Singapore has consistently ranked as one of the easiest places in the world to start a business, thanks to its business-friendly regulations, incorporation services in Singapore , and robust legal framework. Whether you're a local entrepreneur or a foreign investor, incorporating a company in Singapore is a straightforward process when you understand the legal requirements and engage the right service providers.
In this blog, we’ll walk you through the steps involved in incorporating a company in Singapore and explain how professional incorporation services can streamline the entire process.
Why Incorporate a Company in Singapore?
Before diving into the process, here are a few compelling reasons to set up your business in Singapore:
Low corporate tax rates and extensive tax treaties
100% foreign ownership allowed
World-class infrastructure
Reputation as a global financial hub
Efficient and transparent legal system
Step-by-Step Guide to Incorporating a Company in Singapore
1. Choose a Business Structure
The most common business entity in Singapore is a Private Limited Company (Pte Ltd) due to its scalability, limited liability, and credibility. Other options include Sole Proprietorships and Limited Liability Partnerships, but these are less suitable for growing businesses or attracting investors.
2. Reserve a Company Name
Your proposed company name must be:
Unique and not identical to an existing company
Not infringe on trademarks
Not contain offensive or prohibited words
Name approval typically takes less than an hour via the Accounting and Corporate Regulatory Authority (ACRA) portal, unless further review is required.
3. Appoint Key Personnel
You must appoint:
At least one resident director (Singapore citizen, PR, or someone with an eligible pass)
At least one shareholder (can be an individual or corporate entity)
A company secretary within 6 months of incorporation
An auditor within 3 months (unless exempt)
4. Register the Company with ACRA
Once your company name is approved, you'll need to submit the following documents:
Company constitution
Details of shareholders and directors
Registered office address in Singapore
Identification documents
With all requirements in place, registration can be completed in 1–2 business days.
5. Open a Corporate Bank Account
After incorporation, you can open a corporate bank account with local or international banks. Most banks require physical verification, though some digital banking solutions now offer remote onboarding.
6. Register for Relevant Licenses and Taxes
Depending on your business activities, you may need to apply for specific licenses. Additionally, you must register for GST (Goods and Services Tax) if your annual revenue exceeds SGD 1 million.
Why Use Professional Incorporation Services?
While the process is relatively straightforward, navigating legal compliance and paperwork can be time-consuming. Here’s how professional incorporation services add value:
Expert guidance on choosing the right structure
Hassle-free name reservation and document submission
Resident director and company secretary services
Assistance with bank account opening and licensing
Compliance and tax advisory
Whether you're a first-time entrepreneur or a foreign investor, professional support ensures a smooth and legally compliant setup.
Final Thoughts
Incorporating a company in Singapore offers a strategic advantage for local and international entrepreneurs. With the right guidance and support, your business can be up and running in a matter of days. If you're ready to start your journey, consider partnering with a reliable incorporation service provider to simplify the process and focus on what matters most—growing your business.