Thinking of starting a company in Singapore? Here’s what you need to know about the registration process and key things to watch out for!

Lately, a lot of my friends have been talking about starting their own businesses. Some want to expand their operations overseas, while others are thinking about hitting the reset button and beginning fresh in a new environment. And whenever people talk about launching a venture abroad, Singapore always comes up. With its stable society, business-friendly climate, strategic location, and supportive policies for small and medium enterprises, this little red dot has become a top destination for entrepreneurs worldwide.

If you're also considering registering a company in Singapore, this guide is for you. Don’t assume it’s just a quick online formality-missing documents or skipping steps can mean extra trips, wasted time, and unnecessary stress.

So why are so many people choosing Singapore? According to data from Enterprise Singapore, more than 60,000 new companies were registered in 2025 alone, with a significant number coming from China, India, and Southeast Asian countries. This boom is fueled by Singapore’s continuously improving business ecosystem attractive tax incentives, full foreign ownership allowed, efficient government services, and the widespread use of English, which makes communication smooth and straightforward. For tech startups and cross-border e-commerce ventures, it's practically a launchpad with turbo boost.

But even in a place as streamlined as Singapore, setting up a company isn’t something you can do with just a few clicks. Let’s break it down step by step.

Step 1 Choose Your Company Type

The most common structure in Singapore is the Private Limited Company Pte Ltd. It offers limited liability, strong credibility, and access to tax exemptions-making it the go-to choice for the vast majority of founders. Other options like branch offices, representative offices, or sole proprietorships exist, but they’re usually only suitable for specific cases and not ideal for typical startup scenarios.

Step 2 Prepare the Essential Documents

Before registration, get your basics sorted. Here’s what you’ll need

1. Company Name

You can’t just pick any name. You must submit it through ACRA’s Accounting and Corporate Regulatory Authority online portal for pre-approval. The name needs to be unique, not already taken, and free of restricted words like “bank” or “insurance,” which require special licenses. Pro tip Have two or three backup names ready-this saves time if your first choice gets rejected.

2. Shareholders and Directors

A Singapore company must have at least one shareholder and one director. Shareholders can be individuals or corporate entities from any country. But directors must be natural persons over 18 years old, with at least one being a local resident-either a citizen, permanent resident PR, or someone holding an EntrePass work visa. If you haven’t secured residency yet, many turn to professional corporate service providers who offer nominee director services. Just make sure to pick a reputable one.

3. Company Secretary

Every company must appoint a qualified company secretary who is a Singapore resident. This person handles compliance tasks such as annual filings, board meeting minutes, and regulatory submissions. Most startups hire a professional firm to take on this role during incorporation-it typically costs between SGD 500 and 1,500 per year, a standard operating cost worth budgeting for.

4. Registered Address

No P.O. boxes or virtual mailboxes allowed. You need a real physical address in Singapore. Even a residential address works-but if it’s an HDB flat, you’ll need approval for home-based business activities. Many early-stage companies opt for virtual office solutions that provide a legitimate business address without the overhead of renting office space.

5. Paid-up Capital

There’s no minimum capital requirement-you could technically start a company with just SGD 1. However, most founders set it around SGD 10,000 to project financial stability and make future fundraising easier. Note This amount doesn’t need to be fully paid in upfront; it’s enough to commit it on paper.

Step 3 Submit the Registration

Once everything is ready, you can file your application via ACRA’s BizFile+ platform. The whole process is digital and incredibly fast. You can do it yourself, or better yet, work with a licensed incorporation agency-especially helpful if you’re unfamiliar with local rules. It saves hassle and reduces errors.

After submission, approval usually takes anywhere from 15 minutes to 24 hours. Once approved, you’ll receive your Unique Entity Number UEN-essentially your company’s ID. You’ll need this for opening bank accounts, filing taxes, signing contracts, and nearly every official transaction going forward.

Step 4 Post-Registration Tasks - Don’t Skip These!

Getting incorporated is just the beginning. Next, tackle these key follow-ups

- Open a Corporate Bank Account Local banks like DBS, OCBC, and UOB have strict requirements. You’ll likely need company documents, proof of identity for directors/shareholders, and a solid business plan. As an alternative, digital banking platforms like Airwallex or Wise offer faster onboarding and lower fees-ideal for early-stage companies with modest cash flow.

- Tax Registration If you plan to hire staff, register with IRAS Inland Revenue Authority of Singapore for CPF Central Provident Fund contributions and GST Goods and Services Tax-Singapore’s version of VAT. The current GST rate is 9%, and businesses with annual revenue exceeding SGD 1 million are required to register for GST.

- Accounting Annual Filings Every year, you must submit financial statements and an annual return-even if your company didn’t operate. This is called a nil filing. Partnering with a reliable accounting firm early on can save headaches later.

By the way, Singapore is now pushing green initiatives and digital adoption for SMEs, offering grants and subsidies for using e-invoicing and cloud-based management tools. If your business is in tech or sustainability, keep an eye out for these support schemes-they could help cut costs significantly.

Setting up a company in Singapore isn’t complicated, but success lies in proper planning, complete documentation, and staying compliant. Avoid shady middlemen promising ultra-cheap deals-cutting corners now could cost you big time later during audits or tax reviews.

Today, information is transparent and processes are clear. With careful preparation, anyone can confidently take that first step toward entrepreneurship. After all, opportunity favors the prepared.

So-are you ready to take the leap?