Thinking of registering a company in Singapore? This guide covers everything you need to know - costs, procedures, and more!

Lately, a lot of people have been talking about starting businesses or side hustles, and one question keeps coming up “Should I register a company?” Among the various options out there, Singapore companies seem to be gaining real popularity. It’s not just because of its strong business environment and relatively reasonable tax rates - it’s also thanks to transparent registration processes and solid regulations, making it ideal for those looking to go cross-border or formalize their operations.

Take my friend Xiao Lin, for example. He used to run an e-commerce business targeting overseas markets from China, operating under a sole proprietorship. But last year, he noticed something more and more clients started caring about legitimacy - especially international buyers, who preferred working with legally registered entities that had independent legal status. That got him thinking What if I set up a company in Singapore? It could boost credibility and help streamline taxes. After doing some research, he went ahead and did it. Now, not only is receiving payments easier, but he also benefits from Singapore’s favorable tax policies.

So here come the big questions Is setting up a Singapore company hard? How much does it cost? And how complicated is the process?

Here’s the short answer It’s actually not that difficult. These days, plenty of professional service providers offer “one-stop” solutions - handling everything from naming your company and submitting documents to opening bank accounts. It saves a ton of hassle.

First things first Yes, foreigners can register a company in Singapore. You don’t need to live there or even stay long-term. As long as you meet a few basic requirements, you’re good to go

- At least one local director this can be fulfilled by hiring a compliant nominee;

- One company secretary must be a licensed professional in Singapore;

- A local registered address;

- And at least one shareholder.

The shareholder can be an individual or another company, no nationality restrictions. The whole registration process usually takes just 5 to 7 working days.

Step one Get your company name approved. Names can’t be duplicates or include sensitive words. For instance, if you try “Asia Financial Group,” the system might flag it as taken or require extra approval. Pro tip Have two or three backup names ready to increase your chances.

Next, gather your documents. This includes identity and address proofs for shareholders and directors, your company’s business activities using Singapore’s Standard Industrial Classification codes, and the company constitution. Non-English files need to be translated and notarized. Once everything’s ready, submit it online through ACRA Accounting and Corporate Regulatory Authority. Upon approval, you’ll receive a Unique Entity Number UEN - basically your company’s ID number.

After that, you can open a corporate bank account. Major banks like DBS, OCBC, and UOB now support remote video interviews for account opening - especially smooth if you already have real business operations. That said, banks are tightening scrutiny, so it helps to prepare supporting materials like contracts, websites, and invoices upfront. Otherwise, your application might get rejected on suspicion of being a “shell company.”

Now, let’s talk money - everyone’s favorite topic.

The official registration fee itself is quite low, around SGD 300 about RMB 1,600. But when you add in service fees, first-year secretary charges, and registered address rental, total costs typically range between SGD 2,000 and 4,000 roughly RMB 11,000-22,000, depending on the agency’s package. Some firms advertise “SGD 999 all-inclusive” deals, but watch out - hidden fees for address usage, annual filings, or tax services often pop up later. Always read the fine print before signing.

There are also ongoing maintenance costs. The company secretary and registered address are mandatory - expect to pay SGD 800-1,500 per year. Annual returns and tax filings must be submitted on time too, even if the company isn’t active - in which case, you file a “nil return.” If accounting isn’t your thing, better hire a licensed local firm. Depending on complexity, this could cost over SGD 2,000 annually.

But here’s the upside Singapore offers solid tax advantages. It follows a territorial taxation system - foreign-sourced income brought into Singapore may qualify for tax exemption. The headline corporate tax rate is 17%, but there are generous rebates for the first SGD 200,000 of profits, bringing effective rates down to just a few percent in many cases. Plus, thanks to the Double Taxation Avoidance Agreement between China and Singapore, it’s an attractive option for businesses going global.

Of course, registering a company isn’t a “set and forget” move. Staying compliant is key to long-term success. Keep clean financial records, make sure your bank transactions match actual business activity, and avoid mixing personal and company funds. Recently, the Monetary Authority of Singapore MAS has stepped up anti-money laundering checks. Unusual transactions draw attention fast - get flagged, and future banking or fundraising efforts could hit roadblocks.

Also, with global tax transparency on the rise - think mechanisms like CRS Common Reporting Standard - offshore structures aren’t as invisible as they once were. So the goal of setting up a Singapore company should be genuine business growth and operational efficiency, not just tax avoidance or hiding assets.

If you’re running cross-border operations, building an international brand, or planning to raise capital or go public someday, incorporating in Singapore is definitely worth considering. The process is straightforward, costs are manageable, policies are stable, and professional support is readily available - even for regular folks without a legal or finance background.

The real question isn’t how to do it - it’s why. Why do you want to register? To expand your market reach? Improve cash flow management? Build trust with clients? Once you’re clear on your purpose, the rest will fall into place.