Starting a business?

Starting a new business can be daunting, especially if it is your first business. In Singapore, we have very strict corporate governance and have many items to deal with in relation to running a business. 

Fret not, regardless of how much you may know about running a business, you may rest assured that by engaging us, you will be well looked after and we will guide you through the various processes. Feel free to contact us for consultations on setting up and operating a business as well. Therefore, as long as you have the great business idea that you would like to turn into reality, simply take the leap of faith and let us make it happen together.

Despite so, we recommend that you familiarise yourself with the fundamentals in order to ensure that you know what is taking place and prepare yourself on what to expect in running a business. An overview of the key functions and procedures of a Company are presented below which should generally be able to give an overview of what is minimally required. If you will like to have a deeper insight and are keen to learn more, ACRA has published a free interactive learning platform "Essentials of Starting a Business (ESB)" that may be of use to you, which can be accessed via this link. The course should not take more than 2 hours to complete which is broken into bite sized modules which you can access at your convenience.

Types of business entities

In Singapore, there are various entities businesses can set up, namely a sole-proprietorship, partnership, limited partnership, limited liability partnership, or a Company (typically private limited). 

Depending on your business requirements and its nature, a specific type of business may be more applicable for you, based on its running costs, compliance requirements, income tax treatments and liabilities involved.

You may view this publication by ACRA for a comparison of the differences between the various forms of businesses.

In general, most individuals starting a business opt for a private limited company (Pte. Ltd.) due to it being a separate legal entity on its own, have shareholders, own properties, while not being liable to any debts or liabilities the company incurs. This form of business also has perpetual succession as its shares are transferable and they determine the ownership of the company. Business income is also taxed at the corporate rate, which can be lower than the individual tax rates, and has significant tax exemptions and rebates. 

Useful links

ACRA - Find out more about company related information. Click here.

IRAS - Find out more about corporate taxes, GST registration and requirements. Click here.

MOM - Find out more about employment guidelines and the processes involved. Click here.

CPF - Find out more about paying CPF contributions as employers, or medisave contributions for self-employed individuals. Click here.