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The Business Registration Act governs business registration in Raffles Place, Singapore. Every individual, partnership, firm, corporation, or society intending to carry out business is required to register their business entity with the Accounting and Corporate Regulatory Authority (ACRA) prior to commencement. The Business Registration Act mandates full compliance with all regulations relating to business name, location, nature of business, and more.
Business registration may seem straightforward, yet it involves a myriad of legalities that may be overwhelming for individuals without a legal background. A lawyer proves invaluable in ensuring that all business registration requirements are met, understanding the relevant laws, and protecting you from potential penalties due to non-compliance. If you plan to form a complex business structure, like a Limited Liability Company, you almost certainly need a lawyer's expertise.
The ACRA regulates all businesses in Singapore, mandating that they register under the Business Registration Act. Key points to note include: businesses must register within 15 days of commencement; the entity's name should not infringe on any trademarks or be obscene or offensive; the business location must comply with the Urban Redevelopment Authority's guidelines. The business owner is held responsible for any non-compliance and can face penalties.
Online applications are usually processed within 15 minutes while physical applications take up to 2 weeks. Ensure to provide accurate information for a smooth process.
No, every business needs to register a primary place of business which must not be a P.O. Box address.
Yes, foreigners can register businesses in Singapore, but they must appoint a local director or manager and may need to hold an EntrePass.
ACRA reserves the right to reject names that are identical or too similar to existing entities, potentially misleading, or offensive.
Yes, you can add or remove business activities by notifying ACRA within 14 days of the change.
The Singapore Business Federation and Singapore International Chamber of Commerce offer resources for understanding business registration rules and regulations. You may also visit the ACRA or URA's websites for more information.
If you need legal assistance in business registration, consider engaging a lawyer who specializes in business regulation and setup. Prepare all necessary information including preferred business names, addresses, and business activities. Then proceed with the registration either online or in-person. Always ensure you stay within the confines of the law as you commence your business activities.
