How to Smoothly Start a Company in Singapore? A Comprehensive Guide to the Registration Process!

How to Successfully Set Up a Company in Singapore

Setting up a company in Singapore is a dream for many entrepreneurs and business owners. Known for its efficient business environment, robust legal system, and stable economic policies, Singapore has consistently attracted global investors and enterprises. According to the latest data from 2025, Singapore has once again been ranked among the easiest countries in the world to do business by the World Bank for several consecutive years. So, how can you successfully set up a company in Singapore? This article will walk you through the detailed process and key considerations.

1. Determine the Company Type and Business Plan

Before registering a company, it is essential to define the company structure and business plan. Common types of business entities in Singapore include

Private Limited Company

Branch Office

Partnership

Sole Proprietorship

Among these, the Private Limited Company is the most popular due to its advantages such as separate legal identity, limited liability for shareholders, and stronger fundraising capabilities.

You should also clearly define your core business activities and select the appropriate Standard Industry Classification SSIC code as required by the Accounting and Corporate Regulatory Authority ACRA. This step is crucial, as it will affect your future tax filings and regulatory obligations.

2. Choose and Approve a Unique Company Name

Before formal registration, you must choose a unique company name and submit it for approval via ACRA’s official website. If the name is already taken or deemed inappropriate, the system will reject it.

It is advisable to conduct market research and trademark searches before submitting the name to avoid potential legal disputes. For example, in June 2025, a local media report highlighted a case where an entrepreneur failed to register due to a duplicate company name, causing delays in business operations. Proper name screening and trademark checks are therefore essential steps in the registration process.

3. Prepare Required Documents and Meet Legal Requirements

To register a Private Limited Company in Singapore, the following basic requirements must be met

1. At least one director Must be a natural person aged 18 or above, preferably a Singapore citizen or permanent resident.

2. At least one shareholder Can be an individual or corporate entity; 100% foreign ownership is allowed.

3. Company Secretary Must be a qualified professional residing in Singapore, often provided by accounting or secretarial service firms.

4. Paid-up Capital Minimum of SGD 1 with no upper limit; capital can be paid in installments.

5. Registered Address A valid local Singapore address is required; PO boxes are not acceptable.

Required documents include the company’s Constitution, identification documents of directors and shareholders, and proof of the registered address. It is recommended to use a professional registration agency to ensure accuracy and compliance.

4. Step-by-Step Registration Process

1. Name Approval Submit the company name via ACRA online; approval is typically granted within one business day.

2. Submit Registration Documents Include the Constitution, director and shareholder details, and appointment of company secretary.

3. Receive Business Profile Upon approval, ACRA will issue the Business Profile, officially marking the company’s establishment.

4. Open a Corporate Bank Account With the Business Profile and supporting documents, open a bank account in Singapore. Major banks such as HSBC, OCBC, and DBS are recommended.

5. Apply for Licenses If your business involves sectors like food services, education, or finance, you must apply for relevant licenses from the appropriate authorities.

5. Taxation and Compliance Requirements

Singapore’s tax system is known for its low tax rates and streamlined processes. The Corporate Income Tax CIT rate is 17%, with tax exemptions available for the first SGD 100,000 of annual profits.

Companies must also comply with annual reporting obligations from ACRA and the Inland Revenue Authority of Singapore IRAS, including

Annual Return filing

Holding an Annual General Meeting AGM and submitting financial statements

Filing the Corporate Income Tax Return Form C-S or Form C

In early 2025, the Monetary Authority of Singapore MAS introduced stricter regulations on Anti-Money Laundering AML and Know Your Customer KYC requirements. Businesses must maintain accurate and transparent financial records to avoid penalties.

6. Take Advantage of Government Incentives

To attract foreign investment and encourage entrepreneurship, Singapore offers a variety of incentive programs. For instance, Enterprise Singapore provides the Startup SG initiative, including

Startup SG Founder - Funding support for first-time entrepreneurs

Startup SG Tech - Talent development grants for tech startups

Eligible companies may also apply for Tax Incentive Schemes, such as corporate tax exemptions and accelerated depreciation.

It is highly recommended to consult a professional advisor before registration to identify applicable incentives and optimize available resources.

7. Conclusion

While setting up a company in Singapore is known for its clarity and efficiency, entrepreneurs must still possess a solid understanding of business structures and compliance requirements. From selecting the right company type to ensuring proper tax compliance, each step plays a critical role in the success of your venture.

With the latest 2025 policy updates and evolving regulatory trends, strategic planning and careful execution are more important than ever. For investors looking to expand across Asia, Singapore remains an ideal gateway to the region.