Complete Guide to Applying for a Singapore Company Business License From Registration to Operation Made Easy!

A Complete Guide to Applying for a Singapore Company Business License From Registration to Operations, Every Step Made Easy

In the context of global economic integration, Singapore has become one of the preferred destinations for entrepreneurs and businesses looking to establish overseas operations. This is due to its stable environment, efficient administrative system, and strategic geographical location. In recent years, with the advancement of the Belt and Road Initiative and the continuous growth of the Southeast Asian market, more and more Chinese investors have turned their attention to Singapore. To operate legally in Singapore, the first step is to complete company registration and obtain the corresponding business license.

This article provides a detailed explanation of the process for applying for a business license in Singapore, from company registration and bank account opening to tax registration and finally obtaining the license. Each step is clearly outlined to help you confidently take your first steps into entrepreneurship.

1. Determine the Company Type and Name

Before applying for a business license, the first step is to complete company registration. The Accounting and Corporate Regulatory Authority ACRA oversees company registration in Singapore, and all companies must be registered with ACRA before commencing operations.

Common types of business entities include

Private Limited Company Pte Ltd

Branch Office

Partnership

Among these, the Private Limited Company is the most popular due to its separate legal entity status, limited liability for shareholders, ease of fundraising, and favorable tax planning opportunities.

Before registration, you must first submit a proposed company name for approval on ACRA’s official website to ensure it is not already taken. Once approved, you have 60 days to complete the company registration, or the name will be automatically released.

2. Submit Required Registration Documents

After the company name is approved, the next step is to submit the required documents for registration. These typically include

Company Constitution

Identity documents of directors and shareholders

Proof of registered office address

Appointment letter of company secretary

Declaration from the first director and shareholder

Singapore requires that at least one director be a local resident, which can be a Singapore citizen, permanent resident, or someone holding a valid work pass. Additionally, the company secretary must be a qualified professional.

3. Open a Corporate Bank Account

Once the company is successfully registered, the next step is to open a corporate bank account. Singapore is home to many internationally renowned banks, including DBS Bank, OCBC Bank, and UOB, all of which offer efficient and convenient corporate banking services.

To open an account, you typically need to provide

Company registration certificate

Director’s identification

Company Constitution

Some banks also offer remote account opening services, which is particularly convenient for overseas investors.

4. Apply for Business Licenses and Permits

In Singapore, different industries require specific business licenses or permits. For example

Food and beverage businesses must apply to the Singapore Food Agency SFA

Retail businesses may need to apply to the Housing Development Board HDB or the Urban Redevelopment Authority URA

Financial institutions must obtain licenses from the Monetary Authority of Singapore MAS

For instance, in 2025, the SFA streamlined the food business licensing process, allowing applicants to submit documents online, significantly improving approval efficiency.

The government also offers various support policies for startups, such as the SMEs Financing Scheme and Startup Tax Exemption Program, helping businesses get off to a solid start.

5. Complete Tax Registration

Singapore practices a low corporate tax regime, with a maximum corporate income tax rate of 17%. Additionally, the first SGD 300,000 of taxable income enjoys tax exemption benefits.

Newly registered companies must complete tax registration with the Inland Revenue Authority of Singapore IRAS within one month of incorporation and obtain a Unique Entity Number UEN. If the company's annual revenue exceeds SGD 1 million, it must register for Goods and Services Tax GST, which is equivalent to value-added tax VAT.

In recent years, IRAS has continuously improved its e-Tax system, allowing businesses to file and pay taxes online through MyTax Portal, significantly enhancing tax management efficiency.

6. Hire Employees and Ensure Compliance

As the company stabilizes, hiring employees becomes a key step. The Ministry of Manpower MOM has clear regulations for hiring foreign workers. Employers must apply for appropriate work passes, such as

Employment Pass

S Pass

Work Permit

At the same time, companies must comply with labor laws, including regulations on minimum wage for certain industries, working hours, and annual leave. Maintaining compliance not only supports long-term growth but also helps build a strong business reputation.

7. Utilize Resources and Support Programs

Singapore offers a wide range of resources and support programs for entrepreneurs. For example

Enterprise Singapore provides one-stop services including market expansion, financing advisory, and talent training

Infocomm Media Development Authority IMDA offers funding subsidies and incubation support for tech startups

International Enterprise Singapore IE Singapore runs various overseas expansion programs to help local businesses enter global markets

For Chinese investors, these resources serve as a powerful foundation for business expansion.

Conclusion

Registering a company and obtaining a business license in Singapore is not complicated. By following the correct procedures step by step, most businesses can complete the setup and begin operations in a short period. Singapore's business environment, legal framework, and high service efficiency make it one of the world’s most attractive business hubs.

Whether you're a startup or a multinational corporation, Singapore offers a suitable path for growth. If you're planning to start a business or expand into Singapore, start preparing now and leverage the country's policy advantages and market potential to embark on your international journey.