Want to Start a Company in Singapore? Master These Steps for a Smoother Startup Journey!

Thinking of Registering a Company in Singapore? Understand These Processes to Make Your Entrepreneurial Journey Smoother!

In recent years, with shifts in the global economic landscape and sustained development across the Asia-Pacific region, Singapore’s position as an international financial center and commercial hub has become increasingly solidified. More and more entrepreneurs and businesses are choosing to register companies in Singapore to benefit from its stable environment, efficient legal system, low tax policies, and business-friendly climate. According to the latest data released by the Accounting and Corporate Regulatory Authority ACRA, new business registrations in Singapore increased by more than 8% year-on-year in the first quarter of 2025, with a significant rise in foreign-owned companies, highlighting Singapore’s growing appeal in the global startup market.

1. Why Register a Company in Singapore?

Singapore is known for its open economic policies and efficient services. For startups and small-to-medium enterprises SMEs, the country offers not only robust business infrastructure but also a range of tax incentives. For example, newly established companies can enjoy full tax exemption on the first SGD 100,000 of taxable income for the first three years, significantly easing the financial burden on startups.

Strategically located at the heart of Southeast Asia, Singapore serves as a key hub connecting Asia, Europe, and the Americas. This provides entrepreneurs looking to expand internationally with a natural advantage. In addition, Singapore actively promotes innovation and technological development through various startup support initiatives, such as the Enterprise Innovation Programme EIP and the Tech-Enabled Innovation TEI scheme, offering funding support and tax incentives to businesses.

2. Basic Steps to Register a Company

Registering a company in Singapore is a straightforward process that can typically be completed within 1-3 business days. Here are the main steps

1. Choose a Company Structure

The most common type of company in Singapore is the Private Limited Company. This structure is suitable for most entrepreneurs due to its limited liability protection, a maximum of 50 shareholders, and ease of raising capital. Other options include setting up a branch office, partnership, or trust, but the Private Limited Company is the most widely used due to its flexibility and legal protections.

2. Approve the Company Name

Before registration, submit the proposed company name via ACRA’s online platform for approval. The name must be unique and must not contain sensitive or prohibited words. The approval process usually takes just a few minutes.

3. Prepare Required Documents

The following are the basic requirements for company registration

At least one director who is at least 18 years old can be a foreigner

A company secretary who must be a Singapore resident

A registered address in Singapore

Shareholder details and share distribution

Company Constitution formerly known as the Memorandum and Articles of Association

4. Submit Application and Pay Fees

Use ACRA’s BizFile+ system to submit the registration application and pay the relevant fees. The registration cost typically ranges between SGD 300-500, depending on the service provider.

5. Open a Corporate Bank Account

Once the company is registered, the next step is to open a corporate bank account. Singapore’s banking system is well-developed, with international banks such as DBS Bank, OCBC Bank, and UOB offering convenient business account opening services. Typically, you will need to provide the company registration certificate, director identification documents, and a business plan.

3. Taxation and Compliance Requirements

Singapore operates a single-tier corporate tax system, with a flat tax rate of 17%. Additionally, the first SGD 100,000 of taxable profits for the first three years is fully tax-exempt. Singapore has also signed double taxation agreements DTAs with numerous countries to help reduce international tax burdens.

From a compliance perspective, companies are required to file an Annual Return each year and undergo financial audits unless they qualify for exemptions. All companies must maintain accurate financial records and hold an Annual General Meeting AGM every year.

For foreign entrepreneurs, it is advisable to hire a professional accountant or a registered corporate services provider to assist with tax and compliance matters to ensure full compliance with Singapore’s legal requirements.

4. Startup Support and Resources

Singapore offers a wealth of support resources for entrepreneurs. For example, Enterprise Singapore provides the Startup Loan Scheme to help new businesses access financing, and the Incubator Accelerator Scheme encourages incubators and accelerators to support early-stage startups.

Singapore also boasts a vibrant startup ecosystem, home to numerous venture capital funds, angel investors, and tech talent. Events such as Singapore Tech Week and the Global Entrepreneurship Summit provide entrepreneurs with valuable platforms to showcase their projects, secure funding, and expand their professional networks.

Conclusion

Registering a company in Singapore is not only efficient and transparent but also supported by a favorable policy environment and a thriving entrepreneurial ecosystem. Whether you're a local entrepreneur or an international investor, Singapore offers a conducive environment for growth. Understanding the registration process, mastering tax policies, and leveraging startup resources will help you get off to a smooth start on this dynamic island and pave the way toward long-term success.