Want to Start a Business in Singapore? Must-Know Co Reg Requirements Process!

Thinking of Starting a Business in Singapore? Here’s What You Need to Know About Company Registration Requirements and Procedures!

In recent years, as the global economic landscape continues to evolve and Southeast Asia's market heats up, more and more entrepreneurs are setting their sights on Singapore - a small but strategically located nation at the heart of Asia. As one of the world's most competitive economies, Singapore attracts a large number of international investors and startups with its stable political environment, efficient services, excellent geographical location, and open business ecosystem.

According to a 2025 report by Lianhe Zaobao citing data from the Economic Development Board EDB, despite global economic challenges, over 60,000 new companies were registered in Singapore in 2025 - a year-on-year increase of nearly 12%. Startups in technology, finance, and green energy have seen particularly strong growth, highlighting Singapore's growing role in the global innovation economy.

If you're planning to launch your entrepreneurial journey in this vibrant city-state, understanding the basic requirements and procedures for company registration will be a crucial first step toward success.

1. Choosing the Right Company Structure

The most common type of company registered in Singapore is the Private Limited Company Pte Ltd. This structure offers limited liability protection, has a separate legal identity, and is well-suited for most small to medium-sized businesses.

Other options include

Representative Office RO

Partnership

Limited Liability Partnership LLP

Your choice should depend on your business nature and long-term goals. According to the Accounting and Corporate Regulatory Authority ACRA, a Private Limited Company must have at least one local director who can be a Singapore citizen, permanent resident, or a professional holding an Employment Pass. Foreign ownership of up to 100% is allowed, meaning foreigners can fully own and operate a Singapore-based company.

2. Basic Requirements for Company Registration

a. Company Name Approval

Before official registration, you must submit your proposed company name through ACRA’s online portal BizFile+ for approval. The name must not duplicate any existing registered names and must avoid sensitive or inappropriate words.

b. Determining Company Structure and Shareholder Information

You must define the company's paid-up capital starting from SGD 1, provide shareholder and director details, and appoint a company secretary. The secretary must be a Singapore resident and must be appointed within six months of incorporation.

c. Registered Address

A valid Singapore address is required for registration. Residential addresses are acceptable, provided they meet relevant regulatory requirements.

d. Business Activities Description

Singapore classifies business activities under standard codes known as SSIC Singapore Standard Industry Classification codes. You must select the appropriate code during registration to facilitate future tax and regulatory compliance.

3. Step-by-Step Company Registration Process

Step 1 Prepare Documents

Gather all necessary documents including the approved company name, identification documents of shareholders and directors, registered address, and draft copies of the company’s constitution.

Step 2 Submit Application via BizFile+

Register your company online using ACRA’s BizFile+ system. In most cases, approval is granted within a few hours.

Step 3 Open a Corporate Bank Account

Once incorporated, you can open a corporate bank account with local banks such as DBS, OCBC, or UOB. Some banks offer remote account opening options, which is especially convenient for overseas entrepreneurs.

Step 4 Apply for Licenses and Permits

If your business operates in a regulated industry like food services, education, or healthcare, you need to apply for specific licenses from relevant authorities. For example, food-related businesses must obtain a license from the Singapore Food Agency SFA.

Step 5 Tax Registration and Compliance

Singapore follows a single-tier corporate tax system, with a maximum corporate tax rate of 17%. There are also numerous tax incentives available. After registration, you must register for Goods and Services Tax GST with the Inland Revenue Authority of Singapore IRAS and ensure timely submission of financial statements.

4. Government Support for Startups

To encourage entrepreneurship and innovation, Singapore offers a wide range of support programs

Small and Medium Enterprise Centre SMC provides free consultancy services.

Enterprise Singapore runs the Startup SG initiative, offering funding grants, co-working space support, and assistance with talent acquisition.

The Monetary Authority of Singapore MAS promotes fintech development through its regulatory sandbox, allowing innovative financial firms to test new products and services in a controlled environment, thereby lowering compliance barriers for startups.

5. Conclusion

With its transparent and efficient business environment, robust legal framework, and diverse market resources, Singapore has become a top destination for both local and international entrepreneurs. By understanding the correct registration procedures and compliance requirements, you can quickly establish your business and gain a competitive edge.

For those considering starting a business in Singapore, thorough planning, policy awareness, and smart resource allocation are essential for navigating the competitive market successfully. Now is an excellent time to enter the Singaporean market - seize the opportunity, and your startup could very well become the next unicorn.