How to Start a Business in Singapore in 2026

Singapore is one of the most straightforward places in the world to register a business. The World Bank consistently ranks it among the top economies for business entry. But knowing where to start and what is required of you as a foreign founder makes a real difference to how fast and smoothly it goes.

This guide covers the 9 steps to start a business in Singapore in 2026, including what foreign founders specifically need to know at each stage.

Singapore sits at the centre of one of the most strategic regions in the world. The country attracts venture capital, talent, and fintech businesses from across Asia and far beyond. Several reasons explain why founders pick Singapore over Hong Kong, Dubai (UAE), or Japan as their regional base:

• Strategic location. Singapore acts as a hub for businesses with activities across Southeast Asia, India, China, and the wider Asia-Pacific region.
• Stable, transparent governance. Clear rules, predictable enforcement, and a strong legal framework give founders confidence that contracts and investments hold over the long term.
• Friendly tax environment. A 17% headline corporate income tax rate, no capital gains tax, and substantial exemptions for new companies. Personal income tax rates remain among the lowest in the region.
• Easy company formation. Most Singapore company incorporations close in 1 to 3 business days once documents are in order.
• World-class banking. Singapore is a global fintech hub. Founders can pick from traditional banks like DBS, OCBC, and UOB, or from digital-first providers built around multi-currency payments and faster onboarding.
• Access to talent. A range of work passes (Employment Pass, EntrePass, Tech.Pass) make it possible to relocate international team members onshore.

For foreign entrepreneurs, that mix of speed, transparent rules, strong investor protection, and an attractive tax framework is hard to match anywhere else in Asia. We cover the case in more detail in our guide on why business owners should move to Singapore.

Yes. Foreigners can own 100% of a Singapore company and run it entirely from abroad. The main requirement is that every Singapore company must have at least one resident director: a Singapore citizen, permanent resident, or valid pass holder who is ordinarily resident in Singapore.

If you don't have a qualifying person on your team, a nominee director service satisfies this requirement. A nominee is a Singapore resident who holds the directorship on paper but holds no operational control over your business.

You also cannot file your incorporation directly through the Accounting and Corporate Regulatory Authority's (ACRA) Bizfile without a Singpass. Singpass is only available to Singapore residents and eligible pass holders. Most foreign founders work with a licensed corporate service provider (CSP) to file on their behalf. The CSP also helps you meet the company secretary and registered address requirements.

Work Passes for Foreign Founders Who Want to Relocate

If you intend to live in Singapore and run the business onshore, you have a few options:

• Employment Pass (EP): Issued by the Ministry of Manpower for managers, executives, and skilled professionals. Requires a minimum monthly salary of SGD 5,600 (higher in financial services). Suitable if your Singapore company will employ you.
• EntrePass: Designed for entrepreneurs starting innovative or venture-backed businesses. Eligibility focuses on funding raised, intellectual property, or accelerator participation.
• Tech.Pass: Aimed at established tech founders and senior leaders. Higher salary thresholds and a track record requirement.

You can incorporate first and apply for a pass after, or apply for an EntrePass before the company exists. Most founders incorporate first because it is faster and lower risk.

Here is the full sequence covered in detail below.

A clear plan shapes every decision that follows, from which business structure you choose to whether you need specific licences. Before you register, check two things: the market opportunity in your sector, and whether your business activity requires regulatory approval before you can trade.

Use Enterprise Singapore to identify growing sectors, find industry associations, and understand government support available in your space. For regulated industries like financial services, healthcare, or education, approval from the relevant authority comes before incorporation. Check your licensing obligations via the GoBusiness licensing portal first.

A simple business plan should cover:

• The product or service and the problem it solves
• Target customers and key markets (Singapore, regional, or global)
• Pricing model and unit economics
• Initial capital needs and funding sources
• A marketing strategy that fits your stage and budget
• A 12 to 24-month roadmap

The minimum to register a company in Singapore is SGD 1 in paid-up capital. But how much capital you need in practice depends on your business model and whether you operate in a regulated sector. Financial services companies, for example, must hold substantial minimum capital to obtain an MAS licence.

More capital from the start signals financial strength to banks, investors, and corporate account providers. That matters when you open a business bank account or bid for contracts.

Key funding sources for new Singapore companies:

• Singapore government grants. The Enterprise Development Grant (EDG) supports capability building, innovation, and overseas expansion (up to 50% co-funding, up to 70% for sustainability projects). The Productivity Solutions Grant (PSG) helps SMEs adopt pre-approved IT solutions. The Market Readiness Assistance (MRA) Grant supports internationalisation with up to SGD 100,000 per overseas market. Most grants require at least 30% local equity.
• BizAdapt Grant (2026). Administered by Enterprise Singapore to help businesses adjust operations and strengthen supply chains in response to global trade changes. Covers advisory services and operational restructuring.
• SME loans and bank financing. Local banks offer SME loan products. Eligibility usually requires a Singapore-incorporated company with at least 30% local shareholding and a track record.
• Private investors, angel investors, and crowdfunding. Common for early-stage startups, especially in tech and digital services.
• Venture capital. Singapore has one of the strongest VC ecosystems in Asia. Sectors like fintech, climate tech, and health tech attract significant deal flow each year.

Your business structure determines your tax treatment, personal liability exposure, and compliance obligations. It also shapes how you raise capital and bring in partners. Choose carefully, because you cannot switch entity types after registration.

Read the full breakdown in our guide about the types of companies in Singapore.

Private Limited Company (Pte Ltd)

The Pte Ltd is the standard choice for foreign founders and the most common business structure in Singapore. The company is a separate legal entity: it can own property, enter into contracts, and sue or be sued in its own name. Shareholders are only liable for the capital they have invested. The company qualifies for Singapore's corporate tax benefits, including the Start-Up Tax Exemption (SUTE) in its first three years of assessment, and the YA 2026 CIT Rebate (40% rebate on corporate tax payable, capped at SGD 30,000).

A Pte Ltd can have between 1 and 50 shareholders. Shareholders can be individuals or other companies, local or foreign. Investors prefer this structure because share transfers and equity rounds stay simple.

Sole Proprietorship

A sole proprietorship is the simplest and cheapest structure to register, but it requires Singapore residency. The owner and the business are legally the same entity. That means unlimited liability: personal assets are fully exposed to business debts. Business income is taxed as personal income at personal income tax rates (up to 24% in 2026). This structure is generally not available to foreign founders without Singapore residency.

Partnership

A partnership involves two or more owners. Singapore offers three types:

• General Partnership. All partners share unlimited liability for business debts.
• Limited Partnership. At least one general partner with unlimited liability and one limited partner whose liability is capped at their contribution.
• Limited Liability Partnership (LLP). A separate legal entity. Each partner's liability is limited to what they put in. Common for professional services firms.

Partnerships require a local authorised representative, which is harder to arrange than a nominee director for a Pte Ltd.

Branch Office and Representative Office

A foreign company can also set up a presence in Singapore through:

• Branch Office. An extension of a foreign parent company. The parent is liable for the branch's debts. The branch is subject to corporate tax on Singapore-sourced income but does not qualify for SUTE.
• Representative Office. A non-trading entity used for market research and liaison only. It cannot generate revenue. Renewable annually for up to 3 years.

For most foreign entrepreneurs, a Pte Ltd subsidiary offers better tax treatment, limited liability, and access to local incentives compared with a branch or representative office. For specialised holding setups, see special purpose vehicles and setting up an offshore company.

Every Singapore company must have a registered physical address where official correspondence from ACRA, IRAS, and other government agencies arrives. P.O. boxes are not accepted. The address must stay accessible to the public for at least 3 hours during ordinary business hours on each business day.

Your options:

• Your own office space. Use a commercial address you own or lease.
• Co-working space. A cost-effective option for startups. Confirm the provider allows registered office use.
• Virtual office service. A physical address provided by a CSP for correspondence. Fully compliant with ACRA requirements and the standard choice for foreign founders. Usually SGD 5 to 200 per month. Our best virtual offices in Singapore guide compares top providers.
• Home address. Permitted only for Singapore residents who apply for the Home Office Scheme via GoBusiness. Not available to foreign founders without a Singapore residential address.

Before you register, ACRA must approve your proposed company name through Bizfile. You cannot proceed with incorporation without a name approval transaction number.

Your name must be:

• Unique, not identical or deceptively similar to any existing Singapore company name or registered trademark
• Free of restricted, offensive, or misleading words
• Ending in Private Limited or Pte Ltd for a private limited company

Name approval: key facts

• Application fee: SGD 15, payable via Bizfile
• Timeline: Most names get approved within a few hours to 1 business day. Applications referred to another agency (finance, education, or real estate) can take 14 to 60 days.
• Reservation period: 120 days from approval. Incorporation must close before expiry.
• Trademark protection: Registering a company name does not grant trademark rights. These are separate processes. Check the trademark database at IPOS (ipos.gov.sg) before you finalise your name.
• SSIC Code: You must select a Singapore Standard Industrial Classification code that describes your business activity. Your CSP can advise on the right code.

Have two or three backup names ready before you apply. If your first choice is rejected, you can resubmit quickly without losing momentum. Our company incorporation requirements guide breaks down every prerequisite in detail.

Before you file with ACRA, gather the required documents. Your CSP will collect and verify these on your behalf. Everything below goes through Bizfile.

For each director and shareholder:

• Passport copy (foreign individuals) or NRIC (Singapore residents)
• Proof of residential address dated within the last 3 months
• A short professional CV or background summary

For the company itself:

• Approved company name and SSIC code
• Registered Singapore address
• Share capital amount and shareholding structure
• Company constitution (most companies adopt ACRA's model constitution)
• Details of the company secretary appointment
• Details of any beneficial owners (UBO declaration)

The company constitution sets out internal rules: how directors are appointed, how shares are issued, how meetings are run, and so on. ACRA's model constitution works for most companies. A custom constitution makes sense if you have a complex shareholder agreement, multiple share classes, or specific investor protections. The longer-form version, sometimes called the Memorandum and Articles of Association (M&AA), serves the same purpose for older or foreign-incorporated companies.

After incorporation, the company files an annual return with ACRA each year and holds an Annual General Meeting (AGM) unless exempt.

There are two ways to register a Singapore company: directly through Bizfile using a Singpass, or through a licensed filing agent (CSP). Most foreign founders use a filing agent.

Registration fees

• SGD 15 for name application (paid at the name approval stage)
• SGD 300 for a private limited company registration
• SGD 100 for sole proprietorship or partnership (1 year), or SGD 175 for a 3-year registration

After submission

Once ACRA approves the application, all appointed officers (directors, shareholders, and the company secretary) receive an email asking them to confirm their roles in Bizfile. They must do so within 60 days. If any officer fails to confirm, the application lapses. You then receive your Business Profile and Unique Entity Number (UEN), which serve as your company's official registration documents. If a counterparty asks for a certified true copy of any document, your CSP can provide one.

Most straightforward incorporations close in 1 to 3 business days. Files referred for additional review can take 14 to 60 days.

Once your company is registered, you need a Corppass administrator account. Corppass is Singapore's corporate digital identity system. It lets your company transact with government agencies online: filing taxes with IRAS, applying for licences, accessing CPF services, and more.

Each company can appoint up to two Corppass Admins. The Corppass Admin manages user access rights, authorises third-party providers to act on the company's behalf, and controls which government digital services the company uses.

Register via the Corppass portal. Registration takes 5 to 10 working days to process.

A business account is one of the first things to set up after incorporation. You will need one to receive payments from clients, pay suppliers, manage payroll, and keep business finances separate from personal funds.

Mixing personal and business funds can also undermine your limited liability protection as a Pte Ltd director. Our guide to foreign entrepreneur mistakes covers the most common pitfalls at this stage.

Documents usually required to open a Singapore business bank account:

• Identification documents of all directors, authorised signatories, and declared Ultimate Beneficial Owners (UBOs)
• Proof of address for all authorised signatories, directors, and UBOs
• Memorandum and Articles of Association (M&AA) or the company constitution
• Certificate of Incorporation (for foreign-incorporated companies)
• A short business plan describing activities, expected turnover, and main markets

Traditional Banks vs Digital-First Providers

Singapore's main local banks (DBS, OCBC, UOB) offer full-service corporate banking with strong domestic infrastructure. Onboarding can take 2 to 6 weeks and often requires in-person KYC, which is a hurdle for founders abroad.

Digital-first providers like Statrys offer faster online onboarding, multi-currency accounts, and lower FX fees. They suit international businesses sending and receiving money in different currencies worldwide. For a side-by-side view, read digital bank vs traditional bank and our primer on what is digital banking.

KYC and AML checks apply across all providers. Be ready to share details on directors, beneficial owners, source of funds, and the nature of your business activities. Clear, well-organised documents make the process much faster. Foreign founders without local residency should also check the article on whether foreigners can open a bank account in Singapore.

Registration gets your company on the record. The following steps are required to stay compliant once you start operating.

Appoint a Company Secretary

Every Singapore company must appoint a qualified company secretary within 6 months of incorporation. The secretary handles ACRA filings, maintains statutory registers, prepares annual return documents, and advises directors on compliance obligations. The secretary must be a Singapore resident and an individual. The sole director cannot also serve as secretary.

If you appoint your company secretary at the point of incorporation, your compliance obligations get tracked from day one.

Check Whether You Need a Business Licence

Incorporation does not automatically authorise you to trade in regulated industries. Check the GoBusiness licensing portal to see whether your SSIC code requires a sector-specific licence. Examples include: MAS licence for financial services, Ministry of Education approval for private schools, Singapore Food Agency licence for food businesses. Operating without a required licence is a compliance risk.

Understand Your Tax Obligations

Singapore's corporate income tax rate is 17% on chargeable income, administered by IRAS. New companies usually qualify for the Start-Up Tax Exemption (SUTE): 75% exemption on the first SGD 100,000 of chargeable income for the first three years of assessment.

For YA 2026, IRAS introduced a 40% CIT rebate on corporate tax payable, capped at SGD 30,000.

Two separate tax filings each year:

• Estimated Chargeable Income (ECI) within 3 months of your financial year-end
• Full corporate tax return (Form C/C-S) by 30 November

Register for GST once annual taxable turnover exceeds SGD 1 million. The GST rate is 9%.

You may also need a Tax Identification Number (TIN) for cross-border transactions, and you should understand withholding tax obligations on payments to non-residents. For founders also drawing a salary in Singapore, see income tax for foreigners.

Tax Incentives for Businesses in Singapore

Beyond SUTE and the CIT rebate, Singapore offers a wide range of tax incentives across industries and stages:

• Partial Tax Exemption (PTE). After the SUTE period, qualifying companies receive 75% exemption on the first SGD 10,000 of chargeable income, plus 50% on the next SGD 190,000.
• No capital gains tax. Singapore does not tax capital gains on the sale of investments, real estate (in most cases), or business assets.
• Tax-free dividends. Dividends paid by a Singapore-resident company are exempt from tax in the hands of shareholders.
• Double Tax Treaties. Singapore has signed tax treaties with more than 90 countries, including most of Asia, the EU, the UK, and many in the Middle East. These reduce or remove double taxation on cross-border income.
• Pioneer Certificate Incentive and Development & Expansion Incentive. Available for companies undertaking high-value or strategic activities. Reduced tax rates for a defined period.
• IP Development Incentive (IDI). Concessionary tax rates on income from qualifying intellectual property.
• R&D tax deductions. Up to 250% deduction on qualifying research and development spending.

The practical takeaway for founders is simple. A Singapore Pte Ltd in its first three years pays a much lower effective tax rate than the 17% headline suggests. Combined with no tax on capital gains and a wide treaty network, Singapore remains one of the most efficient places to base a regional business.

Register for CPF (If You Hire Employees in Singapore)

If you employ Singapore citizens or permanent residents, you must register as an employer with the Central Provident Fund (CPF) Board and make monthly CPF contributions for eligible employees. Both employer and employee contribute. For a wider view of hiring rules, see our employment guide.

Set Up Accounting Records from Day One

Singapore law requires companies to keep accurate financial records from the first day of operations. Your company secretary can advise on statutory record-keeping requirements. Annual financial statements must be prepared, and depending on your company's size, may require an audit. Your choice of financial year-end also affects filing deadlines.

Statrys' accounting services handle bookkeeping, financial statements, and tax filing on the same platform as your incorporation and business account. Our guide on top accounting services in Singapore compares the main providers, and our accounting standards page covers the framework you need to follow.

Privacy and Data Protection

If your company collects personal data, the Personal Data Protection Act (PDPA) applies. Appoint a Data Protection Officer (DPO), publish a privacy policy, and put in place reasonable security measures. The Personal Data Protection Commission (PDPC) publishes practical guides for SMEs.

Costs vary significantly depending on your structure and whether you need a nominee director or physical office. Here is a summary.

Foreign founders pay more mainly because of the nominee director and the registered address service. Working with one provider that bundles these services keeps the total down and removes the friction of dealing with multiple vendors.

Setting up a company in Singapore involves multiple requirements across several providers. Statrys handles the full setup in one platform: incorporation, company secretary, registered address, nominee director, multi-currency business account, and ongoing accounting.

💡 Statrys Singapore Incorporation Package:

• Company incorporation: Includes ACRA filing, nominee director, company secretary, and registered address.
• Multi-currency business account: 11 inbound, 18 outbound currencies. FX fees from 0.1%. Built for businesses paying overseas suppliers and receiving international payments.
• Accounting services: Bookkeeping, financial statements, and tax filing support, all within the same platform as your incorporation and business account.

Got questions before you start? Contact our team or browse our full Singapore guides library.