Generally speaking, anyone who carries on any business on a continual basis for the purpose of gain is required to register their businesses with the Accounting and Corporate Regulatory Authority (ACRA) unless they are exempted. To be able to register your business in Singapore, there are several requirements that need to be met. The first thing that needs to be done is to decide on your business structure. You can choose from sole proprietorships, partnerships, private limited companies and more. Each of these types has its own set of benefits and perks.
You will also need to have a company constitution. This can either be prepared yourself using a template that ACRA has made available online or you can engage a professional firm to do this for you. It is crucial that your company constitution includes key details such as the name of your business, the number and types of shareholders, the amount of shares allocated to each shareholder and the purposes of your business.
After all the requirements and documents have been submitted to ACRA, you will be notified via email of your registration status within 15 days. This is followed by the issuance of your Certificate of Incorporation which will include your unique business registration number.
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