect the legitimacy of the industry.
For Singaporean citizens, they have the option to hire a professional firm or register on their own. But for foreigners, they need to hire a professional firm to register their business on their behalf with ACRA. They must also apply for an EntrePass from the Ministry of Manpower (MOM) if they wish to start a new business in the country.
Registration of business usually takes less than an hour. However, if the business needs further review and approval, the process would take at least 2 weeks. These businesses, which include banking, insurance, stock broking, and certain types of good manufacturing, need special licenses from other government agencies.