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ACRA Compliance
Starting a Business in Singapore: Navigating the Essentials with ACRA
Embarking on a new business venture in Singapore is both thrilling and challenging. One of the first hurdles every new entrepreneur faces is understanding the legal requirements of business registration with the Accounting and Corporate Regulatory Authority (ACRA). At Enrich Consulting, we specialize in guiding new business owners through these initial steps and beyond, providing top accounting services in Singapore.
Benefits of Registering Your Business with ACRA
- Registering with ACRA is a smart business decision with several key benefits:
- Public Transparency:Registration makes your business details accessible to the public, enhancing transparency and trust.
- Customer Interaction: It simplifies how customers find and interact with your business.
- Government and Legal Advantages: Enjoy smoother transactions with government agencies and protect your intellectual property or technological innovations.
ACRA compliance
- Access to Funding: Increase your eligibility for various financial aids and investment opportunities.
- Financial Security: Incorporating your business can protect your personal assets by separating them from your business liabilities.
- As one of the top 5 audit firms in Singapore, we ensure that your financial reporting is compliant with national standards.
Who Should Register and Who Can Opt Out?
Understanding whether you need to register your business is crucial:
- Mandatory Registration: Most business activities in Singapore require registration, especially if you operate under a business name different from your personal full name.
- Exemptions from Registration: If your business operates under your full legal name, as stated on your NRIC, you may not need to register, provided that the public can easily identify the business owner.(Businesses with a descriptive words after or before their full name must register)
Requirements for Business Registration
To ensure compliance and protect your business interests, keep in mind these requirements:
- Age Limit: You must be at least 18 years old.
- Online Registration: All businesses must register through BizFile+, ACRA’s official online portal.
- Choosing the Right Structure: Deciding on the right business structure is vital and can significantly impact your responsibilities and benefits under the law.
- Exemptions from Registration: If your business operates under your full legal name, as stated on your NRIC, you may not need to register, provided that the public can easily identify the business owner.(Businesses with a descriptive words after or before their full name must register)
Learn More About Starting Your Business
This blog post only scratches the surface of what you need to know about starting a business in Singapore. Enrich Consulting is committed to providing comprehensive accounting services in Singapore, including bookkeeping services, and GST tax advisory
If you’re interested in learning more about the complete process and how you can ensure the best start for your business, please contact us at:
Call: +65 62995995
Chat with us: +65 8408 4611
Email: care@enrichco.com
Our team is ready to assist you with detailed information and personalized services to navigate the complexities of business setup and growth.