Starting a Company in Singapore Is Easy! 7 Steps to Kickstart Your Biz

In today’s globalized world, more and more entrepreneurs are turning their eyes overseas - and Singapore has emerged as one of the most popular destinations. As one of Asia’s most competitive business hubs, Singapore attracts countless small and medium-sized enterprises and startup teams with its stable environment, efficient services, low tax rates, and strategic location. If you’re thinking about launching your own venture abroad, registering a company in Singapore might just be a smart and hassle-free choice.

So how do you actually set up a company there - easily and smoothly? The truth is, the process isn’t nearly as complicated as it sounds. With the right steps, anyone can complete the registration in just a few days and officially kick off their entrepreneurial journey. Based on recent real-world cases and policy updates, here are seven practical steps to help you get started.

Step 1 Clarify Your Business Idea and Company Type

Before diving into paperwork, get clear on what kind of business you want to run. Are you planning to launch an e-commerce store, offer consulting services, or build a tech startup? Your business direction may influence the type of company structure you choose.

In Singapore, the most common option is the Private Limited Company Pte Ltd. This structure offers limited liability, strong credibility, and is investor-friendly - ideal for raising funds and expanding internationally. According to data from Accounting and Corporate Regulatory Authority ACRA in 2025, over 60,000 new companies were registered that year, with nearly 70% opting for the private limited model - a clear sign of market confidence.

What’s more, Singapore actively supports innovation. Tech startups can tap into special programs like Startup SG, which provides funding, mentorship, and even subsidized office space.

Step 2 Appoint at Least One Local Director

This is a detail many Chinese entrepreneurs overlook. Under Singapore law, every locally registered company must have at least one director who is ordinarily resident in Singapore. That means you can’t have an entirely offshore management team.

But don’t worry - this doesn’t mean you have to move to Singapore yourself. There are plenty of licensed service providers offering nominee director services at reasonable prices, with transparent processes. Alternatively, you could ask a friend or partner based in Singapore - someone with citizenship, permanent residency, or a valid Employment Pass EP - to take on the role.

Just make sure the person is at least 18 years old, has no criminal record, and holds a legal residential status.

Step 3 Finalize Shareholder Structure and Capital

Singapore keeps things flexible when it comes to shareholders. You can be the sole shareholder, or have multiple partners - no restrictions on nationality. As for paid-up capital, the minimum is just 1 Singapore dollar. No need to deposit the full amount upfront; you decide when and how much to inject later.

Most startups set their capital between 10,000 and 50,000 SGD - enough to project credibility without creating financial pressure. Since 2025, ACRA has further streamlined capital adjustments increasing or reducing share capital can now be done online without extra approvals, giving businesses greater agility.

Step 4 Choose a Unique Company Name and Submit for Approval

Your company name is the first step in building your brand. In Singapore, names must be unique and can’t use restricted terms like bank or insurance unless you have special permission.

You can check name availability for free via ACRA’s BizFile+ system. Once you’ve picked a name, submit it online - approval usually comes within 15 minutes. Many founders report getting instant green lights even on weekends. It’s fast, simple, and user-friendly.

Step 5 Prepare the Constitution and Registration Documents

The company constitution acts as your internal rulebook - outlining the company’s purpose, share structure, and shareholder rights. While you can draft it yourself, first-time founders are better off using a standard template or working with a professional agency to avoid loopholes or unclear clauses.

Required documents include

Copies of directors’ and shareholders’ passports

Proof of address

Registered company address can be provided by a corporate secretary firm

Share distribution plan

All files can be uploaded electronically through the BizFile+ platform - no printing, no courier runs.

Step 6 Submit the Registration Application

Once everything’s ready, log in to ACRA’s BizFile+ system, fill in the details, and pay the registration fee - currently around 300 SGD. The whole process is 100% online.

In most cases, you’ll receive your Certificate of Incorporation within 1-2 business days - official proof that your company is live.

Take Mr. Li, an e-commerce entrepreneur from Guangdong, who completed his registration online this past March. From decision to certificate, it took only three days - much faster than I expected, he told local media. Now my products are already listed on Lazada and Shopee, targeting Southeast Asia’s baby and maternity market.

Step 7 Open a Corporate Bank Account and Handle Follow-Up Tasks

After incorporation, the next step is opening a business bank account. Major banks in Singapore - like DBS, OCBC, and UOB - support remote video interviews for account opening. Some even allow non-resident directors to open accounts online.

You’ll need

Company incorporation documents

Director ID proofs

Business plan

Depending on your operations, you may also need licenses e.g., SFA license for food imports, register for GST required if annual revenue exceeds 1 million SGD, and hire a local accountant for tax filings.

On top of that, Singapore has been pushing hard on digital transformation. With CorpPass, businesses can manage taxes, employment passes, CPF contributions, and more - all in one place. Truly, a one-stop digital experience.

Wrapping Up

Starting a business is never easy - but in Singapore, bureaucratic hurdles have been minimized like nowhere else. Clear regulations, seamless e-government services, and an open, welcoming business climate make this city-state a rare gem for global entrepreneurs.

If you’ve got a solid idea and the drive to act, supported by smart planning and reliable help, setting up your own company in Singapore can be almost as easy as ordering takeout.

Now’s the time to turn your dream into reality - and make it official.