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Business Start-Up Services Singapore

Business Start-Up

We provide expert guidance in business structuring, planning, financing, registration, and compliance to transform your entrepreneurial vision into a thriving reality.

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Starting a business in Singapore is one of the most exciting decisions you’ll make, and one of the most overwhelming. Between choosing the right structure, registering with ACRA, setting up your accounts, and figuring out how to actually get the business running, there’s a lot to get right from day one.

That’s where we come in. Our business start-up services in Singapore are designed to take the complexity off your plate, so you can focus on building the business, not the paperwork.

 

We Help You With More Than Just Registration

A lot of providers will register your company and send you on your way. We don’t work like that.

We start by helping you choose the right structure. Sole proprietorship, LLP, or private limited company: the choice has real consequences for how you’re taxed, how much personal liability you carry, and whether you can bring in investors later. We’ll walk you through the trade-offs so you can decide with confidence.

From there, we help you build a proper business plan and financial projections. Whether you need it for a bank loan, a government grant, or just your own clarity, we’ll put together a plan that actually reflects how your business will operate.

If funding is on your mind, we can assess your options, recommend the most appropriate sources, and help you structure a proposal that gives you the best chance of success.

On the registration side, we manage the full ACRA incorporation process from start to finish. We reserve your company name, prepare all the required documents, and handle the BizFile+ submission. Most applications go through within one to three business days once everything is in order.

We also take care of your company secretarial obligations. Every Singapore company is required by law to appoint a qualified company secretary within six months of incorporation, and it’s something that catches a lot of new business owners off guard. We handle it as part of the engagement, along with all the ongoing secretarial work that follows.

Beyond the paperwork, we’ll help you set up your banking relationship and put the right accounting systems in place, so you’re not scrambling to sort these things out after you’ve already launched.

Why Business Owners Choose BluTrust

We’re a boutique firm with around 156 SME clients and offices in both Singapore and Johor Bahru. You’ll work directly with experienced people who know your business, not a junior account manager working through a checklist.

We also tend to think a few steps ahead. If you’re starting a Singapore company with an eye on Malaysia, or looking at cross-border structures as the JS-SEZ develops, that’s something we’re well placed to help you plan for from the outset.

Because we handle corporate secretarial, accounting, tax, and advisory under one roof, there’s no awkward handoff between providers as your needs grow. The same team that helps you start your business will still be there when you need to file your first tax return, register for GST, or bring on your first employee.

Common Questions From New Business Owners

What structure should I choose?

For most growth-oriented businesses, a private limited company (Pte. Ltd.) is the right starting point. It gives you limited liability, a cleaner tax position, and more credibility with clients and banks. The best answer depends on your specific situation though, so it’s worth a conversation before you commit.

How long does it take to register a company in Singapore?

Once all your documents are in order, ACRA approval typically comes through in one to three business days. We manage the whole process, so you don’t have to figure out BizFile+ yourself.

Do I really need a company secretary?

Yes. It’s a legal requirement for all Singapore companies, and you need to appoint one within six months of incorporation. The company secretary also cannot be the sole director. We provide this as part of our start-up service.

Can foreigners start a company in Singapore?

Yes. Singapore is one of the more foreigner-friendly jurisdictions for company formation. The main practical difference is that foreigners without Singpass need a registered filing agent to submit ACRA applications, which is exactly what we do.

What if I need a business plan for a loan or grant application?

There’s no statutory requirement to have one just to incorporate. But if you’re going after bank financing or government grants, a well-structured plan makes a real difference. We can help with both the narrative and the numbers.

What do I need to do after I’ve registered?

More than most people expect. You’ll need to open a corporate bank account, appoint your company secretary, set up your accounting records, and get your head around your IRAS and GST obligations. We can walk you through all of it, or simply manage it on your behalf.

Capital Allowances

Deductions for the decline in value of depreciating assets are available under the Uniform capital allowance (UCA) system. In addition to the rules for depreciating assets, deductions are allowed for certain other capital expenditure.

Small business entities have the option of choosing simplified depreciation rules. Under these rules, small business entities can claim an immediate deduction if the cost is below the relevant threshold or else add the asset to the small business depreciation pool.

Land, trading stock and most intangible assets (excluding exceptions such as intellectual property and in-house software) are not depreciating assets.

The decline in value is generally calculated by spreading the cost of the asset over its effective life, using one of two methods:

Prime cost method – decline in value each year is calculated as a percentage of the initial cost of the asset
Diminishing value method – decline in value each year is calculated as a percentage of the opening depreciated value of the asset
MORE: Australian Taxation Office (ATO) Decline in value calculator.

For most depreciating assets, taxpayers can either self-assess the effective life, or use estimates published by the ATO. Taxpayers can recalculate, either up or down, the effective life of an asset if the circumstances of use change and the effective life initially chosen is no longer accurate. An improvement to an asset that increases its cost by 10% or more in a year may result in an obligation to recalculate the effective life of the asset.

Decline in value of cars is restricted to the car limit. From 1 July 2022, the luxury car tax threshold for luxury cars is $64,741 (it was $60,733 for the year commencing 1 July 2021). Luxury car leases are treated as a notional sale and purchase, with decline in value restricted to the car limit.

The decline in value of certain depreciating assets with a cost or opening adjustable value of less than $1,000 can be calculated through a low-value pool. The decline in value for depreciating assets in the pool is calculated at an annual diminishing value rate of 37.5%.

Changes for 2022 and 2023

From 12 March 2020 until 31 December 2020, the asset cost threshold for the instant asset write-off (which is usually only available to small business entities) has increased from $30,000 to $150,000 and the eligibility criteria expended to cover entities with an aggregated turnover threshold of less than $500 million (up from $50 million).

Further, from 12 March 2020 until 30 June 2021 the Backing business investment measure applied to businesses with aggregated turnover below $500 million and provides either:

A deduction of 50% of the cost or opening adjustable value of an eligible asset on installation (existing depreciation rules apply to the balance of the asset's cost), or
For businesses using a small business depreciation pool, a deduction of 57.5% of the cost of the asset in the first year, with the balance added the asset to the small business pool
In addition, from 6 October 2020 to 30 June 2023, full expensing applies to allow eligible businesses with an aggregated turnover of less than $5 billion to deduct the full cost of new eligible depreciating assets. For businesses with aggregated turnover of less than $50 million, full expensing also applies to eligible second-hand assets.

Activity Statement

Businesses use activity statements to report and pay a number of tax obligations, including GST, pay as you go (PAYG) instalments, PAYG withholding and fringe benefits tax. Non-business taxpayers who need to pay quarterly PAYG instalments also use activity statements.

Activity statements are personalised to each taxpayer to support reporting against identified obligations.

Activity statements for businesses may be due either quarterly or monthly. Generally, businesses can lodge and pay quarterly if annual turnover is less than $20 million, and total annual PAYG withholding is $25,000 or less. Businesses that exceed one or both of those thresholds will have at least some monthly obligations. Non-business taxpayers are generally required to lodge and pay quarterly.

Taxpayers with small obligations may be able to lodge and pay annually. Some taxpayers may receive an instalment notice for GST and/or PAYG instalments, instead of an activity statement.

The Australian Taxation Office (ATO) web site provides instructions on lodging and paying activity statements. Detailed instructions are provided for each of the different tax obligations:

GST (Goods and Services Tax)
PAYG (Pay As You Go) Instalments
PAYG (Pay As You Go) Withholding
FBT (Fringe Benefit Tax)
LCT (Luxury Car Tax)
WET (Wine Equalisation Tax)
Fuel Tax Credits