Use your Corppass Administrator account to manage your business’ digital transactions with the Government. Do note that Housing Development Board (HDB) flats and private residential properties are intended for residential use, and there are conditions and guidelines that need to be followed. Most importantly, the property must still be used for residential purposes and the business activity must be kept at a small scale to avoid causing disamenities to your neighbours. Use this e-Adviser to get recommendations for a suitable business structure, based on your business requirements.
Learn more about what you need to register your business, depending on the business structure you’ve chosen at Step 1. Alternatively, you may also appoint a registered filing agent to submit the application on your behalf. In Singapore, all businesses are generally required to register what are the advantages of bonds for retirement with the Accounting and Corporate Regulatory Authority (ACRA). Exemptions are granted for business owners who operate their businesses using their names as reflected in their NRICs. Your next step will be to reserve your business name with ACRA – the Accounting and Corporate Regulatory Authority⁵.
All of Singapore’s major banks have a good range of business bank accounts, from low fee online only offerings, to accounts with more features which may charge higher fees and suit more established businesses. In many cases you’ll be able to open your Singapore business bank account online – although whether or not this is possible will depend on your business entity type, residency and relationship with the bank you select. Learn more about the best corporate bank accounts in Singapore here. The good news is that there are companies like Sleek for example, which can help you set up a business in Singapore as a foreigner, to keep the experience hassle free. If you’re not living in Singapore but need local bank details, you can open a Wise multi-currency account online to get your local SGD bank details without the hassle of applying for a bank account as a foreigner.
- Consider factors such as the number of owners for your venture, your business plan, and the ease of setup and maintenance for each business structure to decide which one best fits your venture.
- Tax reporting processes – and tax rates – are different for corporations and other larger business entities³.
- All of Singapore’s major banks have a good range of business bank accounts, from low fee online only offerings, to accounts with more features which may charge higher fees and suit more established businesses.
- Do note that Housing Development Board (HDB) flats and private residential properties are intended for residential use, and there are conditions and guidelines that need to be followed.
- If you intend to work from home you may need approval, depending on the property type – for example, if you’re living in an HDB you’ll need to get the go ahead before you can register your home as a business.
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You will need to understand the key differences between the structures and decide which is right for your business. If you’re legally resident here and hold an appropriate pass you may be able to register your company alone. If you’re not a Singapore resident, you may find you need a local representative, director or manager, depending on the business entity type¹². If you’re looking for a low fee, feature packed multi-currency account in Singapore, check out Wise Business. Open your account fully online for a one-time fee of S$ 99, with no ongoing charges and no minimum balance requirement. As part of your ACRA registration you’ll also need to add a business and residential address⁷.
Start-up Guide
At this stage you’ll also have to specify your business activity type for statistics and licensing purposes. what is bad debt the method of bad debts written off and protection Though it can be optional depending on your type of business, having a dedicated business bank account helps you separate personal and business transactions, which will make it much easier for you to file taxes. After that, you’ll be led to a list of recommended steps to take in a Guided Journey, which include applying for your business name and registering your business. You must provide an address when registering your business with ACRA. You must inform ACRA of any address change within 40 days of registration.
If you have a registered company you’ll need to follow a separate tax filing process – in this case you’ll be best off taking professional advice. Starting a business in Singapore includes some mandatory steps, like registering your company and reserving a name. However, these are actually pretty low-cost, which means it’s feasible in theory to start a business in Singapore with more or less no capital.
Are you ready to start a business?
If you intend to work from home you may need approval, depending on the property type – for example, if you’re living in an HDB you’ll need to get the go ahead before you can register your home as a business. Upon successful registration of your business entity, you may need to apply for a licence or permit from other government agencies before commencing business. It’s also worth checking if you’re required to buy work injury compensation insurance, based on the type of work and income of your employees. Finally, bear in mind that different rules apply when you’re hiring foreign workers – get all the advice you need to make sure the process runs smoothly. Make sure you’re clear on the processes and requirements for both employee and employer CPF contributions, and when they apply.
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How you report and pay your business taxes will depend on your business entity type, and the turnover of your company, among other things. If you’re a sole proprietor or in a i lost my share certificate. do i still own the stock partnership, you’ll usually need to report your revenue and adjusted profit only if your income is under 200,000 SGD a year². If your income is 200,000 SGD to 500,000 SGD, reporting requirements are a little more stringent – and once you’re earning 500,000 SGD or more a year the reporting processes change again. Once you’ve understood the steps required from the guide, start the registration process by choosing a business structure. Consider factors such as the number of owners for your venture, your business plan, and the ease of setup and maintenance for each business structure to decide which one best fits your venture.
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