BizFile+ Registration: Who Qualifies and What You Get
Learn how to register your sole proprietorship or partnership in Singapore to gain legal status and open business bank accounts.
This registration process allows individuals to officially register a sole proprietorship or a partnership as a legal business entity through the government's digital platform.
Who it's for
This scheme is intended for any individual who is starting a business structure specifically as a sole proprietorship or a partnership. It is a primary step for those looking to establish a recognized business presence.
What you get
By completing this registration, your business gains formal legal entity status. This official recognition is essential for professional operations, as it allows you to legally issue invoices to your clients for goods or services provided. Additionally, having this legal standing is a requirement if you intend to open a dedicated business bank account to keep your professional and personal finances separate.
What it costs you
There are two main costs associated with this process. First, you must pay a fee for the approval of your chosen business name. Second, there is a separate registration fee to finalize the entity. The costs are $16.20 for business name approval and $115 for registration.
The catch to know
The most important thing to remember is that you must renew your business registration annually to avoid late fees.
How to apply
- Access the official government portal.
- Apply for business name approval.
- Complete the registration process for your sole proprietorship or partnership.
- Ensure you manage your renewals every year.
Access the official portal here: https://www.bizfile.gov.sg