A business is any economic activity that involves the exchange of goods or services for a profit. Typically, businesses are for-profit in nature but can also be non-profit organisations that aim to help a social cause. Regardless of their purpose, they are the backbone of economies and can take many forms such as partnerships, limited liability companies or corporations. This article explains the basics of how to register your business in Singapore and the key requirements you must fulfil before starting operations.
To register a business in Singapore, you’ll need to meet several key requirements including a registered address, minimum paid-up capital and an approved Unique Entity Number (UEN). This guide will walk you through the process of setting up your company and assist you with navigating the registration system.
The first step is to decide on your business structure. This is important as it will impact the tax you pay, your legal obligations and how much you can raise. You’ll need to choose between a sole proprietorship, partnership, limited liability company or corporation.
If you are unsure of how far your business will go, it’s best to start off with a sole proprietorship. This is easy to set up and allows you to grow your business without committing too much upfront. However, if you are determined to go the distance with your venture and have a clear vision of where you want to take it, a Pte Ltd is the way to go. how to register a business in Singapore