Singapore Business Setup: What You Need to Know About Company Name Approval

Singapore Business Setup: What You Need to Know About Company Name Approval

In today’s fast-paced business landscape, setting up a company in Singapore can be a lucrative venture. With its business-friendly environment, highly skilled workforce, and minimal bureaucratic red tape, Singapore has become a popular destination for entrepreneurs and companies alike. However, before you can start operating your business, you need to approve your company name. In this article, we’ll take a closer look at the process of company name approval in Singapore and what you need to know to ensure a smooth setup process.

Why is Company Name Approval Important?

Company name approval is an essential step in the business setup process in Singapore. The company name you choose will represent your brand and identity, and it’s crucial to ensure that it’s unique and compliant with the regulations. A company name that is not approved by the relevant authorities can lead to legal and reputational issues, which can harm your business in the long run.

What are the Requirements for Company Name Approval?

To approve your company name, you need to ensure that it meets the following requirements:

• The name must be unique and not already registered by another company.
• The name must not be identical or too similar to an existing company name.
• The name must not be offensive or misleading.
• The name must not be a prohibited word or phrase.

How to Check for Company Name Availability?

To check for company name availability, you can use the Singapore Company Name Search tool provided by the Accounting and Corporate Regulatory Authority (ACRA). This tool allows you to search for company names and check their availability in real-time.

What are the Steps to Approve Your Company Name?

Once you’ve found a company name that meets the requirements, you can proceed to approve it. Here are the steps to follow:

1. File your company name application online through the BizFile+ portal.
2. Pay the application fee, which is SGD 15.
3. Wait for the approval from ACRA, which typically takes 1-3 working days.
4. Once approved, you can proceed to register your company with ACRA.

What Happens if My Company Name Application is Rejected?

If your company name application is rejected, you’ll receive a notice from ACRA stating the reasons for the rejection. You can appeal the decision by submitting a written appeal to ACRA within 30 days of receiving the notice. ACRA will review your appeal and provide a decision on whether to approve or reject your company name application.

Conclusion

Company name approval is a critical step in the business setup process in Singapore. By understanding the requirements and following the steps outlined above, you can ensure a smooth and successful company name approval process. Remember to choose a unique and compliant company name that represents your brand and identity, and to file your application online through the BizFile+ portal. With the right guidance and support, you can establish a successful business in Singapore.

FAQs

Q: How long does it take to approve a company name in Singapore?
A: The approval process typically takes 1-3 working days.

Q: What is the cost of company name approval in Singapore?
A: The application fee is SGD 15.

Q: Can I appeal a rejected company name application?
A: Yes, you can appeal the decision by submitting a written appeal to ACRA within 30 days of receiving the notice.

Q: What are the consequences of using an unapproved company name?
A: Using an unapproved company name can lead to legal and reputational issues, which can harm your business in the long run.

Q: Can I reserve a company name in Singapore?
A: Yes, you can reserve a company name for a period of 30 days for a fee of SGD 15.

Q: How do I check if a company name is already taken in Singapore?
A: You can use the Singapore Company Name Search tool provided by the Accounting and Corporate Regulatory Authority (ACRA) to check if a company name is already taken.