Starting a Company in Singapore? 5 Key Steps to Make Your Startup Journey Easier!

Setting Up a Company in Singapore Five Key Steps to Success

Establishing a company in Singapore is a top choice for entrepreneurs seeking international expansion. As one of the world’s most competitive business hubs, Singapore attracts significant foreign investment and startups due to its stable economy, efficient services, low tax rates, and strategic location. In recent years, with the rapid growth of the global tech industry and the rise of remote work, more and more startups are choosing to register in Singapore to access the Southeast Asian market. So, how does one set up a company in Singapore? Mastering the following five key steps can significantly boost your chances of entrepreneurial success.

Step 1 Determine the Company Type and Registration Structure

The first step in setting up a company in Singapore is choosing the appropriate corporate structure. The most common type is the Private Limited Company Pte Ltd, which offers separate legal identity, limited liability for shareholders, and ease in raising capital. Other options include setting up a branch office, a partnership, or a Limited Liability Partnership LLP, with the final choice depending on the business nature, shareholder composition, and long-term strategy.

Data from 2025 shows that over 70% of foreign companies registered in Singapore opt for the Private Limited structure, largely due to its strong legal protection and financing advantages. For startups, the chosen corporate structure not only affects tax obligations but also impacts future fundraising capabilities and operational flexibility.

Step 2 Prepare Registration Documents and Meet Legal Requirements

Once the company structure is selected, the next step is preparing the required documents and fulfilling legal requirements. The Accounting and Corporate Regulatory Authority ACRA oversees company registration in Singapore, and the entire process is completed online, making it highly efficient.

Basic documents required for registration include

A company name, which must be pre-approved in ACRA’s system

A registered office address located in Singapore

At least one director aged 18 or above can be a foreigner

Shareholder information individual or corporate entity

Memorandum and Articles of Association MA

Notably, starting in 2025, Singapore further streamlined the registration process, allowing non-residents to complete the procedure through an authorized agent without needing to be present in person. Additionally, for tech startups, Singapore introduced the Entrepreneur Pass EntrePass, offering residency and work permits to eligible entrepreneurs.

Step 3 Open a Corporate Bank Account

After registration, the next crucial step is opening a corporate bank account. Singapore is home to internationally renowned banks such as DBS Bank, OCBC Bank, and UOB, all of which offer streamlined account-opening services. However, due to stricter anti-money laundering regulations, banks have become more rigorous in reviewing application documents.

Commonly required documents include

Certificate of Incorporation

Identity proof of directors and shareholders

Business plan or description of business model

Proof of office address

With the rise of digital banking, more entrepreneurs are now opting for digital or virtual banks, which offer faster processing and simpler procedures. For example, several digital banks approved by the Monetary Authority of Singapore MAS in 2025 began offering customized financial services for businesses.

Step 4 Understand Tax Policies and Compliance Obligations

Singapore’s tax system is known for its low rates and transparency, making it one of the most attractive tax environments globally. The corporate income tax rate is 17%, with tax exemption on the first S$100,000 of annual profits. Singapore follows a one-tier tax system, meaning that dividends distributed to shareholders after corporate tax are not taxed again.

In addition to income tax, companies must also fulfill other compliance obligations, including

Annual submission of financial statements and tax returns often handled by accounting firms

Maintaining a valid registered office address

Holding an Annual General Meeting AGM on time and filing the Annual Return

In recent years, the Inland Revenue Authority of Singapore IRAS has increased scrutiny on SME tax filings. Businesses must ensure accurate and complete financial records to avoid legal risks.

Step 5 Leverage Support Programs and Startup Resources

Singapore places strong emphasis on building a thriving startup ecosystem and has introduced various initiatives to support new businesses. For instance, Enterprise Singapore and JTC Corporation offer startup grants, office space support, and market expansion services.

The country also boasts a robust network of incubators and accelerators, such as JFDI.Asia and Startupbootcamp, which provide mentorship, funding connections, and marketing support. In 2025, Singapore Tech Week attracted over 30,000 participants from around the world, offering startups a prime platform to showcase their products and connect with investors.

For companies aiming to establish a foothold in Southeast Asia, Singapore serves not only as a gateway to the ASEAN market but also as a vital hub for global innovation resources.

Conclusion

While setting up a company in Singapore is a clear and efficient process, entrepreneurs must still thoroughly understand local policies, compliance requirements, and market dynamics. By mastering the five key steps outlined above, startups can establish a solid foundation in Singapore and embark on a successful journey of international expansion.