How to Start a Company in Singapore A Step-by-Step Guide to Registration Process Requirements!

How to Incorporate a Company in Singapore A Comprehensive Guide

In recent years, as global economic integration accelerates, more and more entrepreneurs and businesses are choosing to establish companies overseas to expand their operations. As one of the most competitive business hubs globally, Singapore has attracted significant international investment due to its stable environment, efficient services, favorable tax policies, and robust financial system.

According to the latest data from the Accounting and Corporate Regulatory Authority ACRA, the number of new company registrations in Singapore increased by over 8% year-on-year in the first quarter of 2025, demonstrating the country's sustained entrepreneurial vitality. So, what are the procedures and requirements for setting up a company in Singapore? This article will provide you with a detailed explanation.

1. Types of Companies in Singapore

Before incorporating a company in Singapore, it is essential to determine the type of business entity you wish to establish. The common forms of business entities include

1. Private Limited Company Pte Ltd

The most popular form of business structure, this is a separate legal entity with limited liability for shareholders.

2. Public Limited Company Ltd

Suitable for companies planning to raise capital through public listings.

3. Branch Office

A foreign company’s extension in Singapore, which does not have independent legal status.

4. Representative Office

Ideal for initial market research, but not permitted to engage in profit-making activities.

5. Limited Liability Partnership LLP

Commonly used by professional service firms such as law firms and accounting firms.

Among these, the Private Limited Company is the preferred choice for most international investors due to its legal protection, ease of fundraising, and ability to attract foreign investment.

2. Basic Requirements for Company Registration

To successfully register a company in Singapore, the following basic requirements must be met

1. At least one local director

Every company must have at least one director who is at least 18 years old and ordinarily resident in Singapore e.g., a citizen, permanent resident, or holder of a valid work pass.

2. Company Secretary

A qualified company secretary based in Singapore must be appointed, and they must be familiar with relevant regulations.

3. Paid-up Capital

The minimum paid-up capital is SGD 1, which can be increased later without restrictions on actual capital contribution.

4. Registered Address

The company must have a valid local office address in Singapore.

5. Shareholders

At least one shareholder, with a maximum of 50 individuals or corporate entities allowed.

6. Company Name Approval

The company name must be approved by ACRA to avoid duplication or use of sensitive terms.

Foreign entrepreneurs may also apply for an EntrePass to achieve both residency and business operation goals.

3. Detailed Registration Process

The entire registration process typically takes only a few days and includes the following steps

1. Name Approval

Submit a proposed company name to ACRA for approval. It is advisable to prepare alternative names in case of duplication.

2. Prepare Constitution and Shareholder Information

Draft the company constitution outlining governance structures and shareholder rights, and submit documents such as identity and address proofs for shareholders and directors.

3. Submit Online Registration Application

Use ACRA’s BizFile+ system to file the registration application, providing details about the company, directors, and shareholders, and pay the registration fee approximately SGD 300.

4. Open a Corporate Bank Account

After incorporation, open a bank account with major banks in Singapore such as DBS, OCBC, or UOB. Some banks offer remote account opening options for international clients.

5. Apply for Relevant Licenses

Depending on the industry, certain licenses may be required-for example, food retail requires a license from the Singapore Food Agency SFA, while financial services need to be registered with the Monetary Authority of Singapore MAS.

6. Tax Registration

If applicable, register for Goods and Services Tax GST with the Inland Revenue Authority of Singapore IRAS. Additionally, companies must submit their first set of financial statements within 18 months of incorporation and undergo annual audits unless exempted.

4. Tax Benefits and Incentive Programs

Singapore is known for its low tax rates and extensive tax incentive programs. The corporate income tax rate is 17%, with tax exemptions available for the first SGD 100,000 of profits.

Moreover, Singapore has signed Double Taxation Avoidance Agreements DTAs with many countries worldwide, facilitating cross-border business operations.

In recent years, Singapore has introduced several new business incentives. For example, the Enterprise Development Grant EDG, launched in late 2025, supports small and medium enterprises SMEs in digital transformation and technological upgrades. Startups can also apply for the Startup SG program, which offers funding support, mentorship, and subsidies for office space.

5. Frequently Asked Questions

Q Can foreigners incorporate a company in Singapore?

A Yes, absolutely. Only one local director is required; other shareholders and directors can be foreigners.

Q Is it necessary to visit Singapore in person?

A No. Many incorporation agencies offer full-service support to complete all procedures remotely.

Q What are the annual maintenance costs?

A These typically include secretarial fees, annual audit expenses, office rental, and tax filing. Overall costs are manageable.

Q How soon can the company start operations after registration?

A Usually within 1-2 weeks after incorporation and opening a bank account.

6. Why Choose Singapore?

Beyond the streamlined registration process and robust regulatory framework, Singapore boasts world-class infrastructure, a multicultural environment, and an efficient, business-friendly ecosystem.

According to the World Bank’s Ease of Doing Business Report, Singapore consistently ranks among the top globally, particularly excelling in areas such as starting a business and enforcing contracts.

Geographically strategic, Singapore serves as a gateway to Southeast Asia and the broader Asian market. With the continued implementation of the Regional Comprehensive Economic Partnership RCEP, Singapore’s role as a regional hub has become even more prominent, further enhancing its appeal to foreign investors.

In conclusion, Singapore offers entrepreneurs a transparent, efficient, and cost-effective business environment, along with strong support for enterprise growth. Whether you're launching a startup or expanding an established business, proper planning and compliance can help you find your path to success in this vibrant economy.