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We Mean Business
The Sassy Girl's Guide to setting up a company in Singapore
16 August 2009
So you have a great business idea and just need to know where to start. Here's a guide to setting up a company in Singapore.
1. Think of a name
This sounds simple, but can be tough. Your company name needs to be catchy, memorable and meaningful. So gather your mates, as a brain storming session is required for this one.
2. Registration
If you are a sole-proprietorship or partnership you can register your business online via ACRA's bizfile, all you need is a Singpass. Alternatively a professional firm such as an accountant or lawyer can do this for you. It costs just $65 to register and obtain a unique entity number (UEN) and should take about 15 minutes if you have a simple business idea... However if you're planning to set up a private school, it may take longer...
3. Register your business address
You can't fit in a PO Box, so you can't work out of one! The good news is, you can work from home. However you do need prior written approval from URA or HDB to use your home as a home office. If you live in a private residence, this involves purchasing a license for around $18.
4. Register a domain name
You can now easily reserve a domain name (ending with .com.sg or .sg) at the same time when you register your business in Singapore electronically via the BizFile system. Select a domain name and it will be reserved for 3 months, during which you may approach any of the participating registrars to activate your domain name.
5. Foreigners starting a business
If you are a foreigner you either need to become a permanent resident (PR), or apply for an EntrePass, which is an entrepreneur's pass. There's just one catch - your business venture must not be 'engaged in illegal activities', so that handbag smuggling business isn't going to fly.
6. Pay your taxes
You know what they say; taxes are one of life's certainties. Everything you need to know as a small business is on the Inland Revenue website.
Need more help?
Some of us do, check out the ACRA website for straightforward answers.
Now, roll in the dollars!
We Mean Business | 16 Aug 2009 at 05:21 PM
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