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BizFile+ is ACRA’s electronic filing and information portal. The incorporation process via BizFile+ typically involves two rapid phases: Name Application: Submitting and reserving your business name (costs S$15). Once approved, the name is held for 120 days.Company Registration: Submitting the company constitution, details of position holders, and paying the registration fee (S$300).If documents are standard and no referrals to other government agencies are required, approval usually takes less than 15 minutes.
Once ACRA issues your digital Certificate of Incorporation and Business Profile (which features your Unique Entity Number or UEN), your company is official. However, you aren’t ready to trade just yet. Your immediate next steps include:
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Opening a Corporate Bank Account: Most local banks require the physical presence or digital identity verification of the directors.
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Setting up statutory registers: Safekeeping registers for directors, secretaries, and registrable controllers.
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Acquiring Business Licences: Regulated sectors like food & beverage, travel, employment agencies, and education require separate specialized licenses before launch.
The Goods and Services Tax (GST) is Singapore’s version of a value-added tax. Upon incorporation, registration is not mandatory. However, you must register for GST if:
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Your taxable turnover at the end of any calendar year exceeds S$1 million (Retrospective basis).
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You reasonably expect your taxable turnover to exceed S$1 million in the next 12 months (Prospective basis).
Businesses with a turnover under S$1 million can still choose to register voluntarily if it makes financial sense for claiming input tax credits.
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