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[ESTABLISHING A BUSINESS ENTITY IN SINGAPORE]
ESTABLISHING A BUSINESS ENTITY IN SINGAPORE
This guide offers an overview of the various business entities in Singapore. It is meant as a brief introduction only and is not comprehensive. Other requirements, considerations and restrictions may apply. Further specific advice should hence be sought from legal advisors, tax consultants and where applicable, industry specialists before establishing a business entity in Singapore which best suits one’s business needs and goals. The contents below reflect the law in Singapore as of August 2024. Registration of Business Entities Unless exempted, business entities must be registered with the Accounting and Corporate Regulatory Authority ( ACRA ) via their business filing portal: BizFile+. A foreigner residing overseas would need to engage the services of a registered filing agent (for example, a law firm, accounting firm or corporate secretarial firm) to submit the online application on his behalf. Goodwins Law Corporation is a registered filing agent. Upon successful registration, the business entity will be issued with a system-generated Unique Entity Number ( UEN ). The UEN is an identification number that all business entities need to use when transacting with government agencies. Types of Business Entities The types of entities available in Singapore through which businesses are conducted include the following:-
1.
Company
2.
Branch of a Foreign Company
3.
Partnership
4.
Limited Partnership ( LP )
5.
Limited Liability Partnership ( LLP )
6.
Sole proprietorship
7.
Business Trust
8.
Variable Capital Company ( VCC ) (special vehicle for collective investment schemes)
(1) Company Companies must comply with the provisions of the Companies Act 1967 and other regulations and requirements of ACRA, unless otherwise exempted. The governance of a company and the relationships between the company, its shareholders and directors are covered in the company’s constitution (formerly known as the memorandum and articles of association) and the Companies Act 1967. Shareholders of a private company may also enter into shareholder agreements amongst themselves on their agreement in relation to specific rights and obligations as well as the management of the company. Public companies that are listed on a stock exchange must also comply with the Listing Manual and other rules and regulations of the stock exchange. Types of Companies There are several types of companies which one may choose from:-
ILN Corporate Group – Establishing a Business Entity Series
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