Your GoBusiness Guide to starting a business in Singapore

Ready to turn your business dreams into reality, but feeling daunted at the thought of incorporating your venture? Don’t worry - you’re not alone. The process may seem overwhelming, but it doesn’t have to be. GoBusiness is here to help, by making the process seamless, fuss-free, and all the more easy for you to kickstart your business and be your own boss.

If you’re a first time entrepreneur, check out the Start-up Guide which will take you through an overview of the process of registering your small business, and six steps you can take to get started. Learn more about the benefits of registering a business, and get an estimate of the cost of establishing and running your own business in Singapore with the Setup Cost Calculator.

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.

For more guidance, the e-Adviser for Business Structure on GoBusiness lends a helping hand in the form of a simple questionnaire that suggests a recommended business structure, and helps you assess different aspects of your business. You can also find out how the Start-up Guide has helped other business owners to take the first step in establishing their venture.

So you’ve chosen your business structure and office address. What’s next? Choosing a name for your business. If you’re unsure if your company name is suitable, the e-Adviser for Starting a Business can help you check for similar business names to the one you’ve chosen, available domain names and social media handles, and whether additional approvals are required.

If you’re registering a Sole Proprietorship or Partnership, you can reserve your business name and register the company via GoBusiness, by logging in with your Singpass.

Once you’ve logged in, scroll down till you see the register button to register your business:

This will direct you to the e-Adviser for Starting a Business, where you will be asked to enter details such as your selected business name, business structure, and activities.

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 can then save this by selecting “Add Guided Journey”.

Once you’ve saved your Guided Journey, follow the recommended steps to complete the process. You can also pause and continue your application any time on the GoBusiness Dashboard, and the status will be reflected under “My Submissions”.

If your business venture falls under other business structures, head on over to BizFile+ to register your business name directly, or appoint a registered filing agent, such as a law firm, to submit an online application.

Upon successful registration of your new company, you will be issued a Unique Entity Number (UEN) which will be used in all your transactions with government agencies.

Once you’ve reserved your business name and completed your registration, your next move is to set up a Corppass Administrator account. A corporate digital identity that lets your business entity conduct business transactions with Singapore Government agencies, Corppass helps you to manage digital services such as grant applications and the filing of corporate taxes.

Last but not least, don’t forget to open a corporate bank account!

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.

And with that, you’re now a business owner! The journey, however, has just begun. Take your learning even further and read up on tips to creatively market your brand, or learn to manage your new business on the GoBusiness Dashboard.

This article is accurate as at 18 Oct 2022