Singapore is known as the business hub of Asia, offering a highly attractive environment for entrepreneurs. With low taxes, transparent regulations, and a fully digitized system, it has become a top choice for startups and international companies alike.
Setting up a company in Singapore is not just a gateway to the Asian market—it’s a smart move for global entrepreneurs aiming to expand internationally.
Advantages of Registering a Company in Singapore
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Low Corporate Taxes: As low as 0–8.5% on the first SGD 100,000 in profits
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100% Foreign Ownership: No requirement for local shareholders
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Fast Incorporation: Company setup can be completed within 1–3 working days
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Advanced Banking Infrastructure: Strong financial system and fintech-friendly policies
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Strategic Location: Easy access to markets like China, India, and Southeast Asia
Types of Business Entities in Singapore
Most entrepreneurs choose from the following legal structures:
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Private Limited Company (Pte Ltd): Most common and recommended structure
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Sole Proprietorship: Owned and operated by one person, with unlimited liability
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Partnership: Business jointly owned by two or more individuals
For most entrepreneurs, the Private Limited Company is the most flexible and secure option.
Requirements to Register a Company in Singapore
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At least one local resident director (citizen or permanent resident)
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Approved company name (via ACRA)
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A registered local business address
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At least one shareholder (can be foreign)
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Minimum paid-up capital: SGD 1
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Company secretary (to be appointed within 6 months)
Step-by-Step Company Registration Process
1. Company Name Approval
You must reserve and get approval for your business name through ACRA's BizFile system.
2. Document Preparation
3. Online Submission to ACRA
Submit the registration through ACRA’s online portal. Most applications are approved within hours.
4. Receiving Incorporation Certificate
Once approved, you’ll receive a digital "Certificate of Incorporation" via email.
5. Open a Business Bank Account
You’ll need a corporate bank account in Singapore. Some banks require in-person meetings, while others allow online verification through fintech services like Wise, Airwallex, or Aspire.
Singapore's Tax System and Compliance
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Corporate Tax: Reduced rates for profits under SGD 100,000
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GST (VAT): 9%, required for businesses earning over SGD 1 million/year
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Annual filing: Required by ACRA and IRAS (Inland Revenue Authority)
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Accounting standards: All companies must maintain proper accounting systems
Tips for Entrepreneurs
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Use virtual office and secretary services to cut costs
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Partner with company formation agencies
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Use digital banks for faster, easier setup
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Explore double taxation treaties and other tax incentives