Singapore is consistently ranked as one of the world’s easiest and most attractive places to start a business — thanks to its business-friendly legal framework, low taxes, strong legal infrastructure, and strategic location in Asia. This makes it a top choice for both local founders and international entrepreneurs looking to launch or scale their ventures.
But navigating company incorporation — especially for the first time — can feel overwhelming. This guide walks you through the entire process, from choosing a business structure to post-registration compliance, so you can launch with confidence.
Why Incorporate in Singapore?
Before diving into the mechanics, it’s worth understanding why Singapore is such a popular jurisdiction for business incorporation:
1. Ease of Doing Business
Singapore’s company incorporation process is largely digital and streamlined — with registration often completed within 1–3 business days once documents are in order.
2. Strategic Global Hub
Located at the heart of Southeast Asia, Singapore offers access to regional markets and is a gateway for global trade and investment.
3. Competitive Tax Regime
The corporate tax rate in Singapore is set at 17%, with attractive exemptions for startups and no capital gains tax. These benefits can significantly reduce the early tax burden on new companies.
4. Credibility and Access to Funding
Having a Singapore-registered company enhances credibility with investors, partners, and customers — especially in tech, finance, and professional services.
Step 1: Choose the Right Business Structure
The first decision you’ll make is choosing a business entity type. Your choice affects taxation, liability, and regulatory requirements.
Most Common Structures
Private Limited Company (Pte Ltd):
This is the most preferred business structure in Singapore for startups and growing SMEs due to its strong credibility and scalability. A Pte Ltd is a separate legal entity from its owners, which means shareholders enjoy limited liability and are not personally responsible for business debts. It is also more attractive to investors, banks, and government grant providers, making it easier to raise funds and expand in the future.
Sole Proprietorship:
A sole proprietorship is the simplest and most cost-effective business structure, making it suitable for individuals testing a business idea or operating on a small scale. The owner has full control over the business but also bears unlimited personal liability for all debts and obligations. This structure is generally less suitable for long-term growth or businesses with higher risk exposure.
Limited Liability Partnership (LLP):
An LLP combines the flexibility of a partnership with the benefit of limited liability, making it popular among professional service firms such as consultants, lawyers, and accountants. Each partner is protected from personal liability arising from the actions of other partners. While it offers operational flexibility, an LLP may be less attractive to external investors compared to a private limited company.
For first-time entrepreneurs, a Private Limited Company is usually the best choice due to corporate credibility and ease of scaling.
Step 2: Prepare Key Requirements Before Registration
A. Company Name
Your proposed business name must be approved by the Accounting and Corporate Regulatory Authority (ACRA). Requirements include:
- The name must be unique and not misleading.
- It must not contain offensive or restricted words.
- For a Pte Ltd, the suffix “Private Limited” or “Pte Ltd” is required.
Name approval usually takes a few hours to a day, unless referred to other authorities.
You need at least one director who is resident in Singapore — this means a Singapore citizen, permanent resident, or someone holding a valid work pass (e.g., EntrePass, Employment Pass). Companies may have 1 to 50 shareholders. Both Singapore residents and foreigners can hold shares.
C. Registered Office Address
Your company must have a physical address in Singapore. P.O. Boxes aren’t allowed. This address will be your official contact point for regulatory correspondence.
D. Paid-Up Capital
There must be at least S$1 in paid-up capital at incorporation, though many founders start with S$1,000 or more.
E. Company Secretary
Within 6 months of incorporation, you must appoint a company secretary who is a Singapore resident and not the sole director of the company.
F. SSIC Code
You’ll need to select a Singapore Standard Industrial Classification (SSIC) code that reflects your primary business activities. This can affect licensing and regulatory requirements.
Step 3: Register With ACRA
Once you’re ready with all documentation, you’ll register your company through the BizFile+ portal — Singapore’s online business filing system.
How to File
- Locals or residents with Singpass can log in directly to BizFile+.
- Foreign founders typically engage a registered filing agent (corporate service provider) to submit the application on their behalf.
Documents to Submit
- Approved company name
- Details of directors and shareholders
- Registered office address
- Company constitution (formerly Memorandum & Articles of Association)
- SSIC code and consent forms
Once approved, you’ll receive:
- A Certificate of Incorporation
- A Unique Entity Number (UEN)
- A Business Profile (available for download)
Typically, the registration is completed in 1–3 days, though complex cases can take longer.
Step 4: Open a Corporate Bank Account
After incorporation, you’ll need to open a corporate bank account to manage business finances.
Options
- Traditional Banks: DBS, OCBC, UOB, HSBC, Standard Chartered.
- Digital/Fintech Banks: Aspire, Wise Business, Airwallex, etc.
Each bank has its own onboarding requirements; some may need in-person verification, while others allow remote sign-ups.
A corporate bank account is essential for receiving payments, paying suppliers, and keeping your business finances separate from your personal accounts.
Step 5: Post-Incorporation Compliance
Incorporation is just the beginning. To keep your company in good standing, you must comply with ongoing regulatory requirements:
Annual Filing and Returns
Companies must file annual returns with ACRA and maintain statutory records — typically handled by your company secretary.
Tax Filing
Your company must file corporate tax returns with the Inland Revenue Authority of Singapore (IRAS). Singapore’s tax year usually aligns with your financial year-end.
GST (if applicable)
If your annual revenue exceeds S$1 million, you must register for Goods and Services Tax (GST).
Other Licensing
Certain businesses — e.g., food & beverage, education, healthcare — require specific operating licenses. These must be applied for before you start trading.
Final Tips for First-Time Entrepreneurs
1. Start With Proper Planning
Understand your business structure and long-term goals before incorporation.
2. Engage Professionals
A corporate service provider can help with name reservation, paperwork, and compliance — especially for foreign entrepreneurs who don’t have access to Singpass.
3. Understand Tax and Incentives
Research tax incentives like the Start-Up Tax Exemption (SUTE) to optimise your tax position.
4. Keep Accurate Records
Good record-keeping simplifies annual filings and tax compliance.
Costs of Incorporation
Here’s a breakdown of the typical costs first-time entrepreneurs should expect:
Government Fees
- Name reservation: S$15
- Registration/incorporation fee: S$300
Total mandatory government fees: S$315 for a private limited company.
For other business structures, the government fees are lower. Sole proprietorships and partnerships incur a S$100 registration fee, plus the S$15 name application fee, while a Limited Liability Partnership (LLP) is also charged S$100 for registration, in addition to the S$15 name application fee.
It is important to note that these fees cover only the basic government processing costs. Additional expenses may apply if you engage a corporate service provider or require services such as a nominee director, company secretary, or registered address, which are commonly needed to meet compliance requirements, especially for foreign business owners.
Professional Fees
- Company secretary: S$199–S$700/year
- Registered address services: S$199–S$400/year
- Nominee director (if needed for foreigners): S$1,800–S$3,500/year
Optional Costs
- Accounting and bookkeeping
- Business licenses (if required)
- Work pass application fees
- Bank minimum deposits and service charges
While Singapore’s base incorporation fees are affordable, the total first-year cost can vary depending on whether you engage service providers or have local personnel to fulfill residency requirements.
Conclusion
Incorporating a company in Singapore is a highly achievable goal for first-time entrepreneurs — thanks to its efficient digital systems and supportive business environment. By understanding the requirements, preparing documentation carefully, and meeting ongoing compliance obligations, you can launch your business smoothly and focus on growth.
Whether you’re planning to build a startup, run an e-commerce venture, or establish a regional headquarters, Singapore’s well-structured incorporation process sets you up for success.
Ready to take the next step? Timcole, a reputed corporate service provider in Singapore, can support you end-to-end — from company registration paperwork to corporate secretarial services — helping you chart your entrepreneurial journey with clarity and confidence.
