When it comes to starting a business in Singapore, one of the most crucial steps is choosing the right business name. A good business name can make a significant difference in the success of your venture, and it is essential to register it with the Accounting and Corporate Regulatory Authority (ACRA) to avoid any potential issues. In this article, we will guide you on how to choose the right business name and register it with ACRA.
Choosing the Right Business Name
When choosing a business name, it is essential to consider several factors to ensure that it is unique, memorable, and easy to spell. Here are some tips to help you choose the right business name:
- Make it unique: Avoid using common words or phrases, and try to create a name that stands out.
- Keep it simple: A simple and easy-to-remember name is more likely to be successful.
- Make it memorable: Choose a name that is easy to spell and pronounce.
- Check if it is available: Use the ACRA’s business name reservation system to check if the name is available for reservation.
- Prioritize the extension: If you want to reserve a name, do it as soon as possible to avoid losing it to someone else.
Registering with ACRA
Once you have chosen the right business name, it is essential to register it with ACRA. Here are the steps to follow:
- Submit the business name reservation application: You can submit the application online or through the ACRA’s e-Submission portal.
- Pay the fee: The fee for reserving a business name is SGD 300.
- Wait for the application to be processed: The processing time usually takes 3-5 working days.
- Register your business: Once the application is approved, you can proceed to register your business with the ACRA.
Additional Requirements
In addition to registering your business name, you will also need to register with the following authorities:
- Registry of Companies and Business: You will need to register with the Registry of Companies and Business to obtain a business registration number.
- Inland Revenue Authority of Singapore (IRAS): You will need to register with the IRAS to obtain a tax registration number.
- Other relevant authorities: Depending on your business type, you may need to register with other authorities such as the Monetary Authority of Singapore (MAS) or the Singapore Civil Defence Force (SCDF).
Conclusion
Choosing the right business name and registering it with ACRA is a crucial step in starting a business in Singapore. By following the tips and guidelines outlined in this article, you can ensure a smooth and successful registration process. Remember to prioritize the extension of your business name and to check if it is available for reservation. With the right business name and registration, you can focus on building a successful business in Singapore.
FAQs
Q: What is the fee for reserving a business name?
A: The fee for reserving a business name is SGD 300.
Q: How long does it take to process a business name reservation application?
A: The processing time usually takes 3-5 working days.
Q: Do I need to register with other authorities besides ACRA?
A: Yes, depending on your business type, you may need to register with other authorities such as the Registry of Companies and Business, Inland Revenue Authority of Singapore (IRAS), and other relevant authorities.
Q: Can I use a foreign language character in my business name?
A: Yes, you can use foreign language characters in your business name, but it must be accompanied by an English translation.
Q: Can I reserve a business name that is similar to an existing one?
A: No, you cannot reserve a business name that is similar to an existing one. The ACRA requires that business names be unique and not easily confused with existing businesses.
Q: Can I reserve a business name that is already taken?
A: No, you cannot reserve a business name that is already taken. The ACRA requires that business names be available for registration and not already taken by another business.
Q: What is the requirement for the extent of the business name?
A: The extent of the business name must be the same as the name of the business or a variation of it. The name must also be unique and not easily confused with existing businesses.
Q: Can I reserve a business name that is in a language other than English?
A: Yes, you can reserve a business name that is in a language other than English, but it must be accompanied by an English translation.
Q: What is the penalty for failing to register a business name?
A: The penalty for failing to register a business name is a fine of up to SGD 5,000.
Q: Can I reserve a business name that is similar to a registered trade mark?
A: No, you cannot reserve a business name that is similar to a registered trade mark. The ACRA requires that business names be distinct from registered trade marks.
