If you intend to run a business, it’s important to register it. This way, you can be sure that you are complying with all the relevant regulations and that your information is easily verified. In addition, it opens the door for you to apply for government funding and participate in government tenders.
In Singapore, it’s relatively easy to register a company. The process requires a few basic documents. First, you must decide what type of business entity you want to set up. The most common types of entities are sole proprietorships, private limited companies, and limited liability partnerships. Each type has its own benefits and drawbacks.
The next step is to choose a name for your company. The name must be unique and approved by the Registrar of Companies. You also need to provide a description of your intended business activities and a list of shareholders and directors, including their full names, residential addresses, identification documents (passport copies for foreign individuals), and their shareholding percentages.
Once your application has been approved, you will receive a Certificate of Incorporation via email from ACRA. This will include your unique business registration number. In addition, you will also receive a Business Profile (or Bizfile), which is essentially your company’s online business card.
If you are a foreign individual looking to register your business in Singapore, it’s essential that you get assistance from an experienced professional. Timcole can assist you with navigating the complex Singapore system and completing the necessary steps at a reasonable cost. register business Singapore