Setting Up a Company in Singapore Made Easy! From Registration to Taxation, All Explained in One Article

How to Successfully Set Up a Company in Singapore A Comprehensive Guide from Registration to Tax Compliance

In recent years, Singapore has become a top destination for entrepreneurs worldwide, thanks to its stable environment, efficient business ecosystem, and highly attractive tax policies. Especially in the post-pandemic era, more and more small and medium-sized enterprises SMEs and startups are choosing Singapore as their base to expand into the Asian market. According to data released by Enterprise Singapore, the number of newly registered companies in 2025 increased by over 10% year-on-year, with particularly strong growth in the technology, finance, and green energy sectors.

If you're considering setting up a business in Singapore, understanding each step-from company registration to tax compliance-is crucial. This practical guide will walk you through everything you need to know to successfully launch your company in Singapore.

1. Preparations Before Company Registration

Before officially registering your company, it’s important to complete the following key steps

1.1 Choose the Right Company Structure

The most common type of company in Singapore is the Private Limited Company Pte Ltd. This structure is ideal for most SMEs, as it offers limited liability protection, has a separate legal identity, and is well-suited for raising capital and scaling operations.

1.2 Prepare Required Documents

Ensure you have the following information ready

Company Name Must be checked for availability via the Accounting and Corporate Regulatory Authority ACRA website.

Business Activities Select the appropriate Standard Industry Classification SIC code.

Director and Shareholder Details At least one local resident director is required.

Registered Address Must be a valid Singapore-based address.

1.3 Choose a Registration Agent

Most foreign investors opt to work with a local agent, such as an accounting or law firm, to handle the registration process. These professionals are familiar with the system and can help avoid common mistakes, saving you time and effort.

2. Step-by-Step Company Registration Process

The entire registration process in Singapore is managed by ACRA, and is known for being fast, efficient, and transparent. It typically takes 1-3 working days to complete.

2.1 Apply for a Company Name

Submit your preferred company name through the ACRA website and ensure it's available and complies with naming guidelines.

2.2 Submit Registration Documents

These include the company’s constitution, shareholder and director details, and registered address. The registration fee is approximately SGD 300 subject to ACRA’s official rates.

2.3 Receive Certificate of Registration

Once approved, your company will be issued a Unique Entity Number UEN, which serves as its official identification number. At this point, your company is legally established.

3. Opening a Corporate Bank Account

After registration, the next step is to open a corporate bank account. Singapore is home to world-class banks such as DBS, OCBC, and UOB, which offer tailored services for SMEs.

Key Considerations

Most banks require at least one director to be physically present in Singapore to open the account.

You’ll need documents like the certificate of registration, company constitution, and director’s ID.

Some banks offer remote account opening, but the process may be more complex.

Schedule an appointment in advance and prepare all required documents to streamline the process.

4. Tax Registration and Compliance

Singapore’s tax system is simple, transparent, and highly competitive-making it a major draw for businesses.

4.1 Obtain a Tax Identification Number TIN

Register on the MyTax Portal with the Inland Revenue Authority of Singapore IRAS to receive your company’s TIN.

4.2 Register for Goods and Services Tax GST

If your company’s annual revenue exceeds SGD 1 million, you must register for GST. While this requires monthly or quarterly filings, it also allows you to claim input tax credits.

4.3 Annual Tax Filing

All companies must submit their financial statements and tax returns Form C-S or Form C after each financial year. Hiring a professional accounting team is highly recommended to ensure compliance.

4.4 Take Advantage of Tax Incentives

Singapore offers numerous tax incentives to promote innovation and investment, including

Tax exemption on the first SGD 300,000 of profits for startups

150% tax deduction for qualifying RD expenses

Preferential tax rates for international trading income

Plan your tax structure strategically to maximize these benefits.

5. Hiring Employees and HR Management

As your business grows, hiring employees will become necessary. Singapore’s labor market is well-regulated and transparent, but there are several important points to keep in mind

5.1 Employment Contracts

Clearly define salary, working hours, benefits, and termination clauses. Using a standard employment contract template is advisable.

5.2 CPF Contributions

Employers are required to contribute to the Central Provident Fund CPF for Singaporean citizens and permanent residents. Foreign employees are not subject to CPF but may need other forms of insurance.

5.3 Work Pass Applications

To hire foreign employees, you must apply for the appropriate work pass e.g., Employment Pass or S Pass. The process requires submitting company financials, salary details, and other supporting documents.

6. Leveraging Government Support Programs

Singapore places a strong emphasis on supporting SMEs and offers a wide range of resources

Enterprise Singapore ESG Provides funding grants, market expansion support, and advisory services.

Productivity Solutions Grant PSG Helps companies adopt technology solutions.

Tax Incentive Schemes Includes IP tax incentives, RD allowances, and more.

Take the time to explore and apply for these programs to reduce costs and boost your business’s competitiveness.

Conclusion

Setting up a company in Singapore is not complicated, but success depends on understanding the process, planning carefully, and seeking professional help when needed. As Singapore continues to recover economically and solidify its position as a leading financial and tech hub in Asia, the current climate is ideal for entrepreneurs. With the right preparation, you can confidently launch and grow your business in this dynamic and supportive environment.