How to Start a Company in Singapore? A Step-by-Step Guide to Help You Launch Your Business Smoothly

In Southeast Asia’s vibrant startup scene, Singapore stands out as a unique player. It's not just one of the world’s most recognized financial hubs-it’s also the go-to launchpad for countless entrepreneurs chasing their dreams. In recent years, with remote work on the rise and digital economies accelerating, more freelancers, tech professionals, and small business owners than ever are turning their eyes to this city-state, eager to register a company and kickstart their ventures here.

So here’s the big question How exactly do you set up a business in Singapore? Is it complicated? Do you need a local shareholder? Let’s break it down step by step-using plain, straightforward language-so you can avoid common pitfalls and get started smoothly.

Step 1 Choose Your Company Type

The most common type of business entity in Singapore is the Private Limited Company, often abbreviated as Pte Ltd. This structure offers limited liability and carries strong credibility, making it ideal for most startups. The biggest advantage? Shareholders are only liable up to the amount they’ve invested. That means your personal assets stay protected even if the company runs into debt.

There are other options like sole proprietorships or partnerships, which are simpler to register but come with higher risk-your personal and business finances aren’t separated, so you could lose personal savings if things go south. These aren’t usually recommended if you’re planning long-term growth.

Here’s the good news Singapore is very foreigner-friendly. You don’t need to be a resident to register a company or serve as a director. However, by law, every company must have at least one resident director-someone who’s a Singapore citizen, permanent resident, or holds an Employment Pass. If you don’t know anyone locally, no worries. Many professional service providers offer nominee director services, and these are well-established, transparent, and reliable.

Step 2 Pick a Name and Get It Approved

You can’t just name your company anything you want. First, head over to the Accounting and Corporate Regulatory Authority ACRA website and submit your proposed name for approval. The system will automatically check for duplicates or restricted words.

For example, if you try “Asia Financial Group,” it might already be taken. And names with terms like “bank” or “insurance” require additional clearance from regulators. To save time, prepare 2-3 alternative names so you’ve got backups if your first choice gets rejected. Once approved, your name is reserved for 60 days-plenty of time to move forward.

Step 3 Gather Required Documents and Information

Before registration, make sure you have the following ready

- Copy of shareholders’ passports

- Personal details of directors and company secretary

- A local Singapore address for registration P.O. Boxes or virtual mailboxes won’t work

- Initial share capital can be as low as S$1, though many choose around S$10,000

One key role to highlight the company secretary. By law, every Singapore company must appoint a qualified secretary within six months of incorporation. This person or firm handles compliance tasks like annual filings, meeting minutes, and regulatory updates. Most early-stage companies hire a professional corporate secretarial service-the cost typically ranges from S$500 to S$1,500 per year, offering great value for peace of mind.

Step 4 Register Online Get Your UEN

Once all documents are ready, you can file your application through ACRA’s BizFile+ portal. Everything is done online, and if everything checks out, you could get approval in as little as 15 minutes. Upon success, you’ll receive a Unique Entity Number UEN-essentially your company’s “ID number.” You’ll use this for taxes, bank accounts, contracts, and official communications.

The total registration fee is around S$300, covering both name reservation and incorporation. Payment can be made via credit card or supported e-wallets.

Step 5 Open a Corporate Bank Account

This is where many foreign founders hit a snag. While Singapore allows foreigners to open business bank accounts, banks have tightened their screening processes-especially due to stricter anti-money laundering rules. Applications from international entrepreneurs sometimes get declined without clear explanation.

Major local banks like DBS, OCBC, and UOB offer corporate banking services. You’ll typically need your company constitution, director/shareholder IDs, business plan, and may even face a video interview. Be ready to clearly explain your business model Who are your customers? Where does revenue come from? The more detailed and realistic your answers, the better your chances.

Good news Fintech is stepping in. New digital banks like ANEXT Bank and Trust Bank are emerging with lower entry barriers and faster approvals, especially for startups. These can be excellent temporary solutions while you build track record.

Step 6 Handle Tax Registration Stay Compliant

After incorporation, connect with the Inland Revenue Authority of Singapore IRAS. Most businesses need to register for Goods and Services Tax GST, currently at 9%. But if your annual turnover is under S$1 million, registration is optional.

More importantly, remember to file annual financial statements and corporate income tax returns. Singapore follows a territorial tax system-meaning only income earned locally is taxed. Profits generated overseas and repatriated back aren’t subject to tax, which is a huge plus for global operations.

Also, hold regular shareholder meetings, keep records updated, and maintain clean compliance history. While ACRA doesn’t audit frequently, falling behind can hurt your reputation-or worse, lead to your company being struck off the register.

Bonus Tip Tap Into Support Resources

Singapore actively supports innovation through various programs. Initiatives like the Spring Seed Fund and Enterprise Financing Scheme help SMEs access funding. For tech startups, there’s “Startup SG”-a comprehensive program offering grants, mentorship, and co-working space support.

And in late 2025, Singapore upgraded its digital entry pathway, introducing the Overseas Networks Expertise ONE Pass. This allows eligible foreign entrepreneurs to apply directly for long-term visas and bring their teams to establish operations locally.

The bottom line? Starting a company in Singapore isn’t nearly as daunting as it sounds. With the right steps and some expert help, a single person can build a solid foundation quickly. This city thrives on efficiency, transparency, and openness-genuinely paving the way for bold ideas to take root.

All that’s left is for you to take that first leap.