Once you have gone through all the prerequisites listed in our guide on what is required before you incorporate a new company, the final step is the official registration of the company. In Singapore, this is a remarkably efficient and streamlined process conducted entirely online.
Introduction To ACRA And BizFile
The Accounting and Corporate Regulatory Authority (ACRA) is the statutory board under the Ministry of Finance that serves as Singapore’s national regulator of business entities, public accountants, and corporate service providers.
ACRA’s role is to oversee company registration and ensure ongoing compliance with the Companies Act, thereby upholding the integrity and transparency of the business environment.
All interactions with ACRA are handled through BizFile, its integrated online filing and information portal. This digital platform allows for the seamless submission of all applications, from name reservation and incorporation to annual filings and updates, making the entire process fast and paperless.
Step 1: Log In To BizFile
Access to the BizFile+ portal is managed through digital identities. Local residents (Singapore Citizens and Permanent Residents) and certain work pass holders will use their Singpass account to log in and transact as individual users.
Foreigners who do not have Singpass must engage the services of a registered filing agent, such as a corporate secretarial firm, accounting firm, or law firm. This agent will use their business user account to submit the application on the foreigner’s behalf.
Step 2: Reserve Your Company Name
As mentioned in our pre-registration checklist, the first transaction you need to complete on BizFile is to apply for and reserve the desired company name. This costs S$15 and secures the name for 120 days.
The application requires the selection of one or two Singapore Standard Industrial Classification (SSIC) codes that best describe the company’s primary business activities. In some cases, if the name contains regulated words like “school” or “bank,” the application may be referred to another government agency for approval, which can take between 14 and 60 days.
Step 3: Prepare the Incorporation Documents
With the name approved, the next step is to gather all the necessary information (as detailed in our pre-registration checklist) for the main incorporation application. This includes:
- The approved company name and its transaction number from BizFile.
- A brief description of the business activities.
- The registered office address.
- The full particulars of all directors, shareholders, and the company secretary (if being appointed at incorporation), including
- Full names
- Identification numbers (NRIC or Passport for foreigners)
- Residential addresses.
- Contact details: email address and contact number
- Details of the share capital, including the total number of shares and the value of each share.
- The company’s constitution. Entrepreneurs can choose to adopt the standard Model Constitution provided by ACRA, which is suitable for most startups, or upload a customized version.
Step 4: Submit the Application Online
The online incorporation process on BizFile is a user-friendly guided workflow. The applicant will select the option to “Register new entity,” retrieve the approved name application using its transaction number, and proceed to fill in all the prepared details.
After the application is submitted online, the application must be endorsed first before it can be finalized and paid for
The endorsement process. If the application is filed by one of the company’s proposed directors, all appointed officers (directors and shareholders) must log in to BizFile with their own Singpass to digitally endorse their consent. If the application is submitted by a professional filing agent, this separate endorsement step is not required.
The total government fee for incorporation is S$300.
Step 5: Registration Approved!
Upon successful submission and payment, the approval process is typically very fast. Most applications are processed and approved within a day, provided all information is in order and the application does not require referral to another agency.
Once approved, ACRA will issue a confirmation email containing the following information:
- Unique Entity Number (UEN): A unique identification number assigned to the business. This UEN is the company’s universal identifier for all transactions with government agencies.
- Business Profile. A comprehensive PDF document from BizFile that summarizes all the key details of the company, including its name, UEN, incorporation date, registered address, business activities, share capital, and particulars of its officers. This document is essential for getting your company up and running, particularly for opening a corporate bank account.
