How to Start a Business in Singapore? A Complete Guide to Company Registration Process

How to Start Your Business in Singapore A Comprehensive Guide to Company Registration

In recent years, Singapore has become a magnet for international entrepreneurs due to its stable economic environment, strategic geographical location, efficient services, and business-friendly policies. According to data released by Enterprise Singapore, the number of newly registered companies continued to rise in 2025, particularly in sectors such as technology, e-commerce, and green energy. Startups in these fields have shown remarkable dynamism, reflecting Singapore’s growing maturity as a global business hub and its robust entrepreneurial ecosystem.

If you're considering launching a business in Singapore, understanding the company registration process is the first crucial step. This article provides a comprehensive guide covering pre-registration preparation, the registration process, tax systems, and opening a corporate bank account-everything you need to smoothly begin your entrepreneurial journey in Singapore.

1. Pre-Registration Preparation Define Your Company Type and Business Direction

Before officially registering your company, it’s essential to clarify your business plan and choose the appropriate company structure. The most common types of business entities in Singapore include

Private Limited Company Pte Ltd The most popular and widely used structure, offering limited liability protection and separate legal identity. It’s ideal for mediumto long-term business growth and is preferred by investors.

Sole Proprietorship Suitable for small individual businesses. It’s easy to set up but offers no legal separation between the owner and the business, meaning the owner bears unlimited liability.

Partnership Involves two or more partners sharing business responsibilities and liabilities.

For most entrepreneurs, a Private Limited Company is the preferred choice due to its stronger fundraising capabilities, greater investor confidence, and scalability for future expansion.

You’ll also need to choose a unique company name and ensure it hasn’t already been registered. You can check name availability on the Accounting and Corporate Regulatory Authority ACRA website.

2. Registration Process Efficient and Streamlined Online Procedure

Singapore’s company registration process is highly efficient and transparent, typically completed within 1-3 days. Here are the key steps

1. Company Name Approval

Submit your desired company name via ACRA’s website. Approval is usually granted within an hour. If the name contains sensitive words such as bank or finance, additional approvals may be required.

2. Submit Company Registration Documents

Through ACRA’s BizFile+ system, submit the following documents

Company Constitution formerly known as the Memorandum and Articles of Association

Details of directors and shareholders

At least one director must be a Singapore resident

Registered office address

Details of the company secretary

Within six months of registration, you must appoint the first director and obtain written consent from shareholders.

3. Company Registration Completion

Once approved, ACRA will issue a Certificate of Registration, officially marking the establishment of your company.

3. Post-Registration Steps Tax Registration and Bank Account Setup

Registering your company is just the beginning. Several key tasks must be completed afterward

1. Obtain a Unique Entity Number UEN

All registered companies automatically receive a UEN, which is used for tax filings and official business transactions.

2. Open a Corporate Bank Account

While not mandatory, it’s highly recommended to open a local corporate bank account to facilitate business operations. Major banks in Singapore include DBS Bank, OCBC Bank, and UOB. Required documents typically include the company registration certificate, director’s identification, and a business plan.

3. Register for Goods and Services Tax GST

If your company’s annual revenue exceeds SGD 1 million, GST registration is mandatory. Otherwise, it’s optional. The current GST rate is 7%, applicable to most goods and services.

4. Hire Employees and Apply for Work Permits

To hire foreign employees, you can apply for work passes such as the Employment Pass EP or S Pass through the Ministry of Manpower MOM. Singapore maintains strict regulations for foreign employment, so employers must ensure compliance with all requirements.

4. Support and Entrepreneurial Resources

Singapore offers a wide range of support programs for startups, including

Tax Incentives Newly established companies can benefit from tax exemptions on partial profits for their first three years.

Grant Programs Initiatives such as Startup SG provide funding, office space, and mentorship support.

Incubators and Accelerators Organizations like JFDI.Asia and TNB Accelerator offer incubation services and investment opportunities.

Entrepreneurial Community Singapore hosts numerous startup events and networking platforms, such as the Global Entrepreneurship Summit, where entrepreneurs can connect and access valuable resources.

5. Conclusion

Starting a business in Singapore means entering a highly international market with a transparent and efficient business environment. As global innovation accelerates, Singapore continues to emerge as an ideal destination for entrepreneurs across Asia.

Whether you're launching your first startup or expanding into international markets, mastering the company registration process is essential for a strong foundation. With proper preparation and strategic planning of your company structure and direction, your entrepreneurial journey in Singapore can be both smooth and successful.