As a leading and responsible accounting and bookkeeping firm, we always come up with new information and solutions for our blog reader. In this blog post, you will know everything about the requirement to register a business with ACRA Singapore.
A GUIDE TO ACRA SINGAPORE
If you wish to develop business in Singapore or already hold a company in Singapore, then here are some points you need to keep in mind.
REGISTRATION WITH ACRA
ACRA stands for Accounting and Corporate Regulatory Authority. Registration with ACRA is required by all those companies that carry an ongoing activity for profit in Singapore.
The minimum age for registration is 18 years.
If a company is a partnership firm with over 20 owner’s then the company must register itself with ACRA.
If a Foreigner wishes to run a company in Singapore, he needs to have one living partner in Singapore.
We can show the address of the firm the same as the residential address of the companies address.
REGISTRATION OF COMPANY’S NAME
If you require registering your company’s name, check the availability of name on BizFile.
The name application costs $15. Post-approval, the name will be reserved for 120 days. If you do not register the business or incorporate the company within these 120 days, then the name will no longer be reserved and will be made available for the public.
So you have decided to form a company in Singapore due to the ease of conducting business in the country and also because of the various tax exemption facilities which the government of Singapore offers? For registering a company in Singapore, the Accounting & Corporate Regulatory Authority—ACRA would supervise the procedures for business registration. Before one starts the process of registration, one has to decide which structure of business would be suited for your company. The Accounting & Corporate Regulatory Authority permits doing registration in the following given business types such as Limited Liability Partnership–LLP, Sole Proprietorship, and Private Limited Company–Pvt. Ltd.
One has to follow the following steps for registering a business in Singapore:
1) Reservation of the business name: For registering a new business, the name of the company has to get its approval from ACRA. You can make approval of the name easy if you keep following in mind: The company’s name should be free from any obscene or vulgar words, have an easy pronunciation, is meaningful, and is unique. There must not be any forms of trademark infringement and should be free from issues pertaining to copyright.
2) Registration of company: Once ACRA approves the name of the company, one could apply for its registration. It will not take more time to complete the company’s registration, in case all the documents are clear.
BENEFITS OF REGISTERING WITH ACRA
There are several advantages to registering a business with ACRA, such as
- The public can search and rest assured of your business.
- Making it easier for customers to identify, find and transact with your business.
- It also allows you to take part in government tenders and secure intellectual property or patents for new products and technology.
Giving your business access to governmental funding, such as those made available by Enterprise Singapore.
If you incorporate a company or set up a limited liability partnership (instead of registering a sole-proprietorship or partnership), your personal and business finances are separated. This means that you have limited personal liabilities; i.e. in case if the business has any issue, you are not in danger of losing your personal assets.
CLOSING YOUR BUSINESS
In case, your business is shutting down or you are moving to a different country. You need to fill Cessation Form.
We file the Notice of Cessation when a foreign company informs the Registrar it has ceased to have a place of business in Singapore or to carry on business in Singapore. The foreign company has 7 days after ceasing to inform the Registrar.