A Complete Guide to Registering a Company Account in Singapore Key Info You Need to Know

A Comprehensive Guide to Registering a Company Account in Singapore Everything You Need to Know

In recent years, as the global economic landscape continues to evolve, Singapore has consistently attracted the attention of international investors due to its stable environment, strategic geographical location, and efficient business ecosystem. According to the latest data from the Accounting and Corporate Regulatory Authority ACRA, new company registrations in Singapore increased by more than 8% year-on-year in the first half of 2025. This figure not only reflects Singapore’s appeal as a global business hub but also signals that an increasing number of entrepreneurs and businesses are choosing to establish themselves here. If you're considering setting up a company in Singapore, understanding the full process of company registration is essential. This article will walk you through every step of the company registration process in Singapore, helping you complete the procedure efficiently and in compliance with local regulations.

1. Pre-Registration Preparations

Before officially registering your company, there are several key steps to complete

1. Determine the Company Structure

The most common type of company in Singapore is the Private Limited Company Pte Ltd. This structure offers limited liability, tax incentives, and ease of fundraising. Other options include branches, partnerships, and sole proprietorships, but most international investors prefer to register a Private Limited Company.

2. Choose a Company Name

Before registration, the company name must be checked for availability via ACRA’s website. The name should not be duplicated or contain sensitive terms such as bank, insurance, etc., unless approved by the relevant regulatory authority.

3. Appoint Directors and Shareholders

Singapore law requires at least one local director, who can be a Singapore citizen, permanent resident, or a professional holding an Employment Pass. There are no nationality restrictions for shareholders. Additionally, a company secretary must be appointed, and the secretary must be a Singapore resident.

4. Prepare the Share Capital

The minimum paid-up capital for a Singapore company is 1 Singapore dollar, with no upper limit. Capital can be injected in installments and is typically contributed by shareholders after the company’s incorporation, based on business needs.

2. The Official Registration Process

Once the preliminary preparations are complete, you can submit the registration application through ACRA’s BizFile+ system. Here’s a step-by-step breakdown

1. Submit Company Information

This includes the company name, type, registered address, director and shareholder details, and the company’s constitution. The constitution outlines the corporate governance structure, shareholder rights, and obligations.

2. Pay the Registration Fees

The fee for reserving a company name is SGD 15, and the registration fee is SGD 300. In most cases, the entire process can be completed within one day. However, certain industries may require additional approvals, which could extend the timeline.

3. Obtain the Company Registration Certificate

Upon approval, the company will receive a Business Profile from ACRA, which includes the Unique Entity Number UEN. This document is essential for opening a bank account, registering for taxes, and other business-related procedures.

3. Opening a Corporate Bank Account

After successfully registering your company, the next step is to open a corporate bank account. Singapore is home to several world-renowned banks, including DBS Bank, OCBC Bank, and UOB, all of which offer efficient and secure corporate banking services.

1. Prepare Required Documents

These typically include the company registration certificate, constitution, identification documents of directors and shareholders, business license if applicable, and a business plan. Some banks may also require an interview or video verification.

2. Choose the Right Bank and Account Type

Each bank offers slightly different services. It’s advisable to select a bank and account type based on your business needs, such as multi-currency accounts or online banking services.

3. Complete the Account Opening Process

The process usually takes 1-2 weeks. Some banks support remote account opening, which is particularly convenient for overseas investors.

4. Tax Registration and Compliance Requirements

Singapore’s tax system is known for being simple and transparent, but companies still need to fulfill certain compliance obligations

1. Apply for a Tax Identification Number TIN

This can be done via the Inland Revenue Authority of Singapore IRAS website and is used for tax filing and communication with government agencies.

2. Register for Goods and Services Tax GST

If your company’s annual revenue exceeds SGD 1 million, GST registration is mandatory. Companies below this threshold may also choose to register voluntarily to claim input tax credits.

3. Annual Reporting Obligations

All companies are required to submit annual returns and financial statements to ACRA each year, as well as file tax returns with IRAS. Small businesses may qualify for simplified reporting procedures.

5. Recent Policy and Industry Updates

According to the latest policies released by the Monetary Authority of Singapore MAS in 2025, the government is further streamlining the business registration process and encouraging tech-based startups to set up in Singapore. For example, MAS has launched the Financial Innovation Sandbox program, offering a more flexible regulatory environment for fintech companies. Enterprise Singapore has also introduced various startup support initiatives, including tax incentives and funding assistance. These policies create a favorable business environment and offer greater convenience for company registration and ongoing operations.

Conclusion

Registering a company in Singapore is a comprehensive process involving legal, financial, and tax considerations. With Singapore continuously improving its business environment and introducing pro-business policies, more international investors are choosing to establish their presence here. By understanding the correct registration procedures and compliance requirements, you can not only complete the setup efficiently but also lay a solid foundation for long-term business growth. If you're ready to take your first step into entrepreneurship, Singapore is undoubtedly a top-tier destination worth considering.