When you start a business in Singapore, you will need to register your business address. Incorporation services can assist you with this process. They can explain the legal obligations involved and the cost involved in acquiring a business address in Singapore. However, it can be confusing for a new business owner. They can help you find a solution that is right for your situation.
Registered office address
Your registered office address will be printed on your company’s official documents. It is important to make sure that you regularly update it with various institutions. Failing to do so can lead to hefty fines. SMEs may want to consider using an alternative registered office address if they cannot afford a commercial building. However, these alternative addresses must meet certain conditions.
First of all, the registered office address needs to be accessible by the public. It should be open during business hours and have someone on duty during those hours. It should also include a valid email address to receive government notices and notifications. It also needs to have a physical address that a bank can send correspondence to.
Home Office Scheme
To have your business address displayed on official documents, you need to register with the Accounting and Corporate Regulatory Authority (ACRA). There are several types of business registrations in Singapore, including sole proprietorship, limited liability partnership and private limited company. Some businesses may wish to register for a Home Office Scheme before registering with ACRA. When you apply for a license for the Home Office Scheme, make sure to indicate whether you are a sole proprietor, partnership or company.
A Home Office Scheme is an opportunity for Singapore residents to operate a small office at their residence. However, it is important to meet certain guidelines and performance criteria. Additionally, it is important to make sure that your office arrangement will not inconvenience your neighbours.
Legal obligations of having a business address in Singapore
Having a business address in Singapore is an important step for a company to take to comply with the country’s laws and regulations. If you fail to comply with the regulations, you could face major legal issues and criminal charges. This would damage your business’ reputation and potentially cause you substantial financial losses. Not only that, court appearances could be very disruptive to your business operations. To avoid this, it is crucial to find a professional who can ensure your business meets all legal obligations.
While there are some specific requirements to follow when establishing a business address in Singapore, the process itself is simple and can be completed online in minutes. If you are not sure what to do, you can always turn to a law firm for advice. Many lawyers in Singapore are specialists in business law and are ready to help you with your business needs.
Cost of getting a business address in Singapore
Having a registered office address in Singapore is a legal requirement for companies. The address must be visible to the public for at least 5 hours a day. If the address is not visible, then clients might question the credibility of the company. Having a business address in a central business district attracts prospective customers and investors. It can also be used for corporate stationery.
Businesses can get a registered address for S$120 annually. It can be useful for local and foreign businesses alike, as the location of your office is important when inviting potential customers and investors. Having an office buried in an industrial estate is not convenient and may not appeal to visitors. Having a location near a landmark is also useful if you plan to hold meetings with potential customers.