Key Takeaways
- Singapore remains one of Asia’s most attractive jurisdictions for entrepreneurs due to its stable legal system, strong infrastructure, competitive tax regime, and government support for enterprise growth.
- Before starting a business, founders should choose the correct business structure, reserve a business name through ACRA’s Bizfile, prepare a registered office address, and understand post-incorporation compliance duties.
- A Singapore company generally needs at least one director, one shareholder, a local registered office address, share capital, and a company secretary appointed within six months after incorporation.
- Singapore’s corporate income tax rate is 17%, with tax exemption schemes available for qualifying new start-up companies and partial tax exemption available for qualifying companies.
- Business owners should also consider licences, tax registration, work passes, annual filing obligations, and banking requirements before commencing operations.
What Is the Best Way to Start a Business in Singapore?
The best way to start a business in Singapore is to choose a suitable business structure, reserve a business name with ACRA, prepare the required directors, shareholders, registered office address, share capital, constitution, and business activity details, then register the entity through Bizfile or through a registered corporate service provider.
Starting a business in Singapore can be an exciting and rewarding venture. With its vibrant economy, world-class infrastructure, and diverse companies, Singapore is an ideal place to start a business. To help you get off on the right foot, we’ve put together six helpful tips on how to start a business in Singapore. From securing financing to understanding the tax requirements, these tips will give you all the information you need to get your business off the ground.
Why Singapore Is a Top Business Destination?
Are you looking for information on how to start a business in Singapore? With its thriving economy, it is no wonder that many entrepreneurs are drawn to this city-state. Located in the heart of Asia, Singapore thrives in its strong economy and talent pool.
Singapore continues to be recognised as a leading global business hub because of its strong rule of law, efficient company registration system, international connectivity, skilled workforce, and pro-business government policies. The country provides enterprises with a strong environment for business formation, investment, innovation, and regional expansion.
Ideal business environment
Singapore is consistently regarded as one of the world’s most business-friendly economies, supported by efficient digital government services, transparent regulation, strong infrastructure, and access to regional markets. Entrepreneurs can register most business entities through ACRA’s Bizfile portal, subject to the required information, approvals, and sector-specific licences.
Solid ties to the rest of Asia
Singapore provides good connections and has close linguistic, cultural, and commercial ties to the expanding Southeast Asian market. With a combined GDP of US$3.2 trillion in 2019, the ten ASEAN nations rank as the world’s fifth-largest economic bloc. The region is likewise on course to overtake the fourth as the largest by 2030.
Stable political landscape
Singapore’s stable legal, regulatory, and political environment makes it attractive to investors and entrepreneurs. Its business regulations are supported by clear legislation, official filing portals, and established regulators such as ACRA, IRAS, MOM, Enterprise Singapore, and sector-specific licensing authorities.
A wonderful place to live
Singapore is an excellent place to live as well. The city-state has again won the title of most livable place for East Asian immigrants due to its excellent international education system, infrastructure, and housing.
STATISTIC: Enterprise Singapore reported that in 2025, it supported 11,700 enterprises to grow revenue and strengthen cost competitiveness. This included 2,400 companies that embarked on transformative projects, contributing to projected revenue growth of S$12.3 billion and the creation of 10,000 skilled jobs.
Top 3 Factors to Consider When Starting a Profitable Business in Singapore
Figuring out the steps on how to start a business in Singapore can be an exciting and rewarding venture. However, consider a few crucial factors before beginning. These factors can differentiate between a profitable business and one that fails to make money.
1. Choosing the proper business structure
Select the business structure that works best for your needs, whether you manage the business alone or with associates. Sole proprietorships, partnerships, and companies are the most common business structures. Each of these offers its own advantages and critical considerations.
The main business structures available in Singapore include:
- Sole Proprietorship
- Partnership
- Limited Partnership (LP)
- Limited Liability Partnership (LLP)
- Local Company
ACRA regulates business entities in Singapore. For companies, the main legislation is the Companies Act 1967. The correct structure should be selected based on liability, ownership, tax, compliance obligations, fundraising needs, and whether the business will operate locally or internationally.
COMPARISON:
| Business structure | Suitable for | Liability | Key compliance point |
| Sole Proprietorship | One owner running a small business | Owner has unlimited personal liability | Business registration must be kept valid and updated |
| Partnership | Two or more persons carrying on business together | Partners generally have unlimited liability | Partnership details must be registered and maintained |
| LLP | Professional or owner-managed businesses needing separate legal personality | Partners generally have limited liability | Must lodge annual declaration of solvency or insolvency |
| Local Company | Startups, SMEs, subsidiaries, and businesses seeking scalability | Shareholders generally have limited liability | Must comply with company officer, annual return, tax, and statutory register requirements |
2. Registration of your business
The business registration process has several advantages. One is credibility, which makes it easy for the public to confirm information about your company and its owners. Additionally, it makes it simpler for customers to recognize, find, and conduct business with your company.
By registering your company, you also give it access to government incentives. Plus, you can participate in government contracts and acquire intellectual property for innovative goods and technologies.
3. Securing funds for your new business
In addition to bootstrapping, you should look into your contacts to see what finance options are available for you to aid in launching a small business. Many people start with their own funds and are inclined to borrow money from their peers. However, depending on the type of capital your company needs, you might need more than this.
Singapore already has several appealing programs to support small new businesses, and you can use them to your advantage when setting up your own firm here.
Why A Business Plan Is Important?
One of the essential steps on how to start a business in Singapore is to write a business plan. It is especially true if you are setting up a business revolving around a new idea, as writing a plan can help you overcome many of the challenges of starting up.
A business plan is a document that outlines the goals of your business, where it’s headed, and how you’ll get there. It’s essentially a road map for success. If you’re setting up a new business, there are several reasons why it’s crucial to write a business plan:
- It helps you identify market gaps and opportunities.
- It enables you to establish credibility and credibility with investors, banks and other potential partners.
- It allows you to gain clarity on the steps needed to achieve your goals.
- It provides an opportunity for future growth by identifying areas where the business may require additional investment or resources for success.
6 Tips For Starting A Profitable Business In Singapore
Here are the top six tips you should consider when figuring out how to start a business in Singapore.
1. Secure financing
You must figure out how to fund and finance your Singapore company before you launch it. The funding you’re going to need should also be indicated in your business plan and preliminary financial projections.
To get your business up and running, you’ll still have to figure out where the funding will come from. You could opt to borrow money from a bank, hunt for financial backers, use your own resources, or even try to get financial assistance like grants.
2. Apply for a business name
To register a business, you must first choose an appropriate business structure and apply to reserve a business name through ACRA’s Bizfile. ACRA’s company name application fee is S$15, and once approved, the name is generally reserved for 120 days. If the name requires referral to another authority, processing may take longer.
3. Get a Singapore office address
A Singapore company must have a registered office address in Singapore. The registered office must be an address where communications and notices may be sent and where records may be kept or accessed as required. If using a residential address, founders should check whether HDB or URA home office rules and approvals apply.
4. Register your small business
There are two methods for registering a business in Singapore:
- Directly register via ACRA’s online registration platform, BizFile+. To submit your transactions online, you can sign on to BizFile+ using a SingPass account.
- Hire a registered filing agent, like a legal office or a corporate service provider, to file an online application on your behalf.
Foreign individuals who do not have Singpass or who require help with local compliance, nominee director arrangements, company secretary appointments, or document preparation often engage a registered filing agent or corporate service provider.
Some Corporate Service Providers like Premia TNC can handle everything, from preparing the incorporation documents and maintaining statutory records, to registering the company with the local registrar in Singapore. They will manage the entire procedure on your behalf and offer guidance and suggestions that lessen the difficulties of starting a business.
5. Open a business bank account in Singapore
The major banks in Singapore generally offer a good selection of business bank accounts, ranging from low-fee, online-only options to accounts with much more features and higher fees, but are better suited to more established enterprises.
You may often open a Singapore business bank account online, although this will vary based on your business structure, where you live, and how well-connected you are to the bank you choose.
6. Set up taxes
Singapore’s corporate income tax rate is 17%. Companies should also understand Estimated Chargeable Income filing, annual corporate income tax return filing, record-keeping duties, and available tax exemption schemes. GST registration is separate from company incorporation and may be compulsory if taxable turnover exceeds the applicable registration threshold or if the business expects to exceed it.
Licences, Work Passes, and Post-Incorporation Compliance
Some businesses must obtain licences before commencing operations. Examples may include food and beverage, employment agencies, financial services, education, healthcare, import and export, and other regulated activities. Business owners should check the relevant licensing authority before operating.
Foreign entrepreneurs should also assess immigration and work pass requirements early. The EntrePass is intended for eligible foreign entrepreneurs who want to start and operate a venture-backed or innovative technology business in Singapore. Other passes may apply depending on the founder’s role, salary, ownership, and company profile.
After incorporation, a company should maintain statutory registers, appoint required officers, keep proper accounting records, and meet annual filing obligations. ACRA requires Singapore companies to file annual returns on time, and late filing may result in penalties. Companies should also choose their financial year end carefully because it affects annual return, AGM, and tax filing timelines.
Things to Note During Company Incorporation in Singapore
During company incorporation, the below requirements should be considered:
- First Board Resolution – After incorporation, the company should document initial board decisions, such as appointment of officers, share issuance matters, bank account opening authority, and the company’s financial year end.
- Selecting the Company’s Financial Year End – The company should choose a financial year end because it affects annual return, AGM, and tax filing deadlines.
- Applying for Business Licences – The company should contact the appropriate Singapore authorities for required licences before commencing regulated activities.
- Creating Share Certificates – The company secretary may assist with preparing share certificates and maintaining statutory records for shareholders.
- Appointing a Company Secretary – Every Singapore company must appoint a company secretary within six months after incorporation.
- Appointing an Auditor – A company must appoint an auditor within three months after incorporation unless it is exempt from audit requirements.
How We Can You To Start A Profitable Business In Singapore – Our Professional Incorporation Services
Figuring out exactly how to start a business in Singapore can be expensive and time-consuming, especially for non-locals. At Premia TNC, we have years of expertise working closely with companies to facilitate their incorporation.
During the incorporation of your company, we’ll take care of all of the formalities and legalities, which means you should be able to get started on business immediately.
Contact us today for a FREE consultation call about how we can help you with our professional incorporation services. Whether you are looking for a simple one-time service or an ongoing relationship, we have a solution that will meet your needs.
How To Start A Business In Singapore – Frequently Asked Questions
1. How much would it cost to register your business in Singapore?
For a local company, ACRA charges a S$15 name application fee and a S$300 incorporation fee. Other fees may apply depending on the type of entity, professional service provider, licences, address service, company secretary support, or bank account requirements.
2. How to start a business in Singapore with no capital?
A few business requirements in Singapore include registering your firm and reserving a name. Launching a business in Singapore with little to no money is possible because the costs are relatively affordable.
It is also possible to establish a business with little money using business strategies such as dropshipping, printing on demand, and retailing digital products.
3. Is it hard to set up a business in Singapore?
Establishing a business in Singapore is generally straightforward because of its pro-business climate, digital filing system, strategic location, robust legal system, and level of security. If you have a strong business strategy and understand the laws and regulations, Singapore can be a practical place to establish a business.
For a private company limited by shares, the initial paid-up capital can be as low as S$1, subject to the needs of the business and any licensing, banking, or commercial requirements. If there are no issues with the name, documents, or regulatory referrals, incorporation can often be completed quickly through Bizfile.
4. What are the requirements to register a business in Singapore?
Depending on the type of business structure, different prerequisites, paperwork, and supporting documentation will be required for the application to register your business.
For a local company, key incorporation information usually includes the approved company name, company constitution, registered office address, share capital, shareholder information, director information, and company officer details. A company secretary must be appointed within six months after incorporation.
5. How long does it usually take to register a business in Singapore?
ACRA may approve name applications immediately after payment, but applications requiring referral to another authority can take longer. Once the name is approved and all incorporation information is ready, company registration can usually be completed efficiently through Bizfile unless additional review is required.
6. Why should I start a business in Singapore?
Every year, Singapore draws multitudes of investors and business owners to its borders as a hotspot for global financial and technological innovations. Because of this, many are opting to incorporate their businesses in Singapore given its advantageous geographical location, robust economy, and extensive assistance for startups, including generous tax benefits.
7. Do I need a company secretary in Singapore?
Yes. Every Singapore company must appoint a company secretary within six months after incorporation. The company secretary helps the company maintain statutory records, prepare filings, support annual return compliance, and ensure that directors are aware of key Companies Act obligations.
8. Do I need to register for GST immediately after incorporation?
Not always. GST registration is separate from incorporation. A business should assess whether it is liable for compulsory GST registration based on taxable turnover or expected taxable turnover. Voluntary registration may also be possible, but it comes with filing, charging, and record-keeping obligations.
9. Can a foreigner start a business in Singapore?
Yes, a foreigner can own shares in a Singapore company. However, the company must still meet Singapore incorporation requirements, including having at least one locally resident director. Foreign founders who wish to work in Singapore should also assess the appropriate work pass or immigration route before commencing local work activities.
