When it comes to registering a business name in Singapore, entrepreneurs should be aware of the associated costs involved. The process of registering a business name is overseen by the Accounting and Corporate Regulatory Authority (ACRA), the national regulator of business entities and public accountants in Singapore.
According to the Accounting and Corporate Regulatory Authority (ACRA) from the last update On 6 Oct 2022, the cost to register a business name in Singapore is S$15 (Singapore dollars). This fee covers the online application for business name registration through ACRA’s online portal, BizFile+. The registration process typically takes just a few minutes to complete.
Once the business name application is granted approval, ACRA will secure the name for a duration of 120 days. If the business owner fails to proceed with the business registration or company incorporation within this timeframe, the reservation will expire, and the name will become available for anyone to register.
Read more: Tips for Successful Approval of Your Company Name
Certain name applications may be subject to review by Referral Authorities for their consent. For example, if the proposed business name includes the term “school,” it may be referred to the Ministry of Education for consideration. The processing period for such referred applications typically ranges from 14 to 60 days.
In addition to the registration fee, entrepreneurs may also incur additional costs depending on their specific business needs. For instance, if the business owner wants to register a company or set up a sole proprietorship or partnership, there are separate fees involved. These costs can include ACRA filing fees, charges for engaging a professional firm to assist with the registration process, and any other related expenses such as notary fees or legal advice.
It’s important to note that fees and regulations may be subject to change, so it’s advisable to check the latest information on the ACRA website or consult with a professional service provider to get accurate and up-to-date details on the costs associated with registering a business name in Singapore.