At this stage you’ll also have to specify your business activity type for statistics and licensing purposes. 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. 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 must provide an address when registering your business with ACRA. You must inform ACRA of any address change within 40 days of registration.
Open a business bank account in Singapore
If you have a registered company you’ll need to follow a separate tax filing process – in this case you’ll be best off taking professional advice. Starting a business in Singapore includes some mandatory steps, like registering your what happens to assets if the company pays for notes payable company and reserving a name. However, these are actually pretty low-cost, which means it’s feasible in theory to start a business in Singapore with more or less no capital.
Use your Corppass Administrator account to manage your business’ digital transactions with the Government. Do note that Housing Development Board (HDB) flats and private residential properties are intended for residential use, and there are conditions and guidelines that need to be followed. Most importantly, the property must still be used for residential purposes and the business activity must be kept at a small scale to avoid causing disamenities to your neighbours. Use this e-Adviser to get recommendations for a suitable business structure, based on your business requirements.
Setup cost calculator
- 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.
- Understand the benefits and requirements of opening a corporate bank account.
- You can submit your new business name application via BizFile+.
- Learn about the different business structures and find out which one best suits your business.
If you’re starting a business in Singapore, the first question to consider is whether you need to register it. Capital costs are likely to be things involved in setting up your business. While these will vary widely depending on the type of business they may be things like the costs of setting up a website, or buying equipment. Before you can launch your business you’ll need to work out how you can fund and finance it. If how to create a win win situation in business conflict you’re feeling confident about all of these, it’s time to move on. 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.
How you go about filing your business taxes will depend on your business entity type. If you’re a sole proprietor or in most types of partnerships, your business is not considered a separate legal entity from a tax perspective. That means it’s easy to file your taxes with IRAS online through SingPass¹¹. Once you’ve reserved your business name and completed your registration, your next move is to set up a Corppass Administrator account. A business name is the name your business will use to operate. Before registering your business with ACRA, you need to register your business name.
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All of Singapore’s major banks have a good range of business bank accounts, from low fee online only offerings, to accounts with more features which may charge higher fees and suit more established businesses. In many cases you’ll be able to open your Singapore business bank account online – although whether or not this is possible will depend on your business entity type, residency and relationship with the bank you select. Learn more about the best corporate bank accounts in Singapore here. The good news is that there are companies like Sleek for example, which can help you set up a business in Singapore as a foreigner, to keep the experience hassle free. If you’re not living in Singapore but need local bank details, you can open a Wise multi-currency account online to get your local SGD bank details without the hassle of applying for a bank account as a foreigner.
Learn more about what you need to register your business, depending on the business structure you’ve chosen at Step 1. Alternatively, you may also appoint a registered filing agent to submit the application on your behalf. In Singapore, all businesses are generally required to register with the Accounting and Corporate Regulatory Authority (ACRA). Exemptions are granted for business owners who operate their businesses using their names as reflected in their NRICs. Your next step will be to reserve your business name with balance sheet example template format analysis explanation ACRA – the Accounting and Corporate Regulatory Authority⁵.
Get an estimate of how much it costs to start and run a business in Singapore with our Setup Cost Calculator. At this stage you’ll also need to add your residential address, or an alternative address where you can be contacted if you don’t want your home address to be on public record. Tax reporting processes – and tax rates – are different for corporations and other larger business entities³. You may choose to use your personal savings, take a bank business loan, look for financial backers, or even try to access financial support like grants from an organisation like Enterprise Singapore¹. 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. Check out these videos on the various aspects of starting a business in Singapore.
If you intend to work from home you may need approval, depending on the property type – for example, if you’re living in an HDB you’ll need to get the go ahead before you can register your home as a business. Upon successful registration of your business entity, you may need to apply for a licence or permit from other government agencies before commencing business. It’s also worth checking if you’re required to buy work injury compensation insurance, based on the type of work and income of your employees. Finally, bear in mind that different rules apply when you’re hiring foreign workers – get all the advice you need to make sure the process runs smoothly. Make sure you’re clear on the processes and requirements for both employee and employer CPF contributions, and when they apply.
