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In Thomson, Singapore, any individual or company intending to conduct business must be registered under the Business Names Registration Act that is enforced by the Accounting and Corporate Regulatory Authority (ACRA). This includes firms, private limited companies, and limited liability partnerships. The business registration process is vital to ensure that all businesses operating in Thomson comply with the regulatory and taxation laws of Singapore.
Engaging an experienced lawyer can greatly enhance the business registration process. Lawyers can provide valuable guidance and advice, ensuring that you comply with all relevant legal requirements. Common instances where a lawyer's assistance is beneficial include: deciding the legal structure of your business, preparing registration documents, understanding taxation and business laws, and resolving any legal disputes that may arise during the registration process.
The key business registration laws in Thomson, Singapore stem from the Companies Act, Business Names Registration Act, and the Goods and Services Tax (GST) Act. These laws stipulate that businesses must be registered with ACRA, maintain accurate records, annually report financial statements, and if their annual taxable turnover exceeds SGD 1 Million, register for GST with the Inland Revenue Authority of Singapore (IRAS). Companies may also need to comply with additional sector-specific laws and regulations.
The process of registering a business can be completed within 15 minutes to an hour provided all necessary documents and details are correctly submitted.
Yes, foreigners can register a business in Singapore if they appoint at least one local director and fulfil all other regulatory requirements. A legal professional can provide further advice regarding this.
Businesses are typically required to report their financial statements to ACRA on an annual basis.
Failure to register a business can result in hefty fines, imprisonment, or both. The exact penalties may vary based on the severity of the offense.
If a company’s annual taxable turnover exceeds SGD 1 Million, it is mandatory to register for GST with IRAS. In some cases, voluntary GST registration is also permissible.
Valuable sources of information include the websites of ACRA and IRAS which provide comprehensive guides to business registration, taxation laws, and other regulations. The Ministry of Law's website also offers useful legal information related to business operations.
If you need legal assistance in business registration, consider engaging a reputable law firm that specializes in business law. You may also want to consult with a professional service provider who can guide you through the registration process and ensure compliance with all relevant regulations.
