How to Start a Business in Singapore: Step-by-Step Guide

Starting a business in Singapore involves more than submitting a Bizfile form. First check whether your activity must be registered, choose a legal structure, confirm who can register it, and plan for the obligations that follow. Requirements depend on your activity, owners and entity type. Use this as a checklist and verify details with ACRA and IRAS before filing.

1. Check whether registration is required

ACRA says a business generally needs registration when it carries on a profit-making activity regularly, unless an exemption applies. This can include home-based or online trading. Using only your full NRIC name may qualify for an exemption in specified cases; adding other words generally means registration is required. Applicants must be at least 18. Foreign owners face additional requirements, including local-residency rules and, in many cases, using a corporate service provider.

2. Choose the entity before reserving a name

A sole proprietorship is simple but is not legally separate from its owner. A general partnership is also not a separate legal entity and can expose partners to personal liability. An LLP or company is a separate legal person with a different liability and compliance framework. Consider ownership, risk, future investors, reporting duties and tax treatment together. ACRA’s GoBusiness e-Adviser can help compare options; seek professional advice for complex circumstances.

3. Reserve the name through Bizfile

Check the proposed name and relevant Singapore Standard Industrial Classification activity codes. ACRA’s name application fee is S$15. An approved name is reserved for up to 120 days, during which you must complete registration. It is not a trade mark and does not reserve a matching website address.

4. Prepare and submit the registration

The information varies by structure. For a local company, prepare the approved name, company details and financial year end, a Singapore registered-office address, director and shareholder details, controller information where required, share capital and a constitution. ACRA’s current Bizfile guidance lists a S$300 local-company registration fee, separate from the name application fee. Applications needing additional review can take longer. Other entity types have different forms, fees and eligibility requirements.

5. Check what must happen next

After incorporation, check licences and permits for your activity, set up required company registers, and apply for Corppass if you transact with government agencies. A company must appoint a secretary within six months; an auditor is generally required within three months unless exempt. Keep accounting records and confirm tax-filing obligations with IRAS. Monitor GST registration: compulsory registration can apply when taxable turnover exceeds S$1 million under the retrospective test, or when it can reasonably be expected to exceed S$1 million over the next 12 months. Timing and exceptions differ.

A useful order of work

Write down your activity and likely licences; compare entity structures; decide on ownership and office arrangements; reserve the name; gather the required particulars; submit through Bizfile; then calendar tax, filing, register and renewal dates. Recheck ACRA and IRAS guidance because fees, processes and rules can change.

This guide is general information, not legal, tax or accounting advice. Eligibility and obligations depend on your circumstances. Confirm current requirements with the relevant authority or a qualified adviser.