Starting in Singapore: Setup in 5 Steps
Here is our easy step by step guide to setting up a new business in Singapore. We hope this will be of use to you, whether you are starting your first business, a new business entity or a Singaporean subsidiary.
Step 1: Register your Company Name
Step 2: Apply for Licenses & Permits
Step 3: Incorporate your Company
Notes
The instructions here apply to registering a Company in Singapore. This is the most common business structure here. There are slightly more duties to fulfil compared to other business structures such as Sole Proprietorship. However, they are straightforward and we will walk you through them below. See here for a comparison of the different forms of business structure ( PDF )
Step 1: Register your Company Name
Log into Bizfile using your NRIC and Singpass
Instructions:
- On the Bizfile site go to e-Services > Name Application, Incorporation and Amalgamation > Apply for a New Company Name
- You will be asked to enter your company’s name and shareholders or directors’ details.
Fees: S$15 for each name registered, names are reserved for 60 days upon registration(Before the expiry date you can extend once for a further 60 days for S$10)
Notes
- The instructions here apply to registering a Company in Singapore. This is the most common business structure here. There are slightly more duties to fulfil compared to other business structures such as Sole Proprietorship. However, they are straightforward and we will walk you through them below.
- See here for a comparison of the different forms of business structure
Step 2: Apply for Licenses and Permits
Your business may require licenses and permits. Go to EnterpriseOne’s Online Business Licensing Service (OBLS)
Instructions:
- Click on Apply New then click through the list of Industries / Business Activities to find the list of licenses and permits relevant to your business operations.
Fee: Depends on the licenses and permits needed.
Notes
- See here for a short FAQ and list of licensing agencies’ contact numbers
Step 3: Incorporate your Company
This primarily involves filling in the particulars of the company’s shareholders, directors, secretary and auditors as well as share allocations and company registered address.
Instructions:
- Log into Bizfile using your NRIC and Singpass.
- Go to e-Services > Name Application, Incorporation and Amalgamation > Incorporate a Private Company
Fees: S$300 registration fee for a company limited by shares. S$600 for a company limited by guarantee.
How can Virtual HR help?
Virtual HR provides a registered business address with dedicated phone answering and mail forwarding service, so you avoid the unnecessary costs of office rental and staffing.
Notes
- See here for more detailed instructions
- If you are not using Bizfile’s standard Memorandum & Articles of Association (M&AA) form provided in the incorporation application form, you will need to attach your own. Sample M&AA form
- Each director, shareholder & secretary is required to endorse the application within 3 days from the submission date. They will need to log into Bizfile with their Singpass go to Local Company Transaction > Name Application, Incorporation > Endorsement by Director or Endorsement by Shareholder or Endorsement by Secretary
- You should make a company seal. This can be done at general stationers at an approximate cost of S$35 and duration of 3 days. You must print your ACRA Company Registration Number on all official company stationary, including letterheads, invoices, statements of accounts and official notices. Refer to ACRA’s Practice Direction for Printing of Company Registration Number for details.
Step 4: Filing Taxes
After incorporation:
- Within 3 months: Appoint an auditor. Companies with less than 20 individual shareholders with less than S$5 million revenue for that financial year do not need to appoint an auditor, audit their accounts or file them with ACRA.
- Within 6 months: Appoint a company secretary. If the company only has one director, he or she cannot be the company secretary.
- Within 18 months: Hold your first company Annual General Meeting (AGM)
- By 1st March prepare Form IR8A and Appendix 8A, Appendix 8B or Form IR8S (where applicable) for all employees in Singapore
- By 31st March for financial year’s ending 31st December or by 30th June for FY ending 31 March – File Estimated Chargeable Income
How can Virtual HR help?
Virtual HR can handle all your employee’s payments and employment income reporting.
More about our Payroll Outsourcing service
More payroll tax resources
Notes
- See here for a brief list of post-incorporation obligations for companies and other business organizations
- See here for more on your company’s tax obligations
- See here for more on Reporting Employee Earnings including the relevant tax forms
Step 5: Employ People
Before you start recruitment, you should take note of your legal obligations as an employer.
If you are hiring non-Singaporean PRs and non-Citizens
- Apply for the relevant work passes
- Registration for Foreign Worker Levy (FWL)
If you are hiring Singaporean PRs and Citizens
- Registration with the Central Provident Fund (CPF) Board
- Registration with the National Service (NS) Portal
For all employers
- Acquire Workmen’s Injury Compensation
- Pay full salary within 7 days after the end of the salary period. Except in the case of Overtime and Termination.
- Comply with all the relevant employment laws of Singapore.
How can Virtual HR help?
Virtual HR can help with all your employment obligations in Singapore. This includes registration with the relevant authorities, Employment Pass applications, setting up your employment terms and conditions, providing you with a dedicated payroll banking facility and processing your payroll.
More about our HR Setup service
Listing of Singapore’s employment laws
