Starting a Company in Singapore Launching an International Venture from Scratch

Setting Up a Company in Singapore Kickstart Your International Entrepreneurial Journey from Scratch

In today’s era of global economic integration, more and more entrepreneurs are turning their attention to overseas markets in search of broader development opportunities. Singapore, with its political stability, robust legal system, favorable tax policies, and well-developed financial infrastructure, has become a top destination for entrepreneurs looking to expand internationally. In recent years, with the rapid rise of the Southeast Asian market, Singapore’s strategic importance has become even more prominent as a vital bridge connecting East and West.

1. Why Choose Singapore as a Starting Point for Your Business?

Singapore attracts investors from around the world with its efficient business environment, open market policies, and ideal geographical location. According to the World Bank’s 2025 Doing Business Report, Singapore has consistently ranked among the top countries globally in terms of business friendliness, particularly excelling in areas such as starting a business, getting electricity, and cross-border trade.

Singapore operates a low-tax regime, with a maximum corporate income tax rate of just 17%. Newly established companies also enjoy tax exemptions for the first three years. Personal income tax is relatively low, and there is no capital gains tax or dividend tax-making it highly attractive for startups.

In 2025, data released by Singapore’s Economic Development Board EDB showed that despite global economic uncertainties, investments in sectors such as technology, finance, and green energy continued to grow, highlighting Singapore’s resilience as a regional business hub.

2. The Basic Process of Company Registration

For entrepreneurs setting up a company in Singapore for the first time, understanding the registration process is the first step. Although the process is generally transparent and efficient, several key steps should be noted

1. Company Name Approval

Before registering a company, the proposed name must be submitted to the Accounting and Corporate Regulatory Authority ACRA for approval to ensure it is not already taken.

2. Determine the Company Structure

Common types of business entities in Singapore include Private Limited Company Pte Ltd, Branch Office, Partnership, and Sole Proprietorship. Among these, the Private Limited Company is the most popular among foreign investors due to its separate legal identity and limited liability for shareholders.

3. Prepare Required Documents

Documents required include the company’s constitution, identification of shareholders and directors, registered address, and company secretary information. Notably, Singapore requires every company to have at least one local director. Many entrepreneurs choose to hire a professional secretary or registration agent to fulfill this requirement.

4. Submit the Registration Application

The application can be submitted via ACRA’s online platform, and approval is typically completed within a few hours.

5. Open a Corporate Bank Account

After the company is registered, entrepreneurs can apply for a corporate bank account with local banks such as DBS Bank, OCBC Bank, or UOB. While these banks support foreign investors, applicants are required to provide a solid business plan and identity verification documents.

3. Taxation and Compliance Management

Beyond the registration process, managing taxation and compliance is equally crucial for operating a business in Singapore. Singapore follows a territorial tax system, meaning only income sourced within Singapore is subject to tax. Singapore has signed Double Taxation Avoidance Agreements DTAs with numerous countries and regions, helping to reduce cross-border tax burdens.

For startups, Singapore offers several tax incentives and grant programs, such as the Start-up Tax Exemption SUTE and the Enterprise Development Grant EDG. These policies create a favorable environment for new businesses.

In terms of compliance, companies are required to submit annual financial statements and tax filings, and ensure that their corporate governance structures comply with the Companies Act. It is advisable for entrepreneurs to engage professional accountants or legal advisors from the early stages to ensure smooth compliance and avoid potential legal risks due to oversight.

4. Market Expansion and Local Operations

Successfully registering a company is only the beginning. The real challenge lies in establishing a foothold in the local market and achieving growth. Although Singapore’s domestic market is relatively small, its role as a regional headquarters for Southeast Asia cannot be overlooked. Many multinational corporations choose to set up their regional headquarters in Singapore to access the broader ASEAN market.

With the implementation of the Regional Comprehensive Economic Partnership RCEP, the integration of Southeast Asian markets has accelerated, offering Singapore-based companies expanded market opportunities. Entrepreneurs can leverage Singapore’s logistics, financial, and talent advantages to expand their operations into neighboring countries such as Indonesia, Malaysia, and Vietnam.

Moreover, Singapore actively promotes the development of innovative industries. For example, in 2025, the Infocomm Media Development Authority IMDA announced increased support for tech startups, offering funding and incubation services. This provides excellent opportunities for entrepreneurs in fields such as artificial intelligence, blockchain, and fintech.

5. Conclusion

Setting up a company in Singapore is not just an entrepreneurial endeavor-it’s a step toward building a global perspective. From a favorable policy environment to abundant market resources, Singapore offers a fertile ground for entrepreneurs. Whether it’s the streamlined registration process, competitive tax policies, or its strategic position for regional expansion, Singapore has proven to be a golden springboard for global entrepreneurs.

If you’re planning to take your first step into international entrepreneurship, consider turning your gaze to this vibrant city-state. In Singapore, every entrepreneurial dream has the potential to take root, grow, and reach the world.