Due to the presence of liberal and business-friendly regulations, Singapore has become a favorite destination for global entrepreneurs. One of the driving forces behind this popularity is its online company incorporation Singapore process. Every year, thousands of businesses are registered online, and the number keeps on growing.
It is seen that many companies out there are offering assistance for company registration. Nevertheless, every entrepreneur must know how to register a company in Singapore online with ACRA (Accounting & Corporate Regulatory Authority). This blog will outline the step-by-step guide to using BizFile+ (online portal of ACRA).
BizFile+: The Online Filing System of ACRA
To make the operation prompt and improve service delivery, the national regulator (ACRA) has introduced an online filing system called BizFile (now Bizfile+) in 2003. Precisely, it is an internet-based filing and information retrieval system.
With the launch of BizFile+, the procedure of company incorporation has been streamlined. When to compare with the manual process, both time and money required to register a company have reduced substantially.
Singapore Company Registration through BizFile+
Step1- Login to Your Account
Step2- Apply for Company Name
Step3-Get Approval of Company Name
Step5- Endorsement of Company’s Director/Shareholders/Secretaries
Step6- Make payment for Incorporation
Step 1- Log in to Your Account: To begin with, you will need to visit the registration page of BizFile+ and log in to your account using SingPass. A SingPass is a password that can be used to transact with various government e-services. Each resident and citizen own a SingPass id. Foreigners can take the help of Singapore company incorporation services to file on their behalf.
Step 2- Apply for Company Name: Do click on “Local Company” tab of the homepage of BizFile+ to start the registration process. You need to apply for your company name with ACRA before being able to run business in Singapore. It is worth noting that approval of your company name is subject to availability with ACRA. You just make sure to click on the button displaying “Apply for a New Company name” tab.
Step 3- Get Approval of Company Name: The next step is to select the tab of “Limited Private Company” under Company Type and apply for the approval of the proposed company name. Secondly, search and select the relevant SSIC (Singapore Standard Industrial Classification) code of your company.
The name approval process takes only 15 minutes unless the application does not require review from any external authority. In the case of an external review, it takes minimum 14 days to 2 months.
Step 4- Incorporation Process: Once you are done with company name approval process, the next step to undergo would be incorporation process. Follow the steps to be taken to complete the incorporation process via BizFile+ illustrated below:
Go to Bizfile Homepage →
Click on “By Entities” tab is shown on the left interface→
Select “Local Company”→ Starting → Name Application, incorporation, and Amalgamation →
Finally, click on “Incorporate a Private Company”
Step 5- Endorsement: ‘Endorsement of Company’s Director/Shareholders/Secretaries’ is the step to be followed after incorporation process. Each director, shareholder (subscriber) & Secretary must log into BizFile using respective individual ID and SingPass to confirm the application. Select “Endorsement” click on
“Endorsement by director.”
“Endorsement by shareholder ”
“Endorsement by Secretary” (if any).
It is notable that you do not necessarily require to hire company Secretary at the time incorporation. As per the law, you must appoint one within six months of incorporation. Secondly, if the director is also a shareholder, he needs to endorse twice; one as a director and another as a shareholder.
Step 6- Make payment for Incorporation: The last step is to click on “Company Incorporation” tab under “Make Payment” displayed in the left-hand column of the Bizfile Homepage. Enter Name Application no. and proceed with payment. You are advised to keep the printed copies of both acknowledgment and receipt for your record.
This comprehensive guide is helpful for those who are using BizFile+ for the first time. Keeping yourself abreast of the online Singapore company registration could help you embrace Do-It-Yourself approach (DIY). When you incorporate a company in Singapore on your own, you could save the few dollars to be spent on hiring professional help. However, foreigners are advised to seek the assistance of company registration firm to accomplish the process without any inconvenience.
SBS Consulting is one of the leading corporate services provider in Singapore. It specializes in Company Incorporation, Accounting Services Singapore, Preparation of director’s report, Taxation, GST, Payroll, XBRL, IT software development and maintenance, etc.