Business registration Singapore is an important first step for anyone seeking to start a business in Singapore. The country is well situated in the heart of Southeast Asia, making it an ideal hub for businesses to connect to the region’s 600 million people. It is also home to a strong ecosystem that supports the growth of new businesses, making it an excellent choice for entrepreneurs.
To register a business in Singapore, the first thing to do is submit an application online through the BizFile+ portal. This process takes around 15 minutes to complete, and the application must be completed in English. The next step is to choose a business name. It is important to refer to the guidelines issued by ACRA on selecting a business name and not to choose a name that is too similar to an existing registered business.
After the approval of your business name, you will receive a notification from ACRA that your application is successful, along with your Unique Entity Number (UEN). This number is used for all transactions with government agencies.
Once your business is registered, you will need to prepare a company constitution, which sets out the rules and regulations for your corporation. You can use the standard template available from ACRA, or a professional firm can assist you in drafting one. You will also need to appoint directors and a company secretary, and issue share certificates to the shareholders, as well as keep a share register that records how much shares each person owns. business registration Singapore