How to Start a Business in Singapore in 2025

For entrepreneurs, Singapore presents a compelling opportunity. Whether launching a new idea or expanding an existing business, the city-state’s reliable infrastructure, government support, and its reputation for ease of doing business set the stage for growth.

But once you start the process of setting up your business,  things can get tricky. Where exactly to start, and what are the local requirements to know?

This guide covers the essentials for starting a business in Singapore in 2025, including

✅ Requirements for foreign and local founders

✅ The pros and cons of different business structures

✅ A step-by-step business formation guide

✅ What to do after registering your business

✅ How Statrys can help you launch your business in Singapore smoothly

Yes, foreigners can start and run a business in Singapore. The main requirement is having at least one director (for a company) or a local representative (for a sole proprietorship or partnerships) who is a Singapore resident, either a citizen or someone with valid residency status.

To fulfill this requirement, you either are a pass holder yourself, have a partner who is a resident, or you can opt for a nominee director service if you are forming a company. This service helps you fulfil all the necessary legal requirements for starting a business in Singapore, even if you are based overseas.

In addition, you must also have a registered address in Singapore, which cannot be a P.O. box.

Starting a business in Singapore can be quite straightforward once you follow the right order. These key steps will guide you through the process so you can launch with confidence.

1. Research and plan – Understand the opportunities and identify any licensing needs.
2. Understand your funding options – Assess how much capital you need and explore government grants, loans, or investors.
3. Pick your structure – Choose between sole proprietorship, partnership, or private limited company based on liability and tax considerations.
4. Secure an address – Register a physical or virtual business location in Singapore.
5. Name your business – Select a unique name and get ACRA’s approval.
6. Prepare documents – Gather IDs, address proof, and other business details.
7. Register officially – Use BizFile+ or a filing agent to incorporate your business.
8. Set up Corppass – Get access to government e‑services for your company.
9. Open a bank account – Keep business finances separate and organised.

Let’s take a closer look.

Before you start, having a solid plan for your business and how you’ll make it succeed will be beneficial. It can also guide you in your choice of business entity.

When building your research and plan, you can:

• Use the government’s Enterprise Singapore resources to identify growing sectors and market opportunities.
• Look for any required business licenses or permits you might need. Certain businesses must obtain approval from the relevant government body. For example, private schools need approval from the Ministry of Education.
• Explore how to tap into Singapore’s trade agreements to source materials. Singapore’s location makes it a major trade hub, with easy access to markets like Thailand, Cambodia, Indonesia, the Philippines, and Malaysia. Its airport and ports consistently rank among the world’s best.

The entry barrier for starting a business in Singapore is low, for example, you can register a company with just SGD 1 in paid-up capital. However, if you're entering a regulated sector like financial services, you will be required to have a higher funding amount. Having more capital from the start is also generally beneficial. It helps cover initial operating costs and signals financial strength to banks, investors, and business partners.

One good way to raise funds is to explore the many Singapore government grants, which typically require the company to be based in Singapore and have at least 30% local shareholding to be eligible. Alternatively, you can consider SME loans, local investors, crowdfunding, angel investors, or even funding from friends and family. 

Once you have the plan and money ready, the next step is choosing a suitable structure. Choosing a business structure is extremely important because it affects your taxes and  legal liability.  Each structure also has different registration requirements and processes.  

There are three main types of business structures to choose from in Singapore. 

*People with higher incomes pay a higher tax rate.

A sole proprietorship is a business owned and run by one person. It usually operates under the owner’s personal name, though you can register a separate business name if you want. Because the owner and business are legally the same, the owner has unlimited liability, personal assets are at risk if the business owes money or faces legal issues. Business income is reported as the owner’s personal income and taxed at personal income rates.

This structure is common among social media influencers, ecommerce sellers, and other online store owners due to its simplicity and ease of setup.

A partnership is a business owned by two or more partners. Partners can be individuals or companies. 

General Partnership: A general partnership can have up to 20 partners. Professional partnerships—such as those for engineers, lawyers, or architects—can have more than 20 partners if they meet legal qualifications. Like sole proprietors, general partners and the business are legally the same, so partners can be personally responsible for business debts.

Limited Partnership (LP): This includes at least one general partner who has unlimited liability for the action of the LP, and one or more limited partners who contribute capital and have liability limited to their investment.

Limited Liability Partnership (LLP): An LLP provides limited liability protection to all partners, meaning they are not personally liable for the business debts except for their own wrongful acts. LLPs are separate legal entities and are popular among professional service firms. 

Private Limited Company is the preferred choice for committed entrepreneurs who want limited liability, meaning the company itself is responsible for legal obligations, so the personal assets of the individual are protected.

Because the company has its own assets, financial records, and organisational structure, it becomes more credible, which improves its chances of securing financing.

It is commonly chosen by larger companies in industries such as technology, IT, consultancy, and logistics.

Every company registered in Singapore must have a registered business address that is a physical location. PO boxes are not allowed. 

ACRA requires information about your registered office address and its opening hours. These hours should not be less than 3 hours per workday. 

Your registered address can be:

• Your home office
• Any physical commercial address

If you don’t have a permanent office space yet, you can use a virtual office address offered by many service providers in Singapore. These providers usually also offer to receive your mail, scan it, and forward it to you wherever you are.

Make sure the address is valid and accessible, as it will be the official location for your company’s correspondence and any regulatory communication.

Alternatively, you can use a company formation service provider that includes a registered address as part of their package. Statrys is one option. 

Another fundamental step in starting your business journey in Singapore is selecting a unique company name and verifying it with ACRA.

In Singapore, companies cannot have the same or very similar names. You can use BizFile+ to check if the name you want is already taken or too close to another business name. Once you find a unique name, you can register it through the same channel, BizFile+, to officially reserve it for your business.

Your business’s legal name can be different from its trading name, but make sure your trading name is not the same as any existing trademarks. To check this, you can search the trademark database on the Intellectual Property Office of Singapore (IPOS) website. 

If your company is a branch of an overseas parent company and the exact same name is taken in Singapore, you can file an appeal with ACRA. Providing sufficient documentation supporting your use of the name may help get approval.

Before you can officially register your business in Singapore, you need to gather the required documents for the Accounting and Corporate Regulatory Authority (ACRA). Here’s what you need:

• Business name approval from ACRA: You should have a ‘transaction number’ for this.
• Valid ID of owners, directors, and partners: Use NRIC for Singapore citizens and PRs, and passports for foreigners. For foreign directors or shareholders, you also need copies of valid passes and Ministry of Manpower approval. If you are a sole proprietor, you would just need your own valid identification.
• Proof of registered business address: For example, utility bills.
• Proposed commencement date of the business.
• Details of business nature and the primary business activity
• Business email address
• Medisave clearance: Make sure all owners or partners have cleared any outstanding Medisave liabilities with the CPF board. In other words, everyone involved in the business needs to have paid up any medical savings money they owe before they can register the company.
• A Financial Year-End (FYE): Decide the last day of your company’s accounting period. It’s important because you need to include it in the registration form. The FYE also determines deadlines for your tax submissions.

There are two ways to register your business in Singapore:

• Register via BizFile+; and
• Engage a registered filing agent.

1. Go to the BizFile+ website at https://www.bizfile.gov.sg and select “Register a New Business Entity,” or visit https://www.bizfile.gov.sg/instruction/entity-registration.
2. Log in using your Singpass.  If you do not have one, you can apply for a Singpass if you are a Singapore permanent resident, or an eligible foreigner with a valid work pass or FIN.  Otherwise, you will need to register through a registered filing agent.
3. Fill in the required details:
   - Transaction number of the approved business name application
   - Entity types (Sole proprietorship, partnership, company, etc)
   - The business’s registered address
   - Primary business activity
   - Details of owners, partners, directors, and the secretary
   - Share capital details (for companies)
   - Commencement date
   - Business email address
4. Upload required documents, including identification.
5. Choose registration period: 1 year (renew annually) or 3 years (renew every 3 years).
6. Choose whether to pay for a Special Unique Entity Number (UEN). Standard UENs are free, but a Special UEN with a memorable or “lucky” number costs SGD 1,000–3,000. This is optional.
7. Pay the registration fee:
   - SGD 100 for sole proprietorship or partnership 
   - SGD 300 for the company
8. Confirm the role: The appointed officers—directors, shareholders, and company secretary—will receive an email asking them to confirm their roles. All officers must complete this confirmation in BizFile within 60 days of the email; otherwise, the application will be cancelled.
9. Receive your Business Profile from ACRA via email once approved. This serves as your official registration certificate.

• Find a trustworthy filing agent who is registered with ACRA to handle the registration on your behalf. 
• Provide the agent with the required information and documents. The agent will verify your eligibility, prepare and submit the forms to ACRA, and pay the fees for you. 
• Once the registration is complete, the agent should send you the Business Profile.

A Corppass account is an account for businesses in Singapore to transact digitally with government agencies.  After registering your business, the next important step is to have a Corppass Administrator (Admin) account.  You can register via the Corppass portal.

Once registered, Corppass serves as your business's singular corporate digital identity, accessible through your personal Singpass. Each business entity can appoint up to two Corppass Admins.

A Corppass Admin can:

• Manage user access to government digital services
• Customise access rights for each user in your organisation
• Authorise third-party providers to act on your company’s behalf for selected services

It is highly recommended that you open a business account for your business.  Separating business and personal transactions provides several important benefits:

• You can track your business income and expenses more easily. This helps identify issues early and supports better decision-making to maintain financial health.
• Once financial data is organised, tax returns are more accurate and less stressful.
• It helps maintain limited liability protection. Mixing personal and business funds can blur the legal distinction between you and your company, potentially creating legal complications.

In Singapore, opening a business account typically requires:

• Identification documents of all directors, authorised signatories, and declared UBO(s) (Ultimate Beneficial Owners)
• Proof of address for all authorised signatories, directors, and declared UBO(s)
• Memorandum & Articles of Association (M&AA) or the company’s Constitution

For foreign companies, you will also need:

• Certificate of Incorporation
• Certificate of Incumbency (issued within the past year)
• Certificate of Registration of corporate director (if applicable)

After setting up your business in Singapore, there are additional requirements you may need to address:

This applies if you establish a company (not a sole proprietorship or partnership). Under the Companies Act 1967 (Section 171), all companies in Singapore must appoint a corporate secretary, also known as a company secretary. You need to appoint a local secretary within six months of incorporation.

Who can be appointed: Must be a natural person living in Singapore with the knowledge and experience to perform the role. For public companies, the secretary must meet additional professional or qualification requirements set by ACRA.

The main duties are

• Maintain statutory registers and records
• File annual returns and required documents on time
• Submitting all required documents on time; Helping with administrative tasks and keeping minute books for meetings;
• Organise board and shareholder meetings, including AGMs
• Advise directors on governance and compliance

• Customs Registration - Registering with Singapore Customs is necessary if your business involves exporting from or importing into Singapore.
• Singapore Central Provident Fund (CPF) - Singapore's national pension fund requires contributions from both employers and employees. All employers and employees must contribute a portion of their income to the CPF.
• Business Insurance - There are many types of business insurance available in Singapore. Depending on your specific needs and risks, it’s worth exploring which coverage best protects your business.

• Goods and Services Tax (GST) - GST is applied to the supply of goods and services in Singapore, including imported goods. Businesses with revenue exceeding S$1 million must apply for GST. The IRAS controls the taxes in Singapore.
• Corporate Income Tax - All companies in Singapore must file their annual corporate income tax returns with IRAS. The tax year follows the company’s financial year-end. Your company must also file an Estimated Chargeable Income (ECI) filing within 3 months from the end of your financial year.

Ready to open your business? Whether you are locals or based overseas, Statrys can help simplify the entire process with:

• Company Incorporation services: We help you handle all paperwork and filings, including helping you fulfil nominee director and registered address obligations.
• Company secretary services: Stay compliant with a qualified local secretary from day one.
• Incorporation can be completed in less than 5 business days
• One price and 100% online