Thinking of incorporating a company in Singapore? You’ve made the right decision. With its strategic location, low corporate tax rates, various SME grants, and strong intellectual property protections, Singapore offers significant benefits for global entrepreneurs, attracting over 500,000 new businesses to set up each month.
Even though the company registration process is streamlined, it can still feel complex, especially for foreign entrepreneurs handling it for the first time. The paperwork, requirements, and unfamiliar procedures and terms can be overwhelming.
As the Head of Company Creation at Statrys, I’ve seen these challenges firsthand and have practical insights to help you navigate each step. This guide will walk you through the entire process–from preparing documents to fulfilling post-incorporation requirements–so you can start your business smoothly and confidently.
Let’s dive in.
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Before jumping into the registration process, let’s start with the key requirements and preparations. Understanding and having these essentials in place will make the entire local company formation process easier and help you avoid unnecessary delays, whether you are a local Singaporean resident or a foreign business owner.
Here are the necessary documents and information you will need for Singapore company incorporation.
In Singapore, company registration can be done exclusively online through Bizfile, which is the online platform provided by the Accounting and Corporate Regulatory Authority (ACRA). In-person applications are not accepted.
Businesses in certain industries or engaging in specific activities need to apply for relevant licences and permits to operate. Here are some of the common sectors where these requirements apply.
Businesses in certain industries or engaging in specific activities need to apply for relevant licences and permits to operate. Here are some of the common sectors where these requirements apply.
Building & Construction
Financial Services
Fundraising & Charity
Dormitory Services
Food & Beverage
Hotel
Education
Healthcare
Travel Agency
Environmental Services
Logistics
Some industries require businesses to meet specific conditions before a licence can be granted. This may include having a minimum paid-up capital. For instance, registered travel agents must have a minimum paid-up capital of SGD 50,000 for Niche Licences or SGD 100,000 for General Licences.
After successfully incorporating your Singapore business, you can apply for the necessary licences. The GoBusiness Singapore website offers a complete list of licences you can apply for, along with those for renewal or amendment.
The Singapore government allows complete foreign ownership, but there are some specific requirements, which include:
Additionally, if any director or shareholder is a foreigner, a Corporate Service Provider (CSP) must be engaged to incorporate the company.
The cost of incorporating and maintaining a Singapore company varies depending on several factors, but the average total is around SGD 5,000 to 8,000. This amount includes set government fees, registered addresses, and mandatory professional services.
Total Initial Government Fees: SGD 315
Every company must have a local registered address, which cannot be a PO Box. Options include:
Approximate Annual Office Rental: SGD SGD 600 to 2,400
Total Cost Range for Mandatory Requirements: Minimum around SGD 4,000
The application via Bizfile e-service takes around 20 minutes to complete.
Typically, the application will be processed on the same day, and you’ll receive a response within 1 working day. However, for companies with complex business structures requiring approval or review by another government agency, the process may take up to 2 months.
The process doesn’t end with simply registering your company. Once incorporated, there are ongoing annual compliance requirements you must fulfil, typically each year, to maintain legal operation and good standing with the authorities.
1. Annual Filing
Incorporated companies are required by the Singapore Companies Act to hold an Annual General Meeting (AGM) and file annual returns with ACRA to ensure the company’s information is up to date.
All companies, including inactive and dormant ones, must file annual returns, even if exempted by IRAS from filing an income tax return. The annual returns must be filed within 7 months after the end of the company’s financial year. However, you can apply for an extension of time for the AGM or an annual return of SGD 200.
2. Business Registration Renewal
Sole proprietorships and partnerships must renew their business registration before the expiry date or up to 60 days prior. Renewal can be done for either 1 year or 3 years at a cost of SGD 30 per year.
Both requirements can be done online through Bizfile.
Private limited companies are required to have their financial statements audited by an auditor or a registered public accountant at least once a year. Directors must appoint an auditor within three months of incorporation unless the company qualifies for an exemption as a small company.
To be qualified, the company must meet at least 2 of the following over the last two consecutive financial years:
Once the company qualifies as a small company, it will keep this status in subsequent financial years until it no longer meets the criteria or ceases to be a private company during the financial year.
Choosing a type of business entity for your company is extremely important, as it affects your registration requirements and your company’s operations. The common business structures in Singapore include:
While this guide covers the essentials of registering a business in Singapore, we focus mainly on private limited companies. Other types of business entities may have specific requirements, so it’s important to check the guidelines that apply to your chosen business structure.
After understanding the types of business entities, the next step is choosing and registering your company name. All new company names must be submitted to and approved by ACRA before registration.
You can choose to register a name first or do it simultaneously with company registration. If you register a name first, be sure to keep the transaction number, as it will be needed when you register the company. Once approved, the name will be reserved for 120 days. If you haven’t registered your business within this period, it will be available to other applicants.
Let’s review the essentials to ensure your application goes smoothly and avoid any unnecessary fees.
The proposed name for your company should follow ACRA guidelines, which include:
Words Disregarded in Identical Name Check
The following words are not sufficient to make the proposed company name unique if there’s a registered entity with a similar name.
For example, if there is an existing business called “Star Solutions,” an application to register a new business as “The Star Solutions” or “Star Solutions South East Asia” would be rejected.
You can check if the name you have in mind for your business is available on Bizfile. To do so, simply follow these steps:
Visit Bizfile and type your proposed company name in the search bar.
You will be redirected to the search tool. Click on the “Search” button.
The results will show whether the business name, or a similar one, is registered, along with the company’s status.
If it says “No matching record,” there is no registered company with this name, meaning you can proceed with registering it.
Once you’ve checked that the name you have in mind is not taken, you can proceed to register it. However, you will need a Singpass to access the service on your own. If you’re using a corporate service provider, they will typically handle this step for you as well.
Apart from your proposed company name, you will also have to provide the following:
SSIC Code
Details of the Owner or Authorised Representative
You will also have to provide the information of the business owner, authorised representative, or nominee or trustee, which includes:
In-Principle Approval
You’ll need at least one director and one shareholder to incorporate a local company in Singapore. Here are the eligibility requirements.
At least 1 director of the company must reside in Singapore and can provide proof of address if needed. This individual have to be a Singapore citizen, a Permanent Resident, or a foreigner with an EntrePass or Employment Pass. However, foreigners should confirm their eligibility with the relevant authorities before being appointed as local directors.
It’s also a legal requirement that at least one local resident director remains on the management board at all times while the company is operating.
In case you cannot find a suitable candidate to act as a local director, you may appoint a nominee director who does not have actual executive authority in the company but can fulfil this requirement.
Singapore allows 100% foreign ownership, meaning all shareholders can be foreign nationals. The shareholder requirements will depend on the company type, for example:
Maximum 20 shareholders; must not include any corporate shareholders.
Maximum of 50 shareholders; can have corporate shareholders.
Can have more than 50 shareholders
The minimum paid-up capital for incorporating a company in Singapore is SGD 1, and it can be issued with or without full payment from shareholders. Share capital can be increased after incorporation, but you need to provide this information when registering.
Tip: The company automatically becomes a member of the Singapore Business Federation (SBF) if its paid-up share capital exceeds SGD 500,000.
Unlike when registering a company in Hong Kong, you are not required to have a company secretary at the time of registering a company in Singapore. However, you must appoint one within six months from the date of incorporation.
A company or corporate secretary in Singapore is responsible for ensuring that the company and business activities comply with the country’s laws and regulations. They are also responsible for:
Keeping important statutory company records.
Who Can Be a Corporate Secretary for Your Company?
A company secretary must be a natural person whose primary residence is in Singapore. A secretary for a public company must also meet at least one of the following requirements:
The company’s sole director cannot also serve as its company secretary.
The Financial Year-End (FYE) is the final day of your company’s accounting period. Deciding on the FYE is essential, as this information is required when filling out the company registration form. The FYE also determines several compliance responsibilities, including:
The FYE can be 12 months or 52 weeks:
To change the FYE, you must inform the Registrar. Companies can adjust the FYE for the current or most recent financial year only if statutory deadlines for holding the AGM, filing the Annual Return, and distributing financial statements have not yet passed.
Tip: According to ACRA, the common FYE are 31 March, 30 June, 30 September, and 31 December.
Every registered business in Singapore must have an actual office address to receive official correspondence from government authorities. This address cannot be a PO Box.
Additionally, the registered office must be open to the public for at least three hours during ordinary business hours on weekdays to facilitate the delivery of legal documents and ensure authorities' accessibility. Failure to comply with these requirements can result in fines of up to SGD 5,000.
Now that you have everything ready, including registering your business name, you can proceed with incorporating your company.
In Singapore, all company registration applications must be submitted online through the Bizfile system, which you can only do so with a Singpass.
If you have a Singpass, then you can register a company by yourself by following these steps.
Visit Bizfile, then click on “Register new business entity,” which can be found under “Register.”
Once you click “Start,” you will be asked if you will log in as a business or individual user.
If you are an individual user, you will be redirected to log in using your Singpass.
Enter the transaction number of the approved business name application, then proceed to the next step.
Fill in the information about your company and upload the required documents, including:
Pay the company registration fee using a credit or debit card (Visa, Mastercard®, or American Express), PayPal, Apply Pay, or Google Pay
If you do not have a Singpass, you must engage a third-party filing agent or professional company incorporation service to register the company on your behalf. These professional agents are familiar with Bizfile and Singapore’s business registration requirements, so they can help ensure that your application is complete and compliant.
Most professional services will assist you with the following:
Using a company incorporation service isn’t limited to those without a Singpass. If you’re managing a small business, these services can help you stay on track and save time if they meet your budget.
Tip: It typically costs between SGD 2,350 and SGD 3,500 to incorporate a company in Singapore using incorporation services.
Once your application is submitted and approved, the appointed officers, including the directors, shareholders, and company secretary, will receive an email requesting their endorsement. All appointed officers must confirm their roles in Bizfile within 60 days of the email date.
After the business is successfully registered, you will receive the following:
Business Profile
A Business Profile is like an identity card for your Singapore business. It contains details such as the company name, Unique Entity Number (UEN), and business activities. An email with instructions on how to download the free Business Profile will be sent to the email address of the person who filed the registration.
You can view samples of the Business Profile for different types of business on the ACRA website.
Unique Entity Number (UEN)
A Unique Entity Number (UEN) is an identification number for your business, which can be found in the Business Profile. Typically, ACRA automatically generates a 9-10 digit UEN for newly incorporated companies. However, you can also purchase a preferred UEN from a reserved list for SGD 3,000 (Tier 1) or SGD 1,000 (Tier 2).
This number must always be quoted in business letters, statements of account, invoices, and other official correspondence, along with the company’s name.
Certificate of Incorporation
In addition to the Business Profile, you can purchase a Certificate of Incorporation for SGD 50. This document certifies that the company is registered with ACRA in Singapore and may be required when opening a corporate bank account or engaging with government agencies.
You can also purchase other certificates, such as the Certificate of Good Standing, directly from ACRA. It’s important to note that ACRA only provides electronic copies of these documents, not hard copies.
Registering your business is only the beginning. To maintain compliance and set a solid foundation for smooth operation in Singapore, it’s essential to keep your company information accurate, follow obligations such as annual filing, and consider these additional post-incorporation steps.
Singapore Corporate Access (Corppass) is an authorisation system for business entities to allow employees and third parties to perform corporate transactions with government agencies online, such as the IRAS digital services.
After you have registered your company, you can set up and manage your company’s Corppass account on the Corppass website.
If your business’s taxable turnover exceeds SGD 1 million at the end of the calendar year or is expected to be more than this amount in the next 12 months, you must register for Goods and Services Tax (GST).
GST-registered businesses are required to charge and account for a 9% GST rate on all sales of goods and services in Singapore unless exempted.
To apply for GST registration, you can visit and follow the steps on the IRAS website. The process varies by the type of business, and you can check whether you need to register for GST with the IRAS beforehand.
Another essential step after registering your company is opening a business or corporate account. Having a separate bank account for business transactions under your registered company’s name is crucial for accurate financial reporting and cash flow management.
When choosing a business account in Singapore, consider the following factors:
While the account opening process and eligibility requirements typically vary by account plan and bank, major banks in Singapore usually require a Singpass, UEN, and Tax Identification Number (TIN). Traditional banks also often require an in-person interview for business account openings.
If you register your Singapore business with Statrys, we can assist you in applying for a Statrys multi-currency business account, subject to approval. This account allows you to hold up to 11 major currencies and make international and local transactions at competitive rates, as well as access personalised support from dedicated account managers.
Lastly, let’s understand how taxes work for your company in Singapore. The Inland Revenue Authority of Singapore (IRAS) oversees corporate taxes and enterprise disbursement schemes.
In Singapore, all companies, both local and foreign, are taxed at a flat rate of 17%. However, similar to Hong Kong, Singapore operates a territorial tax system which means foreign-sources income is generally not liable to tax unless it is remitted into the country. Additionally, Singapore has Avoidance Double Tax Agreements (DTAs) with other jurisdictions to prevent double taxation on income earned in one jurisdiction by a resident of the other.
Your company is responsible for the annual filing of Corporate Income Tax Returns with IRAS. These include:
To encourage business growth, Singapore offers various tax exemption schemes that allow eligible companies to lower their tax burden, especially for start-ups and SMEs. Here’s a look at the key exemptions available:
New start-ups are allowed a 75% exemption on the first SGD 100,000 of normal chargeable income and a further 50% exemption on the next SGD 100,000 for their first 3 years of operations.
To qualify for this exemption, the company must:
All companies are eligible for partial tax exemption (PTE), which gives a 75% exemption on the first SGD 10,000 of normal chargeable income and a further 50% exemption on the next SGD 190,000.
Statrys is the partner you need for a quick, hassle-free solution to registering and running your Singapore company smoothly.
Statrys offers an all-inclusive Singapore company registration package at a single price. The package includes everything from incorporation and company secretary services to a registered address with mail forwarding, which is ideal for entrepreneurs and businesses of all sizes, including those new to Singapore.
Here’s what you will get:
Here are links to the official government sources referenced in our guide, where you can find additional information.
Get your Hong Kong business account open in a few days
100% online application
No account opening fee, no initial deposit
Account manager
Physical and virtual cards