Thinking of setting up a company in Singapore?
Well, good for you. Even the World Bank itself shares your excitement. So much so that its Ease of Doing Business Index recognizes Singapore as the all-time global leader in corporate matters.
But, before you begin taking advantage of all the business perks that come with it, there’s the issue of company registration. This is one step you cannot avoid- even small home-based businesses in the field of e-commerce are required to file accordingly via Singapore’s ACRA portal.
Curious how that works? Or perhaps wondering what the ACRA portal is all about?
Tag along for the next minute or so as we explore the whole process of registering a company on the famous ACRA portal.
What is ACRA?
ACRA, to begin with, refers to Singapore’s Accounting and Corporate Regulatory Authority. And based on that alone, you can already tell that this is a statutory body that deals with governing accounting and corporate entities.
Well, to be more precise, you can think of it as Singapore’s registrar of companies. Yes, that’s right- this is where you’ll go to not only reserve a business name, but also incorporate your company.
And that’s not all that ACRA does. After reviewing and giving your corporation a go ahead, it’ll keep tabs on how you comply with Singapore’s corporate laws.
What is ACRA Portal?
As the head of corporate matters in Singapore, ACRA is not really the type of organization you’d expect to handle its processes manually. Rather, it relies on a well-automated web platform, on which it conveniently serves both local and foreign entities.
BizFile is the official name platform, while some prefer to just call it “ACRA Portal”. This is the website you’ll frequent not just during incorporation, but throughout the lifetime of your company as well.
The portal offers tools and forms for company registration, compliance filing, business dissolution, and updating company information. So, in short, it’s a one-stop-shop for all the fundamental corporate services in Singapore.
How to Register a Company on ACRA Portal
- Step 1: Register a Business Name - The first thing you need to do once you access the BizFile ACRA portal is register your business name. You’ll find the option under eServices - Local Company - Start Local Company - Application for New Company Name. This whole process will cost you about S$15- after which the business name itself, once approved, will be reserved for 120 days. (Also read: How to Register Business Name on ACRA Portal)
- Step 2: Start Your Company Registration Process - When ACRA finally approves your business name, you can embark on the company registration process on the same BizFile website. Go to eServices - Local Company - Start Local Company - Incorporation of Local Company.
- Step 3: Submit Your Company Information - The portal will display an eForm, on which you should enter all your company’s details- including the business address, share value, and shareholders’ identities. That should be accompanied by submissions of the relevant supporting documentation- such as the company’s constitution.
- Step 4: Wait For ACRA’s Email - The incorporation process alone will cost you about $300. Then once you submit all your details, ACRA will review them in 1-3 business days, before communicating their final decision via email. In the event of a positive outcome, the registrar will attach your company’s e-Certificate of Incorporation to the notification email.
But, Get This...
Company registration is only the first step in a series of procedures required to fully set up a business in Singapore. You still have to apply for business licenses, as well as follow the registration up with all the basic corporate compliance reports. And if you happen to be a foreigner, there’s also the huge hurdle of CorpPass and SingPass credentials to worry about.
Or- you could save yourself all that trouble by letting the experts handle everything on your behalf. Get in touch with WealthBridge today and find out how our seasoned professionals will save even your pockets with their finesse.