How to Smoothly Register a Trading Co. in Singapore? Step-by-Step Guide to the Registration Process

How to Successfully Register a Trading Company in Singapore A Step-by-Step Guide to Unlocking the Secrets of Registration

In today's rapidly evolving global economic landscape, more entrepreneurs and investors are turning their attention to Southeast Asia. As a regional hub for finance and trade, Singapore has become one of the top destinations for startups due to its efficient business environment, stable policy framework, and convenient international trade networks. Especially against the backdrop of global supply chain restructuring, registering a trading company not only helps expand overseas markets but also significantly enhances a company’s international competitiveness.

According to data released by Enterprise Singapore in 2025, the number of newly established trading companies increased by more than 15% year-on-year over the past year, with small and medium-sized enterprises SMEs leading the trend. This demonstrates that Singapore continues to maintain strong appeal in attracting foreign investment and supporting local entrepreneurship.

So how can you successfully register a trading company in this vibrant market? This article will walk you through the entire process step-by-step, helping you unlock the secrets of registration with ease.

1. Clarify Company Type and Business Direction

Before registration, it is essential to determine your company structure and core business scope. Common types of business entities in Singapore include

Private Limited Company

Branch Office

Representative Office

For most businesses seeking long-term development with independent legal status, registering as a Private Limited Company is the most common and recommended choice.

Trading companies typically engage in import/export, wholesale/retail, and logistics management. During registration, you must accurately specify your Standard Industry Classification SIC code. For example

46191 - Wholesale Trade Agents

46199 - Other Wholesale Trade

While this may seem straightforward, it directly affects subsequent licensing applications and tax procedures.

2. Choose and Approve a Company Name

Before submitting your official registration, you need to choose a company name and get it approved by the Accounting and Corporate Regulatory Authority ACRA. ACRA provides an online system to check if a name is already taken.

It is advisable to avoid overly generic terms such as Global or Asia to increase approval chances. If your company name includes sensitive words like Finance, Bank, or Law, additional regulatory approvals may be required.

Once the name is decided, it’s wise to consult a professional service provider before submission to ensure accuracy.

3. Appoint Directors and Shareholders

Singapore law requires all locally registered private limited companies to have at least one resident director, who can be a citizen, permanent resident, or holder of an Employment Pass EP.

If you are unable to reside in Singapore, you can fulfill this requirement by hiring a local nominee director or using a professional secretarial service.

Regarding shareholders, Singapore allows 100% foreign ownership, meaning you can fully own the company. Multiple shareholders are allowed, with shareholding percentages defined in the company’s constitution.

4. Appoint a Company Secretary and Open a Bank Account

Under the Companies Act, every company must appoint a qualified company secretary within six months of incorporation. The secretary ensures compliance, maintains corporate records, and prepares documents for annual general meetings.

Many startups outsource this task to professional secretarial firms to reduce administrative burdens.

Opening a corporate bank account is another crucial step. Several banks in Singapore support remote account opening, including DBS, OCBC, and UOB. Required documents typically include the Certificate of Registration, company constitution, and directors’ identification.

5. Complete Registration and Obtain Licenses

Once all preliminary steps are completed, you can submit your application via ACRA’s BizFile+ platform. In most cases, the entire registration process takes 1-3 working days.

Upon successful registration, ACRA will issue a Certificate of Registration, officially marking the formation of your company.

However, if your business involves specific industries-such as food imports, pharmaceuticals, etc.-you may need to apply for additional licenses from relevant authorities

IRAS Inland Revenue Authority of Singapore For alcohol import licenses

HSA Health Sciences Authority For medical device trade

6. Tax Registration and Compliance

After registration, several key tax-related tasks must be completed

GST Registration Mandatory if annual turnover exceeds SGD 1 million

Employer Registration Required if you plan to hire employees via MOM

Corporate Income Tax Filing All companies must submit financial statements and tax returns to IRAS annually

Singapore operates a transparent tax regime, requiring annual audited financial reports and holding an Annual General Meeting AGM. It’s highly recommended to establish a solid financial and compliance system early on, or seek help from a professional accounting firm.

7. Leverage Government Support for Business Growth

In recent years, Singapore has introduced various incentive programs to support trading businesses, including

Market Readiness Assistance MRA Grant Offers up to 70% funding for overseas market expansion

Trade Finance Scheme TFS Provides financing support for SMEs

Credit Insurance Scheme CIS Reduces transaction risks

Notably, in 2025, Singapore announced further simplification of customs clearance procedures and accelerated development of digital trade platforms-measures that promise to create a more favorable operating environment for trading companies.

Conclusion

Registering a successful trading company is not just the first step toward entering the Asian market-it's also a vital foundation for building a global business presence. Although the process may appear complex, with the right approach and professional assistance, it can be executed efficiently.

As Singapore continues to improve its business environment, more companies and entrepreneurs will find valuable opportunities here. Let this guide serve as your roadmap to success in one of the world’s most dynamic economies.