A Complete Guide to Starting a Business in Singapore Step-by-Step Help to Earn Your First Fortune

In today’s globalized world, more and more people are turning their eyes overseas when it comes to starting a business. Among the many options available, Singapore has emerged as a “promised land” for entrepreneurs-thanks to its stable environment, transparent legal system, and highly attractive tax policies. Whether you’re looking to expand into international markets or simply searching for a compliant and efficient place to register your company, Singapore is increasingly becoming the top choice.

If you’ve been thinking about building your fortune from the ground up in this dynamic city-state, then this “Complete Guide to Company Registration in Singapore” might just save you some headaches along the way.

Let’s start with the latest context In early 2025, Enterprise Singapore reported that new business registrations had risen nearly 12% year-on-year. Notably, over 30% of these new companies were set up by investors from mainland China. At the same time, Singapore continues to improve its business climate-streamlining online registration processes and launching digital subsidies for small and medium enterprises SMEs. These moves have made life significantly easier for foreign entrepreneurs.

1. Why Choose Singapore?

Many people ask “I can register a company back home-why go all the way to Singapore?” The answer isn’t complicated.

First, corporate income tax in Singapore is capped at just 17%, and there are generous tax exemptions for the first 200,000 SGD of taxable income. Even better? Singapore operates on a territorial taxation system-meaning profits earned overseas aren’t taxed unless they’re brought into the country. For anyone running cross-border operations, this is like having a built-in financial shelter.

Second, Singapore boasts a mature financial system. Opening a bank account is relatively straightforward though banks have tightened KYC checks in recent years, funds move freely, and globally, Singaporean companies enjoy high credibility. In multinational deals, using a Singapore entity often makes partners feel more confident.

Add in English-one of the official languages-and communication becomes seamless. Sure, the cost of living isn’t low, but the efficiency, rule of law, and overall peace of mind make it worth it for many.

2. What You Need Before Registration

Don’t think registering a company is just filling out a form. While the entire process can be done online, preparation matters-big time.

Start with your company name. Head over to ACRA Accounting and Corporate Regulatory Authority’s website to check availability. Avoid generic names like “Asia Trading Company”-they’ll likely get rejected. Aim for something unique, and steer clear of sensitive words.

Next shareholders and directors. Singapore law requires at least one director who is a local resident. That doesn’t mean you have to live there-you can hire a licensed corporate secretary service to provide one. Shareholders can be individuals or companies, with no nationality restrictions. Minimum paid-up capital? Just 1 SGD. No need to actually deposit it-super flexible.

One thing people often overlook registered address. You can’t use a residential address unless it’s approved for commercial use. But don’t worry-most corporate secretarial firms offer virtual office services for a few hundred SGD per year.

3. The Registration Process Is Actually Simple

These days, setting up a company in Singapore is almost entirely digital. You’ll submit everything through the BizFile+ platform-your company constitution, director and shareholder details, proof of registered address, etc.

With complete documents, approval usually takes just 1-2 working days. You’ll receive an electronic copy of your business license almost instantly.

That said, if it’s your first time, consider hiring a reliable local corporate secretary. They know the ropes, help avoid common pitfalls like incorrect KYC document formats or failed identity verification, and typically charge between 1,500 and 3,000 RMB. This usually includes your first year of mandatory corporate secretary service and registered address-a solid deal.

Once approved, you’ll get a Unique Entity Number UEN-your company’s official ID. From here, you can proceed to open a corporate bank account.

Banks like DBS and OCBC have become stricter about remote onboarding. You may need a video interview and to submit supporting documents such as a business plan, invoices, or transaction records. It might seem tedious, but staying compliant is key to long-term success.

4. Don’t Neglect Ongoing Compliance

Registering your company is only step one. Real responsibility starts after incorporation.

Every year, you must file annual returns, undergo financial audits though most small private companies are exempt, and pay a renewal fee. Even if your company isn’t active, you still need to file taxes. Failure to do so could land you on a blacklist and damage your reputation.

Heads up Anti-money laundering AML enforcement has ramped up. Regulators and banks are cracking down on shell companies. So even if you're not doing business yet, keep basic accounting records and file zero returns on time. Better safe than sorry.

5. Who Is This Best For?

A Singapore company suits certain profiles especially well

- Cross-border e-commerce sellers Amazon, Shopee, etc.

- High-net-worth individuals with overseas investment plans

- Tech startups aiming to go global

- Anyone planning to apply for an Employment Pass EP to settle long-term

It’s not just a vehicle for business-it’s also a smart tool for asset protection and personal planning.

Of course, Singapore isn’t a magic bullet. If your market is purely domestic and your clients don’t care about your corporate structure, there’s no need to jump through hoops. But if you want to take your business global and build a credible, professional brand, making the move could be one of your best decisions.

At the end of the day, entrepreneurship is like planting a tree. Success depends on choosing the right soil. Singapore may not be the cheapest option, but the sunlight, water, and nutrients it offers can turn a tiny sapling into a towering giant.

Every step you take today-researching, preparing, registering-is laying the foundation for tomorrow’s opportunities.

And it all begins with one thoughtful decision setting up your company the right way.