Want to start a business in Singapore? One of the first steps you'll need to take is to register your business. If you're planning on running the business as a sole proprietorship, then you'll need to register it with the Accounting and Corporate Regulatory Authority (ACRA). In this post, we'll provide you with a step-by-step guide on how to register a sole proprietorship in Singapore, so you can get your business up and running as soon as possible.
Key takeaways:
- Registering a sole proprietorship in Singapore requires completing the necessary paperwork and paying the registration fee.
- As a sole proprietor, you'll be personally liable for any debts or obligations your business incurs.
- Consider hiring a professional firm to help you with the registration process to ensure that everything is done correctly.
How to register your sole proprietorship in Singapore:
- Choose a business name: Before you can register your business, you'll need to choose a name for it. Make sure to choose a name that is unique and not already in use.
- Prepare the necessary documents: You'll need to prepare the following documents:
- Completed registration form
- Photocopy of your NRIC or passport (for non-Singaporeans)
- Proposed business name
- Description of your business activities
- Registered address
- Declaration of compliance with the requirements of the Business Registration Act
- Pay the registration fee: The registration fee for a sole proprietorship typically costs $115, but this may change over time. You can pay this fee online or at any of the ACRA service centres.
- Submit the documents: You can submit the documents either online through the BizFile+ portal or in person at any of the ACRA service centres. Once your application has been approved, you'll receive a Business Registration Number (BRN) and a copy of your Business Profile.
- Register for taxes: Depending on the nature of your business, you may need to register for goods and services tax (GST) or other taxes. You can do this online through the Inland Revenue Authority of Singapore (IRAS) website.
- Open a bank account: Once you've registered your business, you'll need to open a bank account in the name of your business. This will make it easier to manage your finances and keep track of your business expenses.
Follow these steps you'll be able to register your sole proprietorship in Singapore and start your business.
Now, if you’re hiring people, you might want to read about Panther…
Hiring contractors? Panther can save you a ton of time
If you’re hiring contractors, you’re probably spending too much time on their payroll, contracts, and tax documents. Which is why we built Panther, which saves you 90% the time you spend on contractor paperwork each month.
With Panther, you can compliantly hire your contractors in 150+ countries, onboard them in minutes, and pay them all at once (in a click). It’s global contractor payroll, finally simplified.
Sound interesting? Click here to watch a 4-minute product demo and see the platform firsthand (without ever having to book a lengthy product demo call).
