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Thinking of starting a company in Singapore? Here are the key requirements you should know first!

ONEONEOct 06, 2025
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Lately, a lot of my friends have been talking about starting their own businesses. Some are eyeing cross-border e-commerce, others want to launch niche brands, and a few are even thinking about replicating successful Chinese business models overseas-just to test the waters. When it comes to popular destinations for going global, Singapore keeps coming up in conversation.

Why is this small island nation, with limited land and population, becoming such a hotspot for entrepreneurs? Especially for Chinese founders, the advantages are clear smooth communication in Chinese, cultural familiarity, transparent legal systems, and strong government support for startups. It’s no wonder so many see it as a great launching pad.

Thinking of starting a company in Singapore? Here are the key requirements you should know first!

So here’s the big question what does it actually take to register a company in Singapore? Is the process complicated? Let’s break it down in plain terms-no jargon, just the key points you need to know.

First things first people. To start a company, you need at least one person-and the good news is that foreigners can own 100% of the shares. You don’t need a local partner to be the boss. But there’s one catch your company must have at least one resident director-someone who’s either a Singapore citizen, a permanent resident PR, or holds a long-term pass like an EntrePass.

If you haven’t gotten PR status yet, don’t worry. You can appoint a trusted friend or hire a professional service provider to act as your resident director. Just keep in mind this isn’t just a name on paper. The resident director carries legal responsibility for the company’s compliance, so choose wisely.

Next, you’ll need a local registered address. No P.O. boxes or virtual office emails-it has to be a real physical address. Many startups don’t rent office space right away, so they use the address provided by their corporate secretarial firm. That’s totally legal and very common.

Speaking of secretaries every Singapore company is required by law to hire a licensed corporate secretary. This person or firm handles administrative tasks like annual filings, meeting minutes, and regulatory updates. Most accounting or law firms offer this service, typically costing between 1,000 and 3,000 SGD per year-an expected early expense when setting up shop.

Now, let’s talk about capital. The word “capital” might sound intimidating, but here’s the truth Singapore doesn’t require a minimum paid-up capital. You can technically start a company with just 1 SGD. That said, most people go with something more realistic-say, 10,000 SGD-to show credibility and make opening a bank account easier. And here’s the best part you don’t have to deposit the money upfront. It’s authorized, not paid-in. You only inject funds when needed. Super flexible.

Company name? Also important. You can’t just copy an existing brand or throw in words like “bank,” “insurance,” or “trust” unless you actually have the license. Once you submit your proposed name to ACRA the Accounting and Corporate Regulatory Authority, you’ll usually get approval within a day or two. If it gets rejected, just tweak the name and resubmit-no big deal.

Then comes one of Singapore’s biggest draws taxes. The corporate tax rate is a flat 17%, which already looks good. But it gets better the first 100,000 SGD of taxable profit enjoys significant rebates, bringing the effective rate down to around 4.5%-sometimes even lower. Even more appealing? Singapore follows a territorial tax system income earned overseas isn’t taxed unless it’s brought back into the country. For anyone running international trade or cross-border e-commerce, that’s a game-changer.

And here’s some exciting news by the end of 2025, Singapore plans to roll out a new one-stop digital platform to streamline registration and compliance for small businesses. Think faster company setup, easier bank account opening, smoother subsidy applications-all online. In other words, less paperwork, fewer trips to government offices.

One final reminder while setting up a company is straightforward, staying compliant matters. You still need to file annual financial statements, hold shareholder meetings, and pay your annual renewal fees on time. If your business is active, regular tax filing is a must. Some founders hand everything over to agents to save time, only to run into issues later due to poor communication or hidden problems. So even if you’re managing things from abroad, stay involved. Keep in touch with your secretary and accountant. Stay informed.

Bottom line registering a company in Singapore isn’t hard. The process is transparent, fast, and founder-friendly-perfect for those looking to break into Southeast Asia or build a global business structure. With just a few basic documents ID, company name, shareholder/director info and help from a reliable service provider, you could have your certificate of incorporation in as little as one or two days.

But remember incorporation is just the beginning. The real challenge is building a business that lasts. Still, at least at this starting line, Singapore gives you a fair shot-a clear, well-lit path forward.

Instead of waiting and wondering, maybe it’s time to just take that first step… and see how wide the world really is.

Customer Reviews

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December 12, 2024

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December 18, 2024

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December 19, 2024

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December 16, 2024

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I am Alan, a business consultant specializing in HK company registration, bank account opening, tax compliance and CBEC Tel: +86 159 2006 4699

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