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Updated on 9 July 2020
Registration of Your Business
You have a business idea, a business plan and motivation to start your business.
So what's next?
When Do You Need To Register Your Business With ACRA?
You must register a business with ACRA if you are carrying out any activity for profit on an ongoing basis, unless:
- You choose to conduct business using your full name as reflected in your NRIC.
- You choose to conduct the business with one or more partners using their full names as reflected in their NRICs.
The minimum age for registration is 18 years old.
The full list of exemptions is specified in Section 4 of the Business Names Registration Act.
Should I Incorporate A Company or Own The Business in My Own Name?
The type of business structure you choose depends on your business needs. Below are some pointers for you to ask yourself:
How much capital are you prepared to invest?
How many owners will there be in the business?
What liabilities and responsibilities are you prepared to assume?
What risks are you prepared to take?
What are the advantages and disadvantages of the different business entities?
Is the business entity easy to close?