How to Successfully List a Company in Singapore? Key Requirements You Must Know!

How to Successfully Register a Public Company in Singapore

In today's globalized capital markets, an increasing number of entrepreneurs and companies are turning their attention overseas in search of broader development opportunities. As one of Asia’s key financial centers, Singapore has become the preferred destination for many companies seeking overseas listings, thanks to its stable environment, robust legal framework, and transparent regulatory system. So how can a company successfully list on the Singapore stock exchange? This article will analyze this question from multiple perspectives.

1. Understand the Basic Structure of Singapore's Capital Market

Singapore’s securities market is primarily operated by the Singapore Exchange SGX, which consists of two main boards the Mainboard and the Catalist Board. The Mainboard is suitable for larger, more profitable companies, while the Catalist Board targets growing enterprises and startups. According to recent news reports, in 2025, several companies from Southeast Asia and China chose to go public on the Catalist Board through SPACs Special Purpose Acquisition Companies, indicating that the market's appeal to emerging businesses is growing. This suggests that when choosing an IPO path, companies should not only consider their stage of development but also monitor market trends and policy directions.

2. Meet the Basic Listing Requirements

Regardless of the chosen board, companies must satisfy certain financial and governance criteria.

Mainboard Listing Requirements

Profitability Requirement Cumulative pre-tax profits over the past three years must be no less than SGD 7.5 million, with at least SGD 2 million in the most recent year.

Market Capitalization Requirement The market value of publicly held shares must be at least SGD 80 million.

Number of Shareholders At least 1,000 public shareholders.

Management Stability Core management must remain stable and demonstrate ongoing operational capability.

Catalist Board Listing Requirements

No mandatory profitability record.

Minimum of 500 public shareholders.

More flexible market capitalization requirements compared to the Mainboard.

It is important to note that although the Catalist Board has lower entry barriers, it maintains high standards for corporate governance and information disclosure. For example, in 2025, SGX suspended trading of a Catalist-listed company due to incomplete disclosures, demonstrating that compliance remains crucial even in secondary markets.

3. Establish a Robust Corporate Governance System

Singapore enforces strict market regulation, emphasizing transparency and standardization in corporate governance. During the preparation for listing, companies must establish internal governance mechanisms that meet SGX requirements, including

Appointing independent non-executive directors;

Setting up specialized committees such as Audit Committee and Nomination Committee;

Developing clear information disclosure policies;

Conducting regular internal control assessments.

Additionally, companies need to engage professional service providers, such as sponsors, lawyers, and accountants, to ensure full compliance throughout the listing process.

4. Develop a Clear Strategic Plan and Investor Communication Strategy

A successful IPO is not merely about fundraising-it is also a significant opportunity to enhance brand value. From the early planning stages, companies should clearly define their strategic positioning and develop a rational plan for fund utilization. A survey conducted in early 2025 revealed that investors increasingly favor companies with clear growth trajectories, sustainable business models, and strong ESG Environmental, Social, and Governance performance. During roadshows and subsequent communications, companies should emphasize sound business logic and social responsibility.

5. Leverage Local Resources and Policy Support Effectively

Singapore offers various incentives to attract foreign investment and support enterprise development. For instance, the Economic Development Board EDB and the Monetary Authority of Singapore MAS frequently introduce support programs targeting technology-driven firms and green energy projects. Before going public, companies should actively connect with these agencies to seek tax incentives or subsidies that could enhance competitiveness. Moreover, Singapore hosts numerous international investment banks, law firms, and accounting firms, offering comprehensive IPO services. Utilizing these local resources can improve efficiency and reduce potential risks during the listing process.

6. Monitor Industry Trends and Regulatory Developments

With the rapid advancement of technology and digital economy, Singapore’s capital market has shown increased interest in tech-oriented companies. Media reports indicate that in the first quarter of 2025, the number of tech and fintech IPOs on SGX increased by more than 30% year-on-year. This implies that companies should align their listing timing and industry positioning with current market trends. Meanwhile, SGX continues to refine its listing rules-for example, in late 2025, it introduced new regulations to streamline SPAC merger procedures, aiming to boost market vitality. Such policy changes serve as critical signals for prospective issuers; timely awareness and adaptive strategies can accelerate the listing process.

Conclusion

Successfully registering a public company in Singapore requires not only meeting rigorous financial and compliance standards but also possessing a clear strategic vision and long-term development plan. By aligning with current market dynamics and policy guidance, and by proactively preparing and implementing targeted measures, companies can achieve meaningful capital growth in this vibrant financial hub full of opportunities.