5 Steps to Set Up a New Business in Singapore

Singapore has consistently topped the World Bank’s “Doing Business” report that tracks and scores the indicators of the ease of doing business in over 190 countries of the world. Particularly, Singapore’s score for indicators measuring the ‘ease of starting a business’ has always been remarkably high.

Step 1: Finalize the Entity Type

Before you register the business, it is essential to choose the legal structure that is ideally suitable for the nature of your business and would maximize the tax benefits.

Sole Proprietorship will fit a small business that is less risky and typically operated by the owner himself

A Private Limited Company is the common choice for businesses that have considerable risks, long-term plans, and high profits.

Step 2: Choose, Check and Reserve a Company Name

You may check company names using an online toll Singapore Company Name Checker. Have a list for at least 3 to 5 names ready as ACRA may decline registration of names that are undesirable, or identical to any registered to reserved name, or unacceptable as per the direction of the Minister.

Step 3: Get Required Details Ready

Few documents needs must be ready before proceeding with the registration process. Check the list

Step 4: Register a Singapore Company

Upon approval of the name by ACRA, you may proceed to register your company. Once the company is registered ACRA will send an official email notification to confirm it.

Step 5: Opening a Corporate Bank Account:

A corporate bank account is the most fundamental requirement for any business to commence its operations after its successful incorporation. As an international financial center, Singapore has a wide choice of bank, including all leading international and regional banks

Get started with your Singapore company today!

Learn more: How to register a company in Singapore