About Business Registration Law in Tampines, Singapore
Starting a business in Tampines, Singapore requires necessary legal steps to be implemented, which includes proper business registration. Business Registration in Singapore is overseen primarily by the Accounting and Corporate Regulatory Authority (ACRA). The legislations that govern the registration process includes The Business Name Registration Act (BNRA), Companies Act, and the Limited Liability Partnerships Act. These laws ensure that businesses operate transparently and responsibly.
Why You May Need a Lawyer
A lawyer's assistance might be vital in many scenarios within the scope of business registration. Understanding the intricacies of Singapore's commercial law, ensuring compliance with all registration requirements, interpreting legal regulations, and effectively dealing with any potential legal issues all require professional expertise. A lawyer can also help in choosing the right business structure, protect your intellectual property and draft contracts.
Local Laws Overview
The local laws in Singapore necessitate that every business, big or small, must be registered with ACRA. This requires having a unique business entity name, which is not infringing on any trademarks and complies with advertising regulations. The business must have at least one valid principal business activity. In addition, there are mandatory costs and filing fees associated with registering and maintaining the business.
Frequently Asked Questions
What business structure should I choose?
The choice of business structure primarily depends on your business needs. Common structures include sole proprietorship, partnership, limited liability partnership, and company. Consulting with a lawyer could be beneficial in making this decision.
How long does the business registration process take?
Simple applications can be processed by ACRA in under an hour. However, applications subject to compliance review can take between 14 days to 60 days.
What if my business name is rejected?
If your proposed business name is identical or too similar to any existing local businesses, infringes on trademarks, or is deemed vulgar or offensive, it may be rejected. A lawyer can help review and suggest compliant business names.
What are the fees for business registration?
Fees can differ based on the type of business entity. For instance, the fee for registration of a new company is S$315, whereas for a sole-proprietorship or partnership, the fee is S$115.
What is the consequence of not registering a business?
Operating an unregistered business can result in penalties, fines, or even court prosecution. It's important to comply with all business registration regulations and requirements.
Additional Resources
For additional information, ACRA's website and BizFile+ portal provide comprehensive resources and online services for business registration. Websites of Intellectual Property Office of Singapore (IPOS) and Inland Revenue Authority of Singapore (IRAS) can also provide valuable insights.
Next Steps
If you need legal assistance in business registration, identify a reputable law firm or legal service provider specializing in business law. They can guide you through the entire registration process, ensuring all requirements are met, and avoid costly legal issues down the line.
Disclaimer:
The information provided on this page is intended for informational purposes only and should not be
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frequently, and interpretations of the law can vary. Therefore, you should consult with qualified legal
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