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How to start a business in Singapore

Business plan sorted - now just to set it up! 

Many expats come to Singapore with a host of fresh business ideas; others discover an entrepreneurial streak once they’ve settled in. If you do have a great business idea, though, how do you turn it into a real-life proposition?

First you’ll need to apply for an EntrePass through the Ministry of Manpower (MOM). This involves writing a detailed business plan and financial projections and furnishing a security deposit of $3,000. Successful applicants will be issued an Approval-In-Principle letter within 2 to 6 weeks.

The business must also be registered with the Accounting and Corporate Regulatory Authority (ACRA) as a private limited company with at least $50,000 in paid-up capital. This can be done simply online using a Singpass (apply at www.singpass.gov.sg).

Fees for registering a company are $15 for the name application and $300 to incorporate the company. The registration is usually approved within 15 minutes for online applications.

Want first-hand advice? We spoke to four successful women about their experience of setting up a business in Singapore. Read the full article here

Useful websites

The Ministry of Manpower: www.mom.gov.sg

Accounting and Corporate Regulatory Authority: www.acra.gov.sg

Singapore Personal Access (Singpass): www.singpass.gov.sg

Entrepreneur’s Resource Centre: www.erc.com.sg

EnterpriseOne: www.entrerpriseone.gov.sg

International Enterprise (IE) Singapore: www.iesingapore.com

Economic Development Board: www.edb.gov.sg