All You Need to Know About Registered Address Service in Singapore
November 17, 2022
November 17, 2022
When starting a corporation in Singapore, the Accounting and Corporate Regularity Authority (ACRA) has many requirements. That includes a qualified official business address that will serve as the place where all communications and notices for the company are addressed. Moreover, company registers and records are kept at the same address for safekeeping.
That and all other things between starting and growing a business make registered address service in Singapore crucial to every corporation in one of the world’s most business-friendly yet competent economies.
Learn more about registered business addresses, including the services available when incorporating a company in Singapore. If you read through the content below, you will discover everything related to registered business address services, from qualifications to application. Stick around and take note of the critical points to help with the business formation.
What Is a Registered Office Address, and Why Is It Important?
Forming a company does not happen overnight. The truth is that it takes many preparations, including long processes and compliance with several mandatory requirements set out by the Singaporean authorities. One of these is to have a local registered office address in Singapore as mandated under Section 124(1) of the Companies Act, Cap. 50.
There is no reservation when it comes to having an official office address. Every business in Singapore should have one to abide by ACRA’s rules and regulations. The primary purpose of having an official address is to provide a location where all communications and notices may be addressed. A registered office address should also be open to the public for at least three hours during ordinary business hours per business day.
Expect to receive mail from government entities at the registered address, like notifications on annual requirements, new incentives, and bank correspondence. It is necessary to check the mail daily to not miss out on essential information your business might need in line with its presence in Singapore’s business industry.
Home Address as a Registered Office Address: Is It Allowed?
You can register your home address as an official office address if you live in Singapore. But note that it should undergo specific qualifications and processes before its approval. To ensure that you do this right, get help from the Urban Redevelopment Authority (URA) or Housing and Development Board (HDB). With the Home Office Scheme criteria that must be met, complying with all the conditions is vital to avoid breach or non-issuance of the permit.
Moreover, considering the types of business activities under the Home Office Scheme is a must. Find out more about the activities permitted by looking them up online on reliable sources like URA and HDB. For an introduction, food catering, manufacturing, courier services, and beauty services, to name a few, are not allowed to have a home address as a registered address.
Another factor to consider is that having your home address as an office address will compromise privacy. A registered office address should be known to the general public for business purposes. Keeping this address inaccessible will not designate it as an official business location. Now that you have a good grasp of a registered office address, it is the best time to learn the requirements.
Requirements of Registered Office Address
Although a registered office address must be open to the public, it does not include Saturday, Sunday, and public holidays. This allows the public to access or reach out to the business if needed and assist in sending legal documents from appropriate offices. Failure to do so will incur a S$5,000 fine.
Based on the regulations established by ACRA covering registered office addresses, an office address should be in Singapore. However, it does not need to be the place of operation. It means that the registered office address can be a separate location and not necessarily the same as where your business operates. Everything will fall on the right track if you follow the requirements and qualifications of registering an office address.
Sign Up for Registered Office Address Services in Singapore
Incorporating an enterprise in Singapore should not be complicated. Don’t think twice about reaching out to the experts. The least that you should be worried about is how to register a business address. Let a professional help you! ContactOne has been helping start-ups through our wide range of corporate solutions designed to make starting a company accessible and less time-consuming.
With us at the forefront of your business, particularly business incorporation, we ensure that every requirement will be covered and our process will comply with Singapore’s laws and regulations. Explore our website if you want to learn more about us and what we can do to help your business. Many great things related to corporate support await there. You may also call us on +65 6333 0633 or +65 8666 3633.