Business registration Singapore is a legal process of registering your business in the country. It is an essential step if you want to operate your business in accordance with the law. It also protects your business from any legal liabilities.
Firstly, you must understand that the term “business” is defined in Singapore laws as any activity undertaken on a perpetual and continuous basis for the purpose of earning profit or financial gain. Thus, even if you are selling home-baked cookies or handicrafts, it is considered as a business and therefore must be registered.
Once your company has successfully been registered, you will be issued with a Unique Entity Number (UEN). This is your business identification number in Singapore. You can use it on your official documents and website.
You should also apply for a GST number and obtain the necessary permits for your business. The permit or license requirements vary by industry. For example, a food-service company needs to be licensed by the Health Services Authority while a manufacturing company must obtain an Industrial Product Safety Certificate.
If you are the only person running your business, it is best to register it as a sole proprietorship. It is the most cost-effective and simple option. However, it has limited liability protection. Alternatively, a private limited company or an LLP (limited liability partnership) can be beneficial for you if you are working with one or more individuals with complementary skills. They can give you limited liability protection and are a good choice for professional services firms. business registration Singapore