How To Register a Company in Singapore – 2024 Complete Guide
Last updated: March 2024
Want to register a company in Singapore? This guide contains key facts on opening a company and doing business in Singapore – the requirements, procedures, and timelines.
Choosing the right business structure for your company registration
Choosing the right business structure in Singapore is crucial as it impacts liability, taxation, and regulatory obligations. It determines how the business is governed, its legal status, and the extent of personal liability. The right structure ensures compliance, minimizes risks, and maximizes operational efficiency, influencing the company’s long-term success.
Private Limited Companies (Pte Ltd)
A private limited company in Singapore, often denoted as “Pte Ltd,” is a separate legal entity with limited liability.
It can have a maximum of 50 shareholders, offering benefits like corporate tax exemptions and access to various government schemes and incentives for business growth. Shareholders of a private limited company can be other companies, individuals, or a mixture of both.
In comparison to other types of companies in Singapore, a Private Limited Company (Pte Ltd) is the most scalable, advanced, and flexible business structure for Singapore companies. It is also the most common and preferred type of business compared to limited liability partnership (LLP) or sole proprietorship (SP).
For 2023, 72% of the monthly new companies incorporated in Singapore were Private Limited Companies.
Having trouble deciding the best structure? Connect with our experts today.
Sole proprietorships (SP)
This type of business is straightforward but carries more risk for its owner since the owner will be personally liable for his/her company.
Legally, a sole proprietorship is not a standalone entity, which means that the owner – whether an individual or a legal entity – and the business are considered as one.
In addition to Singapore citizens and permanent residents, only foreigners with a Dependant’s Pass, Overseas Networks & Expertise (ONE) Pass or Letter of Consent are allowed to register a sole proprietorship.
In a sole proprietorship, the personal assets of the owner are not protected from the liabilities and business risks of the company. The owner has unlimited liability. This means when your business is not able to pay back a particular debt, the creditors can go after your assets as well as those of the company.
Unfortunately, most are not aware of this disadvantage, and it is recommended that aspiring entrepreneurs avoid this type of entity.
Limited liability partnerships (LLP)
An LLP is owned by at least two partners, individuals or body corporate, and is a legal entity separate from its partners.
An LLP is typically established to carry a profession, such as attorneys, architects, etc. where two or more would like to join together and form a practice in their shared field. The profits are taxed at partners’ personal income tax rates if the partner is an individual and at corporate tax rates if the partner is a body corporate.
LLPs are not qualified to obtain government loans. Requires a minimum of two partners at all times, or the company will be dissolved as well as lacks ease of transfer of ownership.
Read about the differences between a Pte Ltd and an LLP.
Essential requirements for registering a Singapore company
To start and operate a business in Singapore, you must first choose your preferred business structure. Next, you need to register your company with the Singapore Company Regulator, known as The Accounting and Corporate Regulatory Authority (ACRA). ACRA, a statutory board under Singapore’s Ministry of Finance, serves as the national regulator for business entities, public accountants, and corporate service providers in Singapore. Finally, you’ll need to set up your corporate bank account. Here is a checklist of all essential requirements to register a Singapore company.
- Company name: To register your business in Singapore, you must make sure that your proposed name is approved by ACRA. We’ve captured some of the hottest tips for picking your company name.
- 1 or more directors: Directors must be individuals, aged 18 and above, who have not been disqualified to hold a directorship in Singapore or elsewhere.
- 1 or more resident directors: At all times, you will need at least one locally resident director. At the time of company registration this is someone who is a Singapore citizen, Permanent Resident, or holder of an EntrePass visa.
- Between 1 – 50 shareholders: A shareholder can either be an individual or a legal entity like a trust or another company. Singapore permits 100% foreign ownership of Singapore companies.
- Paid-up capital: The minimum paid-up/share capital for a company to register in Singapore is S$1. Any time post business registration, the share capital can be increased.
- A registered address in Singapore: The address that is provided for the company must be located in Singapore. It must be a physical address and a P.O. Box will not be accepted.
- Company secretary: Every company must appoint a company secretary. This individual will help the directors to prepare and file all necessary documentation to keep the company compliant.
- Auditor: Most companies in Singapore qualify for an exemption on conducting a yearly audit. You only need to conduct an audit if your SG entity has:
- Total annual revenue > $10m;
- Total assets > $10m;
- No. of employees > 50.
Unless the company has been exempted from audit you every company must appoint an auditor within 3 months of registration.
Additional considerations for company registration in Singapore
- Business Activity Classification: At the time of incorporation, every business in Singapore must select an SSIC code intended to describe their intended business activity. SSIC codes are used as a means of Government Statistics purposes and some codes require the need for specific licenses. Stumped as to which SSIC code to pick for your company? We’ve made a shortlist of the most common 100 used codes.
- Licenses & Permits: Some SSIC codes, company names and business activities are restricted and require the application of a license prior to being able to conduct business. The good news is that Singapore has set up a business license portal that aims to deliver a user-friendly and efficient licensing experience. For more information you can refer to our Guide for the Most Common Licenses and ACRA’s guidelines on restricted company activities.
- Insurance: When starting a business in Singapore, it is important to think about what insurances your business may need. By having such protection in place, it will allow you peace of mind to run your business. We’ve highlighted the 3 types of insurances every company should consider.
- Tax Incentives: Many new companies in Singapore are eligible to receive tax incentives and exemptions. This is one of the primary reasons that entrepreneurs from around the world prefer to form their Singapore company.
Need assistance with your company incorporation? Speak to our experts
What are the documents needed to register a company in Singapore?
To incorporate your company in Singapore, you need to file with ACRA Singapore. You will need to provide:
- Company name
- Brief description of activities & SSIC Code
- Details of shareholders and KYC information
- Details of directors and KYC information
- Registered Singaporean Business Address
- Share capital details
- The company’s constitution
Step by step guide to register a company in Singapore
There are 2 steps involved for incorporating in Singapore.
Reserving the company name
To register your business in Singapore, you must make sure that your proposed name is approved by ACRA. Usually, you will find out whether your proposed name has been approved or rejected within a day. However, if your proposed name contains specific words such as media, bank, law, finance, or education, the corresponding external governmental authority may be required to review and approve the name.
Here are some tips for picking your company name. To increase your chances of the proposed name being approved right away, you want to make sure that the name is not:
- Similar/identical to an existing company in Singapore
- Vulgar/obscene
- Already reserved
Approved company names will be held and secured for 60 days from the date of your application. If you need to extend the name reservation for another 60 days, you may do so by filing an extension just before the initial hold expires.
Registering the company
Once you have received approval for your name, the process of filing the paperwork and obtaining approval from the ACRA can be done in just a day – as long as the documents are all ready and have been signed by all directors of the new company.
Our experts will help with your company formation. Start now.
How much does it cost to register a company in Singapore?
You can incorporate your business with Sleek at S$275. This excludes Singapore’s Accounting and Corporate Regulatory Authority (ACRA) fee of S$375.
This fee includes both company registration and 1 year of our company secretary services. Our expert team will also help you to prepare any other documentation your company will need to get started and running.
Kai Kono
Owner, Spring Digital
Very professional, responsive, and setting up a company was extremely seamless. Highly recommend Sleek to all entrepreneurs and companies setting up in Singapore.
Kai Kono
Owner, Spring Digital
Expert company incorporation services in Singapore
How long does it take to register a Singapore Company?
The timeline can vary from a few hours to days. When working with a company secretary the time frame is primarily determined by how quickly each shareholder and director can send the company secretary their personal documentation (eg. proof of identification, residential address) for verification.
Once you have all your documents together, a company can be incorporated within one to three business days, as long as you have all of your documentation ready and ACRA does not cause any delays.
How to register a company in Singapore as a foreigner?
The minimum requirement for a foreigner to incorporate a company in Singapore are:
- At least one shareholder
- At least $1 paid-up capital (in any currency)
- A local company secretary
- A Singapore-based director
- A registered address in Singapore
There are three ways foreigners can register a company in Singapore:
Apply for an Employment Pass (EP) holders
The Ministry of Manpower (MOM) gives entrepreneurs an opportunity to obtain an EP once they have incorporated a company in Singapore.
If you don’t have an EP, you can hire a visa agent like Sleek to submit the EP application on your behalf.
Once it has been approved, you are then free to enter Singapore and begin work at your new company. Note that your Singapore business has to be incorporated before you can apply for an EP. And the company has to be a private limited one. Find out more about getting an EP here.
Apply for an Entrepreneur Pass (EntrePass)
MOM approves EntrePass for eligible foreign entrepreneurs to start and operate businesses in Singapore that are either venture backed or possess innovative technologies.
It is open to all nationalities and you may apply for an EntrePass if you meet both of these conditions:
- You have started or intend to start a private limited company registered with ACRA that is venture-backed or owns innovative technologies. If your company is already registered, it must be less than 6 months old when you apply for an EntrePass. And if you haven’t registered, you can do so after your EntrePass application is approved.
- Meet the MOM’s innovative criteria as an entrepreneur, innovator or investor as listed here.
Get more information on the documents required and the process of applying for an EntrePass here or consult our visa experts.
Incorporate a company without relocating to Singapore
One of the basic requirements of opening a company in Singapore is that one of the company directors or authorized representatives is a resident of Singapore. This person can be your authorized representative that manages your business.
If you’re relocating to Singapore to start a company, you can register your company only if you have the relevant work visas. You can also choose to start a company without moving to Singapore by appointing a local resident director.
If you are a foreigner, you might not be aware of the regulations in Singapore or know the processes involved. You can hire a company secretary firm like Sleek who can help with the entire business registration process and also provide services such as nominee director and as well as a local registered address in Singapore.
What is a nominee director?
Company registration – additional considerations for foreigners
Foreigners who are interested in registering their Singapore Company also need to consider the following:
- You will need to hire a professional to file on your behalf. Singapore does not allow a foreign individual/entity to self-register their company.
- If you plan to incorporate your Singapore company, but don’t plan to move, you do not need to obtain any special travel visa. You may operate your company from overseas, and you may visit Singapore on a short-term visitor visa when you need to deal with company issues.
- If you are not planning to have anyone in your company move to Singapore, you will still need to fulfill the requirement to have a local director. You can find a professional service firm in Singapore like Sleek that offers incorporation services including local resident directorship.
You may need to travel in order to set up a corporate bank account, depending on the bank you choose. We have a network of bankers and can help facilitate this. Check out our short guide on how to open a Singapore bank account.
Andrew Lai
AETNA INSURANCE BROKERS PTE. LIMITED
Had an extremely pleasant experience dealing with the Sleek platform. This was after trying to apply via the ACRA portal directly, which ended up being extremely difficult due to the poor UI/UX (not recommended for beginners). The Sleek platform and interface was also extremely user friendly. He (Oswyn) understood the urgency of setting up the account quickly and expedited the request, resulting in the entity being set up in less than 3 hours.
Andrew Lai
AETNA INSURANCE BROKERS PTE. LIMITED
How to set up a company as foreigner in Singapore
What happens post company incorporation?
- You will receive a Certificate of Incorporation. ACRA will send an email notification confirming the registration of your company. This is your official Singapore Company Incorporation Certificate and will include your business registration number. If you want a hard copy of the certificate, you can make an online request to ACRA for S$50.
- You will receive a Business Profile (”Bizfile”). ACRA will also provide the business profile of your new company for free. The business profile is the identity card of the company.
- You will be able to open a corporate bank account. To open a corporate bank account, you will need a Corporate Account Opening Form, a Directors’ Resolution, a Certified True Copy of the Company’s Business Profile, and identification and address proof for directors, signatories, and ultimate beneficial owners. For more details refer to our short guide on How to open a Singapore bank account.
- You will be able to apply for relevant Business Licenses: Depending on the activities that your business will be doing, you might also need to apply for business licenses. You will complete this process after registering your company and before starting your business. Refer to our Guide for the Most Common Licenses in Singapore.
- You will be able to register for Goods and Service Tax (GST). If you expect your business’s annual turnover to exceed S$1 million, then you must register for Goods & Services Tax, or GST (also referred to as value-added tax, VAT, in many countries). If you do not expect your business’ annual turnovers to reach S$1 million, you are not required to register for GST.
Ongoing formalities and filing requirements for Singapore companies
Once you have officially incorporated your Singapore business, the Companies Act requires specific annual filing requirements to be made. Check out our guide on the annual filing requirements for companies established in Singapore.
Below is an example of some of the key deadlines you will need to keep on top of:
For a hassle-free experience, timely filings, and expert support you might want to consider hiring a professional company secretary, like Sleek! We support over 7000 businesses in Singapore , and would be thrilled to help you with your business needs.
IRAS requirements for Singapore registered companies
Advantages of incorporating a company in Singapore
Tax Benefits – the Delaware of Asia
Tax benefits are one of the main reasons why many companies choose to register a company in Singapore.
Singapore has business-friendly tax rates and a wealth of tax incentives to encourage the growth of businesses and entrepreneurship, which makes incorporating a company in Singapore a good idea.
Here’s a quick rundown of some of the favorable tax policies:
Tax-exempted profits | For YA 2020 onwards, 75% of the first S$100,000 of profits earned in Singapore for the first 3 years from a company’s incorporation are exempted from taxes. More information in our 5 minute Guide to Singapore’s Corporate Tax System. |
Tax Minimization | Shareholders of Singapore companies can benefit from 0% tax on dividends and 0% tax on capital gains. |
Double Taxation Avoidance Agreements (DTA) | Singapore currently has treaties with over 50 countries, including some of the most influential economic nations in the world such as Australia, China, Japan, UK, Canada, France, and Germany. Here is a list of Singapore’s DTA’s currently in force. |
Extra tax reduction | On top of tax exemptions, an incorporated company can further lower its taxable income by setting up benefits programs for its employees. Specific programs can be classified as business expenses such as leasing of vehicles, pensions, and retirement funds. |
Singapore has an excellent international reputation as a stable jurisdiction with a robust financial infrastructure and a well-regulated economy. From government grants, accelerators, incubators, VCs, and banks, there are several ways to get access to capital at any stage of development.
This has spurred the growth of the start-up scene in Singapore, with capital pouring into the city-state: in 2016 there was US$3.5 billion in private equity and VC investment alone.
More details are captured in our additional resources:
- Grants & Funding Schemes in Singapore for Entrepreneurs
- The 6 main sources of funding for your startup in Singapore
- A beginner’s guide to accelerators and incubators in Singapore
In comparison to other countries like China, opening a corporate bank account is also a simple process. Some corporate service providers such as us at Sleek offer matchmaking services with their network of bankers, making the process even smoother. Singapore banks also offer excellent Letters of Credit (LC) support to Singapore companies engaging in international trading.
Entrepreneur-friendly government policies
In addition to the ocean of venture capital pouring into Singapore, the Singapore government has also adopted several very pro-innovation and entrepreneur-friendly policies in a bid to attract foreign startups.
These policies include several forms of grants, tax incentives, and assistance schemes. Additionally, if your business falls within specific economic sectors, the government also subsidises labor costs for your new business.
One example is the Productivity Solutions Grant (PSG), which subsidizes the cost of digitally enhancing your business. Sleek is a pre-approved PSG vendor, which means entrepreneurs can get some of our services subsidized by the government. For example, eligible clients can get up to 70% off their yearly accounting fees.
More information on how to get started with Sleek through the PSG grant can be found here.
The gateway to Asia
Singapore is an international hub with a prime location in South East Asia. Sometimes referred to as ‘entry-level Asia’ or ‘Asia lite’ by expats (and currently rated as the #1 city in Asia for quality of life), it’s a country where east meets west.
As a logistics hub, Singapore is one of the best locations for regional business – the award-winning Changi International Airport is known for its efficiency and frequency of flights (currently with more than 400 direct flights!). Business is best when it’s done face-to-face – and with a base in Singapore, there are several key emerging markets like Indonesia, Malaysia, and the Philippines a few hours’ plane ride away.
Singapore companies also enjoy a positive and transparent image in the region–a reputable foundation for the promotion of the company to customers, suppliers, and investors, as well as opening doors to business alliance opportunities.
Finding and managing local talent
If you have a head office in an English-speaking country, setting up a subsidiary or other corporate entity in Singapore is a smart choice – Singaporeans have a reputation for being hardworking, rule-abiding, and highly productive. The talent pool is highly educated, literate, and English-speaking, minimizing communication difficulties between offices.
Singapore’s liberal immigration laws also allow businesses to easily hire employees from any country, which can lower the company’s operating costs. Nearly a third of the country’s workforce are foreigners and Singapore makes it easy for any foreign professionals to obtain work visas or permanent residence (PR) status.
World-class telecommunication infrastructure
In today’s world, the availability of lightning-fast internet communication infrastructure is crucial to the success of any new business. The telecommunication infrastructure of Singapore covers the entire country, with near zero blackouts or downtime.
Based on official figures, there are over 43,000 public Wi-Fi access points and 15 million mobile subscribers. Businesses can connect to the internet from almost anywhere without suffering a loss of network connection or delays.
Strong anti-corruption stance
Singapore has a strict policy against corruption on any level. To deter corruption, their government employees are some of the highest paid in the world. This policy is effective as Singapore is currently ranked as one of the least corrupt countries in the world.
Instead of dealing with “connections” or bribes, which makes palm-greasing necessary to get things completed, Singapore is the exact opposite. In this sense, you can know your business will succeed or fail based on its own merits, and not because of corrupt officials.
Easy company registration process
The requirements for starting a company in Singapore are low. It’s one of the easiest places to start a company in the world – it’s currently ranked #2 in the World Bank’s Doing Business rankings.
Incorporating in Singapore is a strong choice when deciding where to base yourself. A stable economy, a strong workforce, and business-friendly tax policies let you get up and running sooner- so you can spend less time tangled in admin and more time growing your business.
FAQs
Can foreigners own a company in Singapore?
Yes, foreigners can fully own and operate a company in Singapore.
What are the documents needed for foreigners to incorporate a company?
- Passport copy
- Proof of overseas residential address
- Proof that company name has been registered with ACRA
- A copy of the company’s constitution which must include details such as the company’s registered address in Singapore, the company’s business activities, amount of share capital and number of issued shares, and liabilities of the members of the company.
- Particulars of the company’s directors, shareholders and company
Can Dependant’s Pass (DP) holders register a company?
Yes but you’ll need to apply for a Letter of Consent (LOC) from MOM to run your business, after you have registered it with ACRA. More information on the eligibility requirements and application process here.
What types of business structures are available when registering a company in Singapore?
Your company can be a private limited (Pte Ltd), a sole proprietorship or a limited liability partnership (LLP).
How much does it cost to register a company in Singapore?
Sleek can register your company with ACRA starting from $650 inclusive of government fees
What happens after company registration?
You will receive a Certificate of Incorporation as well as a business file (‘Bizfile’) from ACRA.
You can then open a corporate bank account. You will need to register for GST if you expect your company’s annual turnover to be more than S$1 million. And, depending on what activities your company is involved in, you might need to apply for a business license.
All companies need to note the Inland Revenue Authority of Singapore’s (IRAS) compliance requirements too.
Which is the best visa for foreign entrepreneurs looking to move to Singapore and incorporate a company?
The best visa option for foreign entrepreneurs looking to move to Singapore and incorporate a company is the EntrePass, also known as the Entrepreneur Pass. This visa is specifically designed for foreign entrepreneurs who want to start a business in Singapore. It allows the entrepreneur to relocate to Singapore and operate their company. To be eligible for the EntrePass, applicants must fulfill certain criteria, such as having a viable business plan, possessing relevant qualifications or experience, and demonstrating a track record of successful entrepreneurship. Additionally, the EntrePass offers flexibility and benefits such as the ability to bring family members to Singapore and the opportunity to apply for permanent residency in the future.
What are the types of business entities I can register in Singapore?
Sole Proprietorship, Partnership, Limited Liability Partnership (LLP), Private Limited Company (Pte Ltd).
Do I need a local director to register a company in Singapore?
Yes, at least one director must be a Singaporean citizen, Permanent Resident, or hold an Employment Pass, EntrePass, or Dependent Pass.
Do I need to engage a company secretary for company registration?
Yes, it is mandatory to appoint a qualified company secretary within six months of incorporation.
What is the minimum paid-up capital required to register a company?
There is no minimum paid-up capital requirement for registration.
How long does it take to register a company in Singapore?
Typically 1-2 days if all documents are in order and approved by the Accounting and Corporate Regulatory Authority (ACRA).
Do I need to be present in Singapore to register a company?
No, you can engage a professional firm to handle the registration process on your behalf.
What are the ongoing compliance requirements after company registration?
Annual filing of tax returns, annual general meetings, maintaining accounting records, and updating changes in company particulars.
Need more information? Let our experts help.
incorporation, accounting, tax
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businesses worldwide.
from 4,100+ reviews.
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incorporation, accounting, tax
services, and compliance.
450,000
businesses worldwide.
from 4,100+ reviews.
satisfaction rate from
16,000 surveyed clients.
