Decide Company Name & Business Activity
- Deciding a name for the company is a major decision! It is difficult to find a suitable company name and an appropriate internet domain which is available. Thankfully, the company legal entity name does not necessary need to be the same as the trading name of the business. For example, HanBaoBao Pte Ltd is the entity name of our beloved McDonald’s in Singapore.
- Company name which is similar to other entities, gazetted or rude/obsene names are also not allowed by ACRA. ACRA may also choose to refer the company’s name to other agencies for approval, which may delay the incorporation date.
- Another important decision is choosing the business activity of the company. This is selected via the SSIC code maintained by SingStats. Every company can choose up to 2 SSIC codes as the business activities and can add further free-text description to the activity.
- These stated business activity is not meant to be restrictive and companies are allowed to conduct legal business activities beyond these stated on ACRA. The selected SSIC codes are relevant for the main contributors of operating revenue and for license purposes. It is also possible to amend the business activity in the future by informing your corporate secretary and passing a directors’ resolution.