How to Register Your Online Business in Singapore?
People who wish to start a business in Singapore (including online business) must first complete the business registration process.
There has been a sharp increase in the popularity of online businesses in Singapore and all over the world after the COVID-19 pandemic as more and more people realize the power of the internet in helping them to run a successful business.
One of the most important parts of starting an online business is to get familiar with the Singapore company registration process so that you can get through the process easily and quickly. Other than a few exceptions, the Accounting and Corporate Regulatory Authority (ACRA) makes it compulsory for businesses in Singapore to get registered.
In this article, you will learn about the important steps that you have to follow to register your online business in Singapore:
1. Select Products and Services
Defining the products and services you want to offer is an important part of Singapore company registration for all types of businesses, including Singapore.
You should have a clear idea about the type of products or services you are going to offer, and the specific markets you will be targeting with your business.
Thorough market research is important to make sure your business has a considerable market in which it can thrive for both short and long periods of time.
In terms of running an online business, the owners also have to consider that the eCommerce industry has become highly competitive in the last few years, so they have to make sure that their products and services stand out from the competition.
2. Select Business Name
A business name plays a critical role in the overall branding and success of a business.
You should use Singapore companies’ database and Google to ensure your proposed name is not already being used by another registered business. Ideally, you should also avoid selecting a business name that is very similar to an established company.
You should follow the thorough guidelines provided by ACRA to select a unique business name and ensure your application is accepted quickly. If the name is already being used, ACRA is likely to reject your application.
You can also get the help of accounting firms in Singapore to ensure maximum compliance with these guidelines.
3. Type of Business
It is important to go through the process of business registration with complete focus because it has a significant impact on the legal status of the company.
The liability of the business is also dependent on the legal status of the business. So you have to make sure that you choose the right kind of Singapore company registration for your online business.
For instance, if you are a solo entrepreneur who is involved in selling products online, then sole proprietorship is likely to be more suitable for your requirements and running an online business.
4. Domain Registration
Registering your domain and finding a reliable web host is another important part of registering an online business. There are several different websites that help you to find a suitable domain name and register it. This step also involves making sure that the name of your choice is not already being used by someone.
Once the domain name is registered, you will need a web hosting company to develop and run your website. Popular platforms like WordPress provide a wide range of packages and payment plans to accommodate the requirements of different online business owners.
In a Nutshell
Once you have completed all the essential steps of choosing a business’s products, names, and business address, the next step is to make an online application through the BizFile+ website. It is quite understandable that not everyone is able to get through this process.
Hence, you always have the option of contacting professional accounting firms in Singapore who are familiar with the company registration process.
You might also be required to get approval from a relevant authority, depending on the type of online business you want to register in Singapore. You should also remember that registration charges for sole proprietors are $175 for a period of 3 years, while for companies, the incorporation fee is $315.
Generally, this process is rather hassle-free as ACRA provides all of the important help to ensure anyone is able to register their businesses by following clear and comprehensive guidelines.
If you are still facing any issues in company registration, engage the service of an experienced accounting firm to help you out. For more information, feel free to get in touch with us.