Registering a Company Name

Registering a Company Name | Bestar

Registering a Company Name

Registering a company name in Singapore is a crucial first step in setting up a business. The process is managed by the Accounting and Corporate Regulatory Authority (ACRA) through its online platform, BizFile+.

Key Steps to Register a Company Name

1. Choose a Business Structure: Before you can reserve a name, you need to decide on the legal structure for your business, such as a sole proprietorship, partnership, or private limited company.

   
   

2. Select a Company Name: The name you choose must meet ACRA's guidelines. It must not be:

   
   

   • Identical to an existing business name.

   • Undesirable (e.g., vulgar, obscene, or offensive).

   • Prohibited by the Minister for Finance.

   • Similar to protected names like "Temasek" or names of government bodies.

     
     

3. Check for Name Availability: Use the ACRA BizFile+ portal to check if your proposed name is available. You can also use this tool to see if a similar name has already been registered or reserved.

   
   

4. Submit a Name Application: Once you've chosen an available name, you can submit an application through BizFile+. This application requires you to specify the primary and secondary activities of your business using the Singapore Standard Industrial Classification (SSIC) code. The application fee for a name reservation is $15.

   
   

5. Get Approval: Most name applications are approved quickly, often immediately after payment. However, applications that include certain words (like "school," "bank," or "university") may be referred to other government agencies for approval, which can take longer (14 to 60 days).

   
   

6. Name Reservation: After approval, your company name will be reserved for 120 days. During this period, no one else can use or register that name. You must complete your business registration within this time frame, or the reservation will lapse.

Important Considerations and Fees

• Registration Fees: The name application fee is $15. The subsequent registration fee for a private limited company is an additional $300.

  
  

• Foreigners: If you are a foreigner, you will need to engage the services of a registered filing agent (e.g., a law firm or corporate secretarial firm) to submit the application on your behalf.

  
  

• Required Documents: You'll need to have key information ready, including the proposed company name, a brief description of your business activities, and a registered office address in Singapore. You'll also need the personal details (including NRIC for locals or passport for foreigners) of all directors, shareholders, and the company secretary.

  
  

• Company Name vs. Trademark: Registering a company name with ACRA does not grant you intellectual property rights or a trademark. To protect your brand, you must file a separate trademark application with the Intellectual Property Office of Singapore (IPOS).

  
  

• Domain Name: A company name registration does not give you ownership of a corresponding domain name. You will need to register the domain name separately.

Fees

When registering a company in Singapore, the fees are generally divided into two main categories: government fees paid to the Accounting and Corporate Regulatory Authority (ACRA) and professional service fees if you engage a corporate service provider.

Government Fees (Paid to ACRA)

These are the statutory fees that every company must pay to ACRA, regardless of whether you register the company yourself or through a filing agent.

• Name Application Fee: This is the fee to apply for and reserve your chosen company name.

  
  

  • Fee: S$15

  • Purpose: To check for name availability and reserve it for 120 days upon approval.

    
    

• Company Registration Fee (for Private Limited Companies): This is the fee for the actual incorporation of the company after your name has been approved.

  
  

  • Fee: S$300

  • Purpose: To register the company as a legal entity.

    
    

• Other Entity Fees:

  
  

  • Sole Proprietorship and Partnership: S100foraone−yearregistrationorS160 for three years.

  • Limited Liability Partnership (LLP): S$100 one-time fee.

Professional Service Fees

For most businesses, especially foreigners, it is common to engage a corporate service provider or a registered filing agent to handle the registration process. Bestar offers various packages that include the government fees as well as other essential services. The costs can vary widely depending on the services included.

Typical services and our annual costs are:

• Company Secretary Services: S$300 to S$800

  
  

  • Purpose: A company secretary is a mandatory appointment within six months of incorporation. We are responsible for statutory filings and compliance.

    
    

• Nominee Director Services: S$1,500 to S$3,000

  
  

  • Purpose: A private limited company must have at least one resident director. This service provides a local director for companies where all shareholders and directors are foreign.

    
    

• Registered Office Address: S$120 to S$400

  
  

  • Purpose: Every company must have a registered office address in Singapore. This service provides a physical address, a virtual office, for official correspondence.

    
    

• Corporate Bank Account Setup: S$100 to S$300 (one-time fee)

  
  

• Ongoing Compliance Packages: Bestar offers packages that bundle the above services, along with annual return filings and tax filing support. These can range from S$2,000 to S$4,000 or more per year, depending on the complexity of the services required.

How Bestar can Help

Engaging a professional corporate service provider (CSP) is a common and highly recommended practice when registering a company in Singapore, especially for foreign entrepreneurs. Bestar provides a wide range of services that go beyond just filing paperwork.

Here is how Bestar can help:

1. Expert Guidance and Compliance

• Navigating Regulations: Singapore has a business-friendly environment, but its regulations are strict. Bestar is well-versed in the Companies Act and other relevant laws, ensuring your company is structured and registered in full compliance. This helps you avoid costly mistakes, fines, and legal repercussions.

• Business Structure Advisory: We can help you determine the most suitable business structure for your needs, whether it's a private limited company, sole proprietorship, or Limited Liability Partnership (LLP), by considering factors like liability, tax implications, and your business goals.

• Document Preparation: We prepare all the necessary legal documents, such as the company's constitution, resolutions, and other incorporation forms, ensuring they are accurate and meet all ACRA requirements.

2. Fulfilling Statutory Requirements

• Company Secretary: Singaporean law mandates that every company must appoint a qualified company secretary within six months of incorporation. Bestar can provide this service, taking on the crucial role of managing corporate governance, maintaining statutory records, and ensuring timely filings with ACRA.

  
  

• Nominee Director: For foreigners who want to incorporate a company in Singapore but do not have a local resident director, Bestar can provide a nominee director. This service fulfills the legal requirement of having at least one resident director (a Singapore citizen, Permanent Resident, or an Employment Pass holder) without requiring the business owner to relocate. The nominee director's role is typically non-executive and focused on fulfilling statutory obligations.

  
  

• Registered Office Address: Every company must have a registered office address in Singapore. Bestar can provide a virtual or physical address, which is particularly useful for foreign companies or small businesses that don't need a physical office space.

3. Efficiency and Time Savings

• Streamlined Process: Professionals use their expertise and experience to handle the entire registration process efficiently, from the initial name reservation to the final submission of documents. This significantly reduces the time and effort you would otherwise spend on administrative tasks.

• Focus on Your Business: By outsourcing the administrative and compliance burdens, you can focus on your core business activities, such as strategic planning, marketing, and operations.

4. Post-Incorporation Support

• Ongoing Compliance: Bestar can act as a long-term partner, offering a range of services beyond incorporation. This includes annual return filings, tax filing (including corporate income tax and GST), and accounting services.

  
  

• Advisory Services: We can provide valuable advice on corporate governance, regulatory updates, and expansion strategies, helping your business navigate the complexities of the Singapore market.

In short, engaging Bestar is a strategic move that not only simplifies the company registration process but also ensures your business remains compliant and well-managed from day one.

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