As the one of the world’s top business hubs, Singapore is fast becoming the home for all kinds of businesses.
There is no surprise that even online businesses are spreading like wildfire on this part of the globe. With such kind of venture becoming commonplace, is there a need to enlist it for company registration?
When you do conduct online business activity in Singapore, do know that it is required to be registered for company formation. Section 5 of the Business Names Registration Act stipulates that all forms of business that are being carried out for the purpose of gain must be registered with the Accounting and Corporate Regulatory Authority (ACRA).
If you’re contemplating about starting your own home or online business, it is important that you follow the law to a T. It may result in fines – or worse, imprisonment – when you fail to register your business. But more than just being a legal requirement, there are advantages to having a home or online business enlisted for Singapore company formation.
When you are registered as a legally operating business in Singapore, legal remedies are available for you should you encounter any problems whilst running your business. For example, you can file for complaint against a customer who has defaulted on payment or sue the same for violating a contractual agreement.
There are, however, some exceptions to the rule. Certain individuals or entities are exempted for company registration in Singapore if they fall under the following categories:
- Taxi drivers
- Farmers or pond keepers
- Trishaw riders
- Craftsmen who do their work within their homes but do not employ family members and publicly display their goods or products
- Licensed hawkers
- Charitable organisations
Otherwise, you definitely need to consider having your home or online business enlisted for company registration to be protected under the law and ensure a smooth-sailing business.
Steps to Register your Home or Online Business
The process of having an online business enlisted for company registration is relatively the same as when you’re starting any other business in Singapore.
- You have to identify the business structure that best fits your business. ACRA offers a variety of legal entities to choose from: company, partnership, and sole proprietorship, just to name a few. Make sure you know the right type of legal entity that governs your business to know the requirements you need to fulfill.
- Think of a name for your online business, which should comply with ACRA’s rules and regulations. Your business name should be unique and reflects your business activity.
- Register your business and submit your requirements via BizFile, ACRA’s online filing and information portal. It is important, however, that you know if you are qualified to register. For example, foreign individuals may need a Singaporean resident or a registered filing agent (e.g., Singapore incorporation services) to register on their behalf.
Depending on how quickly you accomplish all the necessary requirements and follow all the essential steps, it only takes about one to two days to complete your company registration in Singapore. You may, however, make it simpler to register your online business by engaging a company incorporation firm.
Hiring a Singapore Incorporating Services for Simplified Online Business Registration
Engaging a Singapore incorporation services to handle your online business registration not only to simplify the process of registration but also to meet certain requirements of your company formation.
If you’re a foreign business owner, for example, it will be easier for you to file for registration when you are represented by an incorporation firm that is a registered filing agent with ACRA.
Moreover, you can take advantage of the expertise and experience of company incorporation services in Singapore to enable fast and convenient company formation that adheres to government rules and regulations. This allows you to focus your time and attention more on managing your business.
So if you are keen on starting an online business, make sure to have it legally registered and consider the assistance of a competent company incorporation services in Singapore to ensure you comply with all the essential steps in registering your business. When doing so, you will be running a legal business in no time.
