Business Registration (ACRA): Who Qualifies and What You Get
Learn how sole proprietors in Singapore can register their business to gain legal status and open business bank accounts.
This scheme allows individuals to officially register their business operations with the national regulator to ensure they are operating within the legal framework of Singapore.
Who it's for
This registration process is specifically intended for sole proprietors who are operating a business. If you are running a business as an individual rather than through a more complex corporate structure, you will likely need to use this system to establish your legal presence.
What you get
By completing this process, you gain the formal legal status required to operate your business. This status is a critical requirement for many professional activities, most notably when you need to open a dedicated business bank account to manage your company's finances separately from your personal funds.
What it costs you
There is a registration fee of $115 to complete the process. You should account for this cost when planning your initial business setup expenses.
The catch to know
The primary thing to keep in mind is that this is a requirement for sole proprietors to obtain legal status. You must ensure your business details are correctly managed through the regulatory authority to maintain your ability to operate and manage your banking needs.
How to apply
- Visit the official government portal to begin the registration.
- Provide the required details regarding your business and your status as a sole proprietor.
- Complete the application and pay the $115 registration fee.