When applying for your chosen name, you must select the most appropriate Singapore Standard Industrial Classification (SSIC) code to define your primary and secondary business activities.
The cost of a name application is $15. If the name requires review and approval from relevant authorities, the process may take between 14 days to two months. For example, if the name contains the words “legal” or “law,” it will involve the Legal Services Regulatory Authority.
Once approved, the name will be reserved for 120 days. If you don’t register your business or incorporate the company during this period, the name will become available to other members of the public.
Step 3- Register Business Address
The next stage involves the registration of an office address for the company. Depending on the type of entity you have, there will be specific requirements for the addresses that need to be registered. If necessary, you can engage a registered office address service provider for assisting your physical or virtual office for company registration.
- Company Address (for sole proprietorships)
If you are the sole owner of the company, you have the option to use your home address as the company address under the Home Office Scheme. This scheme applies to both private residences and HDB (Housing and Development Board) flats. However, before proceeding, it is essential to obtain the necessary approval from HDB or URA (Urban Redevelopment Authority), depending on the type of residence you have.
- Registered Office Address (for LLPs and corporations)
This location serves as the designated address for receiving all notices and messages related to LLPs (Limited Liability Partnerships) and corporations. Additionally, the company’s register and records are maintained at this address. It’s important to note that a physical or virtual registered office address must be operational and accessible during standard business hours.
During the registration process, ACRA (Accounting and Corporate Regulatory Authority) requires the residential addresses of all company officers and business owners. These addresses become part of the public record and will be made available to the general public when they access information about the corporate entity.
Step 4- Register Your Business
You’re almost done. Please return to the BizFile website to complete the transaction to register a new company in Singapore.
The registration fee for a sole proprietorship or a LLP for one year is $115, while the cost for a three-year registration is $175. This fee includes the filing of the company name. For businesses, the standard incorporation charge is $315, which also covers the registration of a business name.
Typically, applications are processed within 15 minutes. However, if the application requires forwarding to another agency for permission or review, it may take up to 60 days.
Why Choose Soho for Your Company Registration?
- Streamlined Process: Our company registration process is designed for simplicity, ensuring a quick and hassle-free experience. Our team of professionals will guide you through every step, making the entire process easy to follow.
- Extensive Experience: With years of industry experience, we possess a deep understanding of Singapore’s business environment and registration requirements. You can trust us to handle your company registration with precision and professionalism.
- Timely Completion: We value your time and strive to complete the registration procedure promptly. Our dedicated efforts ensure that your new business can commence without unnecessary delays.
- Competitive Pricing: We believe in providing high-quality services at affordable prices. Our reasonable rates offer excellent value for the services rendered.
- Regulatory Compliance: Navigating the legal procedures and regulations of company registration can be challenging. Rest assured, our experts will keep you informed about all necessary compliance procedures, ensuring you meet all requirements smoothly.
Key Considerations for Choosing a Registered Office Address
It is important to note that whenever you are planning to register a new company, Singapore has strict laws on having a registered office address for your business. Hence, a crucial decision when setting up a company is selecting the appropriate registered office address. This address will serve as the official location for your business operations. Below we will look at some key considerations when choosing a registered office address for your business:
- Adhering to Legal Requirements: Compliance with Singapore’s stringent legal regulations mandates the selection of a registered office address. This choice is important for upholding the legal standing and integrity of your new company.
- Professionalism and Accessibility: Opting for a registered office address service allows your company to appear professional while making it accessible for your potential clients. A virtual office address offers both flexibility and a reputable business image, making it a prudent choice for businesses operating remotely or outside of the country.
- Streamlined Communication: Selecting a virtual office for company registration ensures efficient management of your business correspondence. This is especially beneficial for entrepreneurs frequently on the move or working from multiple locations, ensuring swift and proper handling of all essential mail.
- Cost-Effective and Pragmatic: For startups and small businesses figuring out local company registration, choosing a virtual registered office address is an economically viable option. It fulfils legal obligations without the necessity of a physical office. Furthermore, it aligns with the contemporary trend of online business setups.
Frequently Asked Questions