In this digital era, entrepreneurship is getting more and more prevalent in the world today. The idea of being your own boss, working on your own schedule, and having ultimate creative freedom is attractive to many people.

For those of you who are looking for ways on how to register a company while living in Singapore, you have come to the right place. With this simple step-by-step guide, you will learn how to incorporate and start a business in Singapore.

Before you register a business, you first need to know that there are different types of business structure in Singapore. There are Private Limited Companies, Limited Liability Partnerships, Sole Proprietorships, just to name a few.

Each business structure has their own advantages and disadvantages. To find out more on which business structure suits your business, drop us a text on Whatsapp and we will be happy to help you out.

Advantages

• Liability is restricted to share capital, which protects your personal assets
• Legally separate from you, and faces legal action in its name
• Gives a more credible and professional front

Disadvantages

• More costly to set up, due to higher regulatory and legal requirements
• Required to disclose information such as director/shareholder details

Advantages

• Liability is restricted to invested capital, which protects your personal assets to a certain extent
• More flexible in terms of operations and management
• Not subjected to corporate tax

Disadvantages

• Can face unlimited liability for negligence or wrongful acts, risking personal assets
• Lesser legal recognition and status
• Lower perceived level of credibility

Advantages

• Simple process with minimal bureaucracy
• Complete control over processes and operations
• Streamlined taxation process, not as complicated

Disadvantages

• Responsible for all business debts and obligations
• Unlimited liability, putting all your personal assets at risk
• May face limited growth and may be hard to scale up business

Now that your company structure has been finalised, it is time to decide on a business name. A business name is important when registering a company in Singapore. It has to comply with the guidelines meted out by the Accounting & Corporate Regulatory Authority (ACRA).

Words such as Singapore, Bank, School, Institutions are not allowed by ACRA. To know more about what names are not allowed by ACRA for company registration, learn more with us via Whatsapp here.

After registering your company in Singapore, you need to check whether your business needs any licenses or permits to start operation. Based on your business nature and the SSIC codes that you have registered during company incorporation, you might need to apply for some licenses and permits. You will also need to set up a bank account for your business.

As the registration process can be a hassle, many entrepreneurs seek corporate service providers to help them register their company in Singapore, on their behalf. This would free up their time so they can better focus on other aspects of their business.

And this is where Lett comes in. With over ten years of experience, we are well-versed in the registration procedures and will help you register your company, fuss-free.

Can’t decide between a Private Limited Company or a Sole Proprietorship? Not sure what permits and licenses to apply for your business? Our relationship managers are happy to help you analyse your business and provide recommendations suitable for your business. We are also more than happy to help you with other details in the registration process, such as share per capital, shareholder details and more.

With Lett, getting your company incorporated in Singapore requires minimal effort on your end. If you’re looking for a fast and easy way to register your company, reach out to us and let us help you.