Overview

Overview

If you’re starting a business in Singapore, the first question to consider is whether you need to register it.

Anybody who intends to carry out any activity for profit on an ongoing basis must register a business with the Accounting and Corporate Regulatory Authority (ACRA), unless you meet the following criteria for exemption: .

• You use your full name, as per your NRIC, as your business name.
• You and your partner(s) use your full names, as per your NRIC, as your business name

Do note that if you add descriptive words to your name (eg: Flowers by Tan Mei Ling), you must register the business. There are other exemptions from registration and the full list can be found in the Business Names Registration Act.

Benefits of registering a business

There are several benefits of registering a business with ACRA. Here are some of them:

• The public can easily verify information about your business and its owners
• The public can easily identify, find and transact with your business
• You get to participiate in government tenders and secure intellectual property or patents for new products and technology
• Your business gets access to Government funding, such as Enterprise Singapore grants

In addition, 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 kept separate. This means that in the event that your business is sued, your personal liabilities are limited and you do not risk losing your personal assets.

Key steps to start

Now that you know whether to register the business, here are 6 key steps to guide you:

Setup cost calculator

Get an estimate of how much it costs to start and run a business in Singapore with our Setup Cost Calculator.