Before registering a company, you need to think critically about the type of business you would like to register. Some business names limit you to provide a specific service or sell a particular product, while others give you the flexibility to venture into various fields without confusing the people seeking your goods or services. Business registration in Singapore is something that is almost a norm and certainly encouraged to aid in boosting your new business and for other advantages in the long run.
Consider the business structure
Are you starting the business as an individual or with other people? This is a serious consideration. It is best to consider the scope of the company and the limitations of each business structure before you choose to go ahead with the registration.
Registering a sole proprietorship has less regulatory demands and is appropriate if you intend to be the only Director. If, however, you are starting a business with other people, it needs to be registered as a partnership. A Limited Liability Partnership (LLP) is ideal if you and your partners would like to avoid being held individually liable for the company’s debts. If the business grows big enough to require more capital injection, you may opt to incorporate a company. This further limits your liabilities, and it will be seen as a separate legal entity.
Choose an appropriate business name
As you come up with possible business names, remember that it is likely there are other companies already registered under the same name or one similar to it. It is best to carry out this search before you start the registration process. Having all the details will make the process easier and faster since you will know all the details beforehand. It can be disconcerting when you start the registration process only to have the names you suggest getting rejected.
Before going ahead with the registration, it is best to run your suggested business name on BizFile+ website. This is the online information retrieval system of the Accounting and Corporate Regulatory Authority (ACRA). If the name has been used or is similar to another, the name will not be accepted. ACRA also has guidelines which make the process of selecting a business name much more manageable.
Register the business address
Every registered business needs to have a physical address, even those that operate entirely online. Your clients and the government needs to know how to locate you should any issue arise. Having a physical address also gives your business credibility. Even though consumers are highly dependent on ordering for goods and services online, they are still interested in knowing where the business is based.
If you do not have or have no intentions of renting office space, it is best to use your home address in the home office scheme. However, the home office scheme is only acceptable to businesses that do not inconvenience the neighbors. If, for example, you are starting a transport business, having trucks moving into and out of your home resulting in unnecessary traffic delays may not be acceptable. In Singapore, the Urban Redevelopment Authority (URA) and the Housing Development Board (HDB) will need to be involved. If you live in a private residence, you need to send an application to URA, but if you live in flats, but if you live in a flat, your application needs to be sent to HDB.
Once you do this, the registration process will be easier and smoother. Business registration can be overwhelming and time-consuming if you do not have all the required information. If you need help to ensure you are registering your business under the right category, you should engage a company incorporation service provider.