Starting a Business in Singapore

Share | Print

Starting a Business in Singapore

The primary Singapore Government website  is a good starting place to find information about business in Singapore.

• See The AngloFILE for Accountants & Auditors. Many of these firms do the groundwork of filing a new business

New Businesses Start-Up

Individuals and companies registering business firms need not be Singaporeans or incorporated in Singapore. However, a person who is not a permanent resident must apply for an Employment Pass if they intend to be actively involved in the day-to-day running of the business in Singapore.

The Government Business Department offers foreign entrepreneurs useful information on starting a business in Singapore, links to government assistance schemes and visa arrangements, as well as working and living in Singapore. It is also a portal that provides government-to-business contents and e-services, aggregated from 30 government agencies.

The Accounting & Corporate Regulatory Authority (ACRA) regulates all business activities and can advise prospective applicants about the required procedures. Application forms are available from ACRA online. 

• Accounting & Corporate Regulatory Authority ACRA 
  Tel: 6325 3731 / 6325 3732 
  Website

The Economic Development Board (EDB) provides information and funding for start-up businesses. 

• See their "Setting Up a Business" web pages for general advice on starting up and running a business in Singapore: Click here

Different Types of Businesses and Registration Procedures

Check with ACRA for the categories under which a business may be registered. This includes any firm, individual or corporation which operates as a nominee, trustee or agent for any foreign corporation.

Applications can be made online. The Singapore Government has made the process easy to follow.

Limited Liability Partnership (LLP)

Setting up a company as an LLP gives the owners the flexibility of operating as a partnership while giving them limited liability, so that a partner will not be held responsible for the LLP's debts or liabilities (unless they result from that person's wrong-doing).

An LLP is an entity in its own right, separate from its owners, and can sue or be sued, or own property in its own name. An LLP continues to exist even if the partners change.

• For more details on an LLP in Singapore: Click here

Company

A company is a business entity registered under the Companies Act, Chapter 50. It has a legal personality, so has a right to own properties, and can sue or be sued. It usually has the words "Pte Ltd" or "Ltd" as part of its name. The owners of a company are not responsible for its liabilities (unless they are a result of that person's wrong-doing).

• For more details: Click here 

Business

Under the Business Registration Act, "business" includes every form of trade, commerce, craftsmanship, calling, profession and any activity carried on for the purposes of gain.

Unlike an LLP or a company, a business is not a legal entity in its own right and the business owner is responsible for the business's liabilities.

A business may be a sole-proprietorship, that is owned by a single person, or it may be a partnership of up to 20 people.

• For more details and information on how to register a business: Click here

Business Incentives

The Economic Development Board (EDB) is keen to stimulate business investment in Singapore and runs a number of initiatives to provide incentives.

The Startup Enterprise Development Scheme (SEEDS)

SEEDS is a S$50 million equity finance fund which is available from the EDB for start-ups that are in their early stages. SEEDS aims to bring about an "enterprise eco-system" where large and small enterprises can jointly exploit innovation and intellectual property. Successful applicants have in the past been engaged in a range of IT and hi-tech product design services.

SEEDS aims to encourage private sector investment in innovative start-ups by matching dollar for dollar any third party's investment in the company. The EDB will take an equity interest in the company.

• See the EDB website area on start-ups for more information about the conditions and how to qualify for SEEDS funding: Click here

Further Information

• AngloINFO INFOrmation Page Closing a Business in Singapore