How do I set up a company in Singapore?

Setting Up a Singapore Company: Step-by-Step

Singapore has one of the world's most business-friendly company incorporation processes. The entire procedure is done online and, for straightforward cases, takes under 15 minutes once all information is prepared.

Step 1: Choose Your Business Structure

The private limited company (Pte Ltd) is the most common structure for SMEs, startups, and foreign investor-owned businesses. It provides: limited liability for shareholders, a separate legal identity from its owners, access to the Start-Up Tax Exemption (SUTE), and the ability to raise investment. Alternative structures include sole proprietorships (no limited liability, cheaper to set up) and limited liability partnerships (LLPs), but the Pte Ltd is recommended for any serious business.

Step 2: Reserve Your Company Name

Company names must be approved by ACRA. The name cannot be identical or too similar to an existing registered business or trademark. Certain words (bank, insurance, legal, etc.) require additional regulatory approvals. Name approval is part of the BizFile+ incorporation flow and is instant in most cases.

Step 3: Meet the Minimum Requirements

To incorporate a Singapore Pte Ltd you need: (1) at least one director who is ordinarily resident in Singapore (Singapore Citizen, Permanent Resident, or someone holding an EntrePass or Employment Pass and residing in Singapore), (2) at least one shareholder (individual or corporate, local or foreign, up to 50 shareholders in a private company), (3) paid-up share capital of at least S$1, (4) a Singapore registered address (must be a physical address in Singapore, not a P.O. Box; co-working or virtual office addresses are acceptable), and (5) a company secretary appointed within 6 months of incorporation (must be a natural person ordinarily resident in Singapore).

Step 4: Incorporate via BizFile+

All incorporations are via ACRA's BizFile+ portal (bizfile.acra.gov.sg). Foreign founders who cannot access Singpass must engage a registered filing agent (corporate services provider) to submit on their behalf. The incorporation fee is S$315. The application captures: company name, registered address, business activities (SSIC codes), directors' personal particulars, shareholders' details and shareholding, and share capital information. Upon successful application, the Unique Entity Number (UEN) is allocated immediately and the Certificate of Incorporation is issued electronically.

Step 5: Appoint a Company Secretary

A company secretary must be appointed within 6 months. The secretary handles ongoing ACRA compliance: filing annual returns, maintaining statutory registers, and ensuring corporate governance deadlines are met. Many small companies engage a corporate services provider to combine the registered address, company secretarial, and accounting services in a single bundle (typically S$500 to S$2,000 per year).

Step 6: Open a Corporate Bank Account

Singapore banks have tightened KYC requirements. Opening a corporate account for a foreign-owned company can take 2 to 8 weeks. Required documents typically include: Certificate of Incorporation, Memorandum and Articles of Association, directors' and shareholders' passports and proof of address, business plan, and source of funds declaration. DBS, OCBC, UOB, and Maybank are popular choices. Digital banks (Airwallex, Aspire, Revolut Business) offer faster onboarding for multi-currency accounts.

Step 7: Register for Tax and GST

The company's UEN serves as its tax reference number. Corporate income tax registration is automatic. GST registration is required separately if and when the S$1 million taxable turnover threshold is met. Employer CPF obligations begin immediately upon hiring Singapore Citizens or PRs.

Foreign-Owned Companies

Foreign nationals (individuals or companies) can own 100% of a Singapore Pte Ltd. However, a Singapore-resident director is required. Foreign founders who are not resident in Singapore must appoint a nominee director (a Singapore resident who holds the directorship on the foreign founder's behalf) until they obtain their own Singapore residency. The EntrePass (for entrepreneurs) or Employment Pass (once the company is operational and the founder is employed) provides the residency needed to serve as a director without a nominee.