Registering a Skincare Co. in Singapore? Here's the Complete Annual Report Filing Guide!

How to Register a Skincare Company in Singapore A Comprehensive Guide to Annual Reporting

In recent years, as global consumer demand for health and beauty continues to rise, the skincare market has remained highly dynamic. Particularly in Asia, Singapore - as one of the world's leading business hubs - has attracted increasing numbers of entrepreneurs and brand owners due to its stable policy environment, efficient business ecosystem, and favorable tax regime.

According to data released by Enterprise Singapore in 2025, over the past three years, the number of registered companies in the cosmetics and personal care industry has grown at an average annual rate of 13%, with skincare products showing the most significant growth. For entrepreneurs aiming to enter the Southeast Asian market, registering a skincare company in Singapore not only enhances the brand’s international image but also enables rapid regional expansion through the country’s well-developed financial and logistics infrastructure.

However, setting up a company in Singapore is not a straightforward process. The annual reporting requirement often poses a challenge for many new businesses. This article provides a detailed explanation of how to successfully register a skincare company in Singapore and complete the annual return filing process.

1. Pre-Registration Preparation

Before officially registering your company, it is essential to define your business scope clearly. A skincare company may include products such as facial care, body care, sun protection items, and natural or organic skincare lines.

All skincare products sold in Singapore must comply with regulations set by the Health Sciences Authority HSA to ensure ingredient safety and legal compliance. Additionally, you should decide on the legal structure of your company. Most startups opt for a Private Limited Company due to its advantages, including separate legal entity status, limited liability for shareholders, and ease of fundraising and business expansion.

It is also advisable to conduct a trademark search in advance to ensure that your brand name and logo are not already registered, thus avoiding potential intellectual property disputes.

2. Overview of the Registration Process

The basic steps to register a skincare company in Singapore are as follows

1. Company Name Approval Submit your preferred company name via the Accounting and Corporate Regulatory Authority ACRA website and wait for approval.

2. Prepare Company Constitution and Shareholder Information This includes shareholder identification documents, shareholding ratios, and director details.

3. Submit Registration Documents File the registration application online via the BizFile+ system and pay the required fees.

4. Obtain Business License Certain skincare products - especially those containing active ingredients - may require product registration or notification with the HSA.

5. Open a Corporate Bank Account It is recommended to choose major local banks such as DBS Bank, OCBC Bank, or United Overseas Bank UOB.

Provided all documentation is complete and there are no objections, the entire registration process can typically be completed within seven working days.

3. Detailed Explanation of Annual Reporting Requirements

After successfully registering your company, you are required under the Companies Act to submit an Annual Return and financial statements to ACRA on time. Annual reporting reflects corporate transparency and is crucial for maintaining a good credit standing.

Contents of the Annual Return

Updated company information e.g., address, directors, shareholders

Summary of financial statements

Audit report if applicable

Details of Annual General Meeting AGM

Any significant changes in business operations

Filing Deadline

The Annual Return must be submitted within one month after the anniversary of the company’s incorporation date. For example, if your company was incorporated on May 15, 2025, the first Annual Return must be filed before June 15, 2025.

Audit Exemption Policy

Under the revised Companies Act in 2025, companies meeting the following criteria are eligible for audit exemption

Annual revenue not exceeding SGD 10 million

Total assets not exceeding SGD 10 million

Number of employees not exceeding 50

This is a favorable provision for small to medium-sized skincare startups, helping them save considerable costs.

4. Common Issues and Key Considerations

Many entrepreneurs underestimate the importance of timely annual reporting, which can result in the company being marked as inactive or even struck off the register. Below are key points to keep in mind

Update Company Information Promptly Notify ACRA within 14 days of any changes to directors or shareholders.

Maintain Accurate Financial Records Even during the early stages, it is essential to establish proper accounting systems.

Consider Professional Services If unfamiliar with regulatory procedures, consider engaging an accounting firm or company secretary to assist with filing.

Singapore has recently intensified its enforcement of corporate compliance. According to media reports from August 2025, ACRA penalized over 200 companies for late filing of annual returns in the past year, with fines reaching up to SGD 5,000. This serves as a reminder that annual reporting is not only a legal obligation but also a foundation for maintaining corporate reputation.

5. Conclusion

Registering a skincare company in Singapore is both a challenging and rewarding endeavor. While initial efforts are required to understand local laws and market conditions, establishing a compliant operational framework lays a solid foundation for long-term brand development.

Although annual reporting may seem cumbersome, it is a vital component of sustainable business operations. We hope this guide offers you clear and practical insights to help you successfully launch and grow your skincare business in Singapore.