If you’re starting a business in Singapore, the first question to consider is whether you need to register it.
Anybody looking 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 and the full list can be found here.
Key steps to start
Now that you know whether to register the business, here are 6 key steps to guide you:
- Choose a business structure
- Find a business address
- Reserve your business name
- Register your business
- Create a Corppass account
- Open a corporate bank account
Running a business from home
There are 2 schemes you can consider if you intend to operate your business from home. The Home-Based Small Scale Business Scheme is for non-registered businesses while the Home Office scheme is for ACRA-registered businesses.
Setup Cost Calculator
Get an estimate of how much it costs to start and run a business in Singapore with our Setup Cost Calculator.