Singapore Startup Guide Step-by-Step Made Easy for Registering a New Company

Unlocking the Door to Entrepreneurship in Singapore A Comprehensive Guide to Setting Up Your New Company

In today's ever-evolving global economic landscape, Singapore has emerged as a top destination for entrepreneurs looking to establish a business. With its stable business environment, efficient services, and strategic geographical location, Singapore continues to attract entrepreneurs worldwide. Particularly in 2025, amid heightened global economic uncertainties, Singapore has further solidified its position as Asia’s premier startup hub by leveraging its financial stability and proactive policy support.

This guide offers a practical roadmap for setting up a business in Singapore, covering key areas such as company registration, tax policies, talent acquisition, and the funding environment.

1. Why Start a Business in Singapore?

Singapore has consistently been ranked among the best countries for business by the World Bank. According to the Global Competitiveness Report released in early 2025, Singapore leads globally in infrastructure, financial systems, and operational efficiency.

The government actively promotes innovation and the green economy, offering numerous support policies for startups. Recently, Enterprise Singapore announced an expanded funding initiative, pledging over SGD 300 million over the next three years to support innovation and international expansion for tech startups. These measures provide strong backing for entrepreneurs considering setting up in Singapore.

2. The Basic Process of Company Registration

Registering a company in Singapore is straightforward and typically takes only 1 to 3 days. Here are the main steps

1. Determine the Company Structure

The most common structure is a Private Limited Company, which offers limited liability protection and is suitable for most startups. Other options include setting up a branch office, representative office, or partnership, depending on your business needs.

2. Name Approval

Submit a company name application to the Accounting and Corporate Regulatory Authority ACRA to ensure the name is available and complies with naming regulations.

3. Prepare Registration Documents

These include the company’s Constitution, details of directors and shareholders, registered address, and company secretary information. At least one local director is required; foreigners can fulfill this by hiring a local resident or using a registered filing agent.

4. Submit the Registration Application

File the application online via ACRA’s BizFile+ system, pay the required fees, and receive the Certificate of Registration.

5. Open a Corporate Bank Account

After registration, you can open a corporate bank account in Singapore. Some banks allow remote account opening, but typically, the director must be present in person.

3. Tax Advantages and Incentives

Singapore is known for its low tax rates and transparent tax system, making it one of the world’s most attractive tax jurisdictions.

Corporate Income Tax The standard rate is 17%, with a full tax exemption on the first SGD 100,000 of taxable income.

Personal Income Tax The top marginal rate is 22%, significantly lower than many Western countries.

Double Taxation Agreements Singapore has signed agreements with over 80 countries to avoid double taxation, facilitating cross-border capital flows.

Additionally, Singapore offers several tax incentive programs, such as the Startup Tax Exemption Scheme STES and the RD Tax Incentive, which help reduce operational costs for new businesses.

4. Talent Acquisition and Work Visas

Singapore welcomes international talent and provides various work visa options

Employment Pass EP Designed for professionals earning at least SGD 5,000 per month. The approval process is efficient, and holders may apply for Dependant’s Passes for family members.

S Pass Intended for skilled workers with a lower salary threshold.

EntrePass Tailored for foreign entrepreneurs planning to start a business in Singapore.

In 2025, the Ministry of Manpower MOM announced an enhanced EP approval process, prioritizing high-salary and high-skilled applicants, thereby improving the efficiency of attracting top-tier talent.

5. Funding Environment and Startup Ecosystem

Singapore is not only Asia’s financial hub but also one of the world’s most vibrant startup ecosystems. Despite a cooling global venture capital market, Singaporean startups raised over SGD 1.5 billion in Q1 2025, primarily in fintech, green tech, and artificial intelligence.

The Monetary Authority of Singapore MAS launched the FinTech Innovation Lab, offering funding and regulatory support to fintech startups. Entrepreneurs can also benefit from supported incubators like JFDI.Asia and Startupbootcamp, which provide mentorship, office space, and access to market resources.

6. Practical Tips and Key Considerations

1. Engage Professional Service Providers

First-time entrepreneurs are advised to work with local agents or accounting firms for company registration, tax compliance, and regulatory filings to ensure full adherence to local laws.

2. Understand Compliance Requirements

Singapore has strict compliance rules, including annual financial reporting, audits, and tax filings. Failure to meet deadlines may result in penalties.

3. Leverage Available Resources

Singapore offers a wide range of entrepreneurial support, including training programs, startup grants, and market expansion assistance. Actively apply for relevant initiatives.

4. Build Local Networks

Join local chambers of commerce, startup communities, or attend industry events to integrate into the business environment and find potential partners.

Conclusion

In an increasingly complex global business environment, Singapore stands out with its efficient, transparent, and open business climate, offering entrepreneurs an ideal launching pad. Whether in technology, finance, manufacturing, or services, Singapore provides comprehensive support for business growth.

With a clear business plan and strong execution capability, entering the Singapore market is not only achievable but strategically advantageous. Now is the perfect time to take that crucial step.