Starting a Business in Singapore

This table summarizes the procedures and costs associated with setting up a business in Singapore.

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Standardized company

Legal Form: Private Limited Liability Company
City: Singapore

Registration Requirements Summary:


  Procedure Time to complete: Cost to complete:
1 Registration on-line with ACRA including company name search and filing the company incorporation and tax number (GST) 1 day SGD 315
2 Make a company seal 1 day SGD 70
3 Sign up for Work Injury Compensation Insurance at an insurance agency 1 day no charge

Registration Requirements Details

Procedure 1.
Registration on-line with ACRA including company name search and filing the company incorporation and tax number (GST)
Time to complete:
1 day
Cost to complete:
SGD 315
Name of Agency:
Comment:
From 1st April 2004, the Registry Of Companies and Businesses (RCB) has merged with the Public Accountants Board Singapore (PAB) to form the Accounting and Corporate Regulatory Authority (ACRA). Incorporation is done through Bizfile, an electronic filing system. Since March 2004, any Singapore citizen, permanent resident or valid work pass holder can incorporate a company using his Singpass (i.e. common password to transact with the Government online). An application for the approval and reservation of a company name is to be submitted online via Bizfile. An application fee of S$15.00 is payable for each approved company name. It can generally be completed within an hour after payment online. Once a name has been approved, it will be reserved for 60 days. A one-time application for the extension of the reservation period by a further 60 days can be made before the expiry date. The application fee for the extension is S$10.00 per name.
Since April 2007, entrepreneurs registering a new business can purchase the Business Profile on line at the same time of registration , when filling up the incorporation forms. The processing time is about 15 minutes from the time of successful submission of all documents and all information, and the registration fee payable is S$300.00. The ACRA will issue a notice of incorporation via electronic mail to the law firm or professional firm engaged for the purposes of incorporation upon the successful incorporation of the company together with the registration number of the company.
In 2008, the registration with the Inland Revenue Authority of Singapore (IRAS) for the goods and services tax (GST) when (a) its annual taxable turnover exceeds SGD 1 million became possible whole incorporating the company using the same online forms.
Procedure 2.
Make a company seal
Time to complete:
1 day
Cost to complete:
SGD 70
Name of Agency:
Comment:
The company seal is generally obtained from third-party stationers. Generally a market rate of SGD35 will be charged if the seal is to be collected within 3 days or approximately SGD70 if the seal is to be collected within 1 day
Procedure 3.
Sign up for Work Injury Compensation Insurance at an insurance agency
Time to complete:
1 day
Cost to complete:
no charge
Name of Agency:
Comment:
Time and cost may depend on the arrangement between the company and the insurance agency.