Thinking of starting a company in Singapore? Here’s what you need to know about registration requirements!

Lately, Singapore has become something of a hot destination for entrepreneurs. Whether it’s Chinese tech startups looking to expand overseas or freelancers wanting a fresh start abroad, more and more people are turning to the Lion City. Scroll through your social media feed, and you’ll likely see someone sharing photos of their newly registered company in Singapore, celebrating an approved EntrePass, or even announcing new hires.

This growing trend isn’t hard to understand. Strong rule of law, a simple tax system, strategic location, and welcoming policies toward foreign talent and businesses have turned this small nation into one of Asia-Pacific’s most sought-after hubs for startups.

But here’s the real question What does it actually take to start a business in Singapore? Is the process complicated? Can an average person pull it off?

Here’s the short answer There are requirements, but they’re not as daunting as you might think. With proper preparation, the whole journey can be surprisingly smooth.

First, let’s clarify the most common business structure the private limited company-often referred to as a Pte Ltd. This is the go-to choice for most entrepreneurs because it offers limited liability, carries strong credibility, and makes it easier to secure bank loans or attract investors.

To set up a Pte Ltd in Singapore, there are a few non-negotiable requirements

1. At least one local director.

This is a key detail many newcomers overlook. Singapore law requires every company to have at least one resident director-someone who is either a Singapore citizen, a permanent resident PR, or holds a long-term pass like an EntrePass. If you're a foreigner without PR status or a qualifying visa, you'll need to appoint someone locally who meets these criteria. Fortunately, many professional service providers offer nominee director services for a few thousand dollars per year-a standard and acceptable cost for many startups.

2. A physical registered address.

You can’t use a P.O. box or virtual office number. The company must have a real local business address in Singapore. Many early-stage founders don’t rent office space right away, so they opt to use the address provided by their corporate secretarial firm-an entirely legal and common practice at a reasonable cost.

3. A qualified company secretary.

Under Singapore’s Companies Act, every company must appoint a corporate secretary within six months of incorporation. This person or firm handles essential compliance tasks-annual filings, board meeting minutes, regulatory updates-helping you stay on the right side of the law. Most founders outsource this role to a professional agency, which saves time and reduces risk.

4. Flexible paid-up capital, but full transparency.

There's no minimum capital requirement-you could technically register a company with just 1 Singapore dollar. That said, most founders choose a more realistic amount, like 10,000 to 50,000 SGD, to project stability and seriousness. While there's no need for capital verification, all share issuance and shareholder contributions must be filed with ACRA Accounting and Corporate Regulatory Authority and are publicly accessible.

Beyond these basics, several practical factors are worth considering.

Take taxes, for example. Singapore’s corporate income tax rate is a flat 17%, and the first 200,000 SGD of taxable income enjoys significant government rebates. Even better? The country follows a territorial taxation system-meaning profits earned overseas aren’t taxed unless brought back into Singapore. For founders running cross-border businesses, this is a huge advantage.

Then there’s the matter of visas. If you’re a foreign entrepreneur planning to move to Singapore to run your business, the EntrePass is designed exactly for you. It targets innovators with solid technical backgrounds or funding potential. Submit a strong business plan-bonus points if you have a patent, a working prototype, or proof of seed funding-and your chances of approval go up significantly. Just recently, a Chinese AI engineer secured an EntrePass within three months by showcasing his smart customer service platform, then went on to build a five-person team in Singapore.

Another big plus government support. Through initiatives like Startup SG, eligible startups can receive equity grants of up to 50,000 SGD, along with subsidies for office space and access to talent development programs. Local incubators and accelerators regularly host pitch events, helping early-stage ventures connect with investors.

Of course, incorporating your company is just the beginning. Opening a corporate bank account, managing accounting and tax filings, hiring staff-these steps matter just as much. Bank account setup, in particular, has gotten stricter; many international banks now require directors to appear in person and present detailed business documentation. Being well-prepared makes all the difference.

The truth is, starting a business in Singapore is far from out of reach. Unlike some countries bogged down by red tape or hidden rules, Singapore’s system is transparent and efficient. As long as you take the time to understand the process and partner with the right professionals, you can go from idea to operation in just a few months.

More importantly, Singapore isn’t just a place to register a company-it’s a real ecosystem where you can grow your business. Whether you’re tapping into Southeast Asia’s booming markets or building an international team, the city-state offers unparalleled connectivity and resources.

So if you’ve been dreaming of launching your own venture, maybe it’s time to give Singapore a serious look. Who knows? The next person pitching to investors in a Marina Bay high-rise could be you.