9 Key Requirements for Company Incorporation in Singapore

Starting a company in Singapore can feel exciting, but also a little overwhelming if you’re doing it for the first time. The good news is that the process is quite straightforward once you know what’s required. From securing an approved company name to appointing a local director, there are a few boxes you’ll need to tick before your business can officially take off.

If you’re a foreign entrepreneur, some steps can be trickier without local support, and missing them may lead to delays or extra costs. That’s why it helps to have a clear checklist in hand before you begin.
In this guide, we’ll walk you through the 9 key requirements for incorporating a company in Singapore and share practical tips to help you get set up smoothly.

The first step to registering your company with ACRA is access, and in Singapore, that means Singpass. 

Singpass is the government’s digital identity system, and it’s what lets you log in to BizFile and complete your company registration online.

If you’re a foreign entrepreneur, this can be a hurdle. Singpass is only available to Singapore citizens, permanent residents, and certain work pass holders. If you don’t qualify, you won’t be able to file your application directly. In these cases, ACRA requires you to work with a registered filing agent, often a corporate service provider, who is authorised to submit the paperwork on your behalf.

Working with a corporate service provider also simplifies the process. Beyond filing the incorporation with ACRA, they can help you meet other requirements such as appointing a company secretary, providing a registered address, and guiding you through setting up a business account.

Your company name is one of the first steps in the company registration process, but in Singapore, you cannot just pick any name and start using it. It must first be approved by ACRA through BizFile.

To get approval, your proposed name must meet the following requirements:

• Must be unique and not identical to any existing Singapore company or trademark
• Cannot contain restricted or offensive words
• If you are setting up a private limited company, the name must end with “Private Limited” or “Pte Ltd”

On top of that, here are a few practical things to keep in mind:

Fee: The name application costs SGD 15

SSIC Code: You must select the code that describes your business activities. This can be tricky for foreign entrepreneurs, so many rely on a filing agent for guidance.

Timeline: Most names are approved within a few hours to 1 day. If your application is referred to another agency (e.g. finance, education, or real estate), it may take 14–60 days.
Reservation Period: Once approved, your name is reserved for 120 days. You must finish your company incorporation before it expires.

Once your company name is approved, the next step is choosing the right business entity. 

This decision will affect how your company is taxed, how much liability you carry, and how investors or partners perceive your business. When filing your incorporation with ACRA, you’ll need to confirm the type of company you are setting up.

For most foreign entrepreneurs, the choice often comes down to whether you want to keep things simple with a sole proprietorship or establish a more structured private limited company (Pte Ltd).

Common Types of Businesses in Singapore

Other Business Entities:

• Public Limited Company (PLC): Suitable for larger companies planning to raise funds from the public by listing on the stock exchange.
• Limited Liability Partnership (LLP): Popular with professionals such as lawyers and accountants who want flexibility while keeping limited liability.
• General Partnership: Two or more owners share profits, but all partners are personally liable for debts.
• Limited Partnership (LP): Combines general partners (full liability) and limited partners (liability restricted to their investment).
• Branch Office: An extension of a foreign company operating in Singapore. The parent company remains liable for its activities.
• Subsidiary: A local company fully or partly owned by a foreign parent. Functions as a separate legal entity with access to Singapore’s tax benefits.
• Special Purpose Vehicle (SPV): A separate legal entity often created to hold specific assets, manage risks, or carry out a particular project. SPVs are commonly used in joint ventures, financing structures, or when businesses want to ring-fence liabilities.

To operate legally, every Singapore company must appoint at least one resident director. 

Directors are responsible for managing the company’s affairs, and under the Companies Act, they must meet all of the following criteria:

• Be an individual (not a company)
• Be at least 18 years old and of full legal capacity
• Not be disqualified (for example, undischarged bankrupts or individuals convicted of fraud)

A resident director refers to someone who lives in Singapore on a permanent or approved basis. This includes:

• Singapore citizens
• Singapore permanent residents (PR)
• Pass holders such as EntrePass, Employment Pass, or S Pass (with a Letter of Consent from the Ministry of Manpower to act as a director)

If you do not have a qualified person to act as your local director, you can appoint a nominee director. A nominee is a Singapore resident who fulfils the requirement but usually does not take part in managing the business.

⚠️ Even so, nominee directors carry the same legal responsibilities and liabilities as any other director under the Companies Act. Because of this, providers typically charge SGD 2,400 to 5,400 per year, along with a refundable security deposit of SGD 1,000 to 2,000.

To register a company in Singapore, you must issue at least one share with a minimum paid-up capital of SGD 1 (or the equivalent in another currency). 

Every company must also have at least one shareholder. For a private limited company (Pte Ltd), the number of shareholders is capped at 50.

A Singapore company can be 100% foreign-owned, with shareholders who are individuals or corporations based anywhere in the world. Shareholders are entitled to vote on major company matters, such as appointing directors or changing company rules.

Types of Shares in Singapore

Within six months of incorporating, every Singapore company must appoint a corporate secretary. This is a legal requirement under the Companies Act.

To qualify, the secretary must:

• Be a Singapore resident (citizen or permanent resident)
• Pass holders such as Employment Pass, S Pass, or EntrePass may also qualify, though some require MOM approval
• Be an individual (not a company) with the right knowledge and experience
• Not be the sole director of the company (if there is only one director, they cannot also serve as secretary)

The company secretary’s role goes beyond administration. They handle filings with ACRA, maintain statutory records, advise directors on compliance duties, and prepare key documents such as annual returns and board resolutions.

Every company in Singapore must have a registered office address. 

This is the official point of contact where government agencies and legal bodies send all correspondence. The rule applies even if you are setting up an offshore company, since a local address is still required for compliance.

To qualify as a registered office, your address must meet these conditions:

• It must be a physical address in Singapore (P.O. boxes are not allowed).
• It must be open and accessible to the public for at least three hours on business days.

When choosing your registered office, you have several options:

• Office Space: If your business has a dedicated office, you can use it as your registered address
• Co-working Space: A cost-effective option for startups and smaller businesses
• Registered address service: Many corporate service providers offer virtual office services, providing a physical address for your company's official correspondence.

The Financial Year-End (FYE) is the final day of your company’s accounting period. The date you choose is important because it decides when you must file reports and pay taxes.

Here’s what your FYE affects:

• Filing Deadlines: Determines when you must hold your Annual General Meeting (AGM) (a yearly meeting with shareholders), file your annual return (a yearly company report), and submit your corporate tax return. Missing these deadlines can lead to penalties.
• Tax Planning: The right FYE can help you manage tax payments and sometimes benefit from tax incentives.
• Business Cycle: Aligning your FYE with your business’s natural cycle, such as peak seasons or inventory turnover, can give you a clearer picture of performance and improve cash flow management.

While you can choose any date, these are the most common options in Singapore:

• 31 December: Matches the calendar year, often chosen for simplicity.
• 31 March, 30 June, 30 September: Quarterly cycle dates that suit businesses needing more frequent reporting.

Before you can officially register your company, ACRA requires specific documents to confirm your business details and compliance with the law.

After gathering these documents, submit your incorporation application online through BizFile and pay the SGD 300 registration fee (in addition to the SGD 15 name application fee).

Once ACRA reviews and approves the application, you will receive a Business Profile with your company details, including the official business name and a Unique Entity Number (UEN).

Once your company is incorporated, there are a few important steps to ensure smooth operations and compliance with Singapore’s regulations.

After incorporation, check whether your company needs additional licences or permits before starting operations. Examples include:

• Food Shop Licence if you run a restaurant or sell food at a physical outlet.
• MAS licence if your business offers financial services.

Singapore offers one of the most competitive tax systems in Asia. Here’s what you need to know:

Corporate Income Tax (CIT)

• The headline rate is 17%.
• New companies may qualify for the Start-Up Tax Exemption (SUTE), which exempts up to SGD 125,000 of chargeable income.
• After the SUTE period, all companies benefit from the Partial Tax Exemption (PTE), which exempts up to SGD 102,500 of chargeable income each year.

Goods and Services Tax (GST)

• Registration is compulsory if your annual turnover exceeds SGD 1 million.
• Applications are filed online through myTax Portal, and most are processed within 10 working days.

A corporate bank account is essential for separating personal and company funds, building credibility, and supporting cross-border operations.

Typical steps include:

Step 1: Choose a bank and compare fees, services, and suitability for foreign founders.

Step 2: Select the account type, such as SGD-only or multi-currency.

Step 3: Prepare documents such as incorporation papers, IDs of directors/shareholders, and your business plan.

Step 4: Submit your application. Most banks let you start online, though some may require in-person or video verification.
Step 5: Activate your account once approved and begin operating under your company’s name.

Any changes to your company details must be lodged with ACRA within 14 days. 

This includes:

• Company address and operating hours
• Business activity
• Appointments or cessations of directors, secretary, CEO, or auditor
• Personal details of directors, the company secretary, the CEO, and the auditor
• Personal details of shareholders
• Allotment and transfer of shares

You can file the necessary updates through Bizfile. Failure to do so on time may result in penalties.

Once registered, it is the responsibility of the directors to ensure that the company complies with Singapore law.

This involves:

• Tax Filing: Submit annual corporate income tax returns to IRAS.
• GST Filing (where necessary): File returns monthly or quarterly, depending on your registration.
• Annual Returns: Update company details with ACRA each year.
• Financial Statements: Prepare and maintain accurate financial records and statements.
• Annual General Meeting (AGM): Present financial statements to shareholders and allow them to review the company’s performance.

Incorporating a company in Singapore may seem complex, but meeting these 9 key requirements can help you launch your business smoothly.

Whether you're starting your first business or expanding an existing one, Statrys is your solution for seamless Singapore company incorporation. Our 100% online, comprehensive service covers everything from filing for the registration to providing company secretary services and a registered office address, ensuring ongoing compliance so you can focus on running your business while we handle the rest.