Starting a business in Singapore is one of the most straightforward processes in the world. The World Bank has ranked Singapore among the top global economies for ease of doing business, and that reputation is backed by real infrastructure. You can incorporate a company online through the Accounting and Corporate Regulatory Authority (ACRA) in as little as 15 minutes for SGD 315. No trips to government offices, no weeks-long waiting periods, no red tape.
This guide walks you through every stage, from choosing your business structure to hiring your first employee.
Step 1: Choose Your Business Structure
The most common business structures in Singapore include:
- Private Limited Company (Pte. Ltd.): The structure of choice for most businesses. Shareholders’ liability is limited to their capital contributions, and the company is a separate legal entity. Required for most government grants and investment rounds. Minimum one shareholder and one director; the director must be a Singapore resident (citizen, PR, or EP holder).
- Sole Proprietorship: Simple and low-cost, but the owner bears unlimited personal liability. Suitable only for very small, low-risk businesses.
- Partnership: Two to 20 partners, unlimited liability unless structured as a Limited Liability Partnership (LLP), which separates personal and business liability.
- Branch Office: For foreign companies looking to operate in Singapore without incorporating a new entity. The parent company bears full liability for the branch’s activities.
For most entrepreneurs, the Private Limited Company structure is the clear recommendation. It maximizes credibility, enables access to grants and incentives, and provides proper liability protection.
Step 2: Choose a Company Name
Your company name must be unique and not identical or similar to existing registered entities. ACRA’s Bizfile portal allows you to check name availability instantly. Avoid names that are obscene, suggest government affiliation, or are otherwise restricted. Once approved, your name reservation is valid for 120 days.
Step 3: Appoint Directors and Shareholders
Every Singapore private limited company needs:
- At least one director who is a Singapore citizen, Singapore PR, Employment Pass holder, EntrePass holder, or Dependent Pass holder with a Letter of Consent.
- At least one shareholder (can be an individual or corporate entity; up to 50 shareholders are allowed for a private company).
- A company secretary, who must be a Singapore resident, appointed within six months of incorporation.
If you are a foreigner without a Singapore residency status, you must either appoint a nominee director (a qualified local individual who serves as director on your behalf) or obtain an Employment Pass before incorporation.
Step 4: Register with ACRA
Registration is done entirely online through ACRA’s Bizfile portal. The process involves submitting your company name, business activity codes (SSIC codes), registered address, director and shareholder particulars, and share capital details. The filing fee is SGD 315, and approval is typically instant for straightforward applications.
Your company registered address must be a physical Singapore address. If you don’t have office space yet, a virtual office service or corporate secretarial firm can provide a compliant registered address from day one.
Step 5: Open a Business Bank Account
Once incorporated, open a corporate bank account with one of Singapore’s major banks. DBS, OCBC, and UOB all offer business accounts with digital onboarding. Some banks allow account opening within 24 to 48 hours with the right documentation in place, including your ACRA Business Profile, director identification documents, and company constitution.
Review our guide to the best banks in Singapore for business to choose the right banking partner for your needs.
Step 6: Register for GST (If Applicable)
If your expected annual taxable turnover exceeds SGD 1 million, you must register for GST with IRAS. Voluntary registration is also available for businesses with lower turnover who want to reclaim input GST on purchases. The current GST rate is 9%.
Step 7: Apply for Relevant Licenses
Depending on your business activity, you may require additional licenses beyond ACRA registration. Common regulated activities include food and beverage, financial services, healthcare, education, and travel agency operations. GoBusiness Singapore provides a comprehensive license directory that maps your business type to required approvals.
Step 8: Hire Your Team
Singapore has a highly skilled, multilingual workforce. Employment Pass (EP), S Pass, and Work Permit schemes govern the hiring of foreign workers, with EP reserved for professionals earning above a salary threshold (currently SGD 5,000 per month minimum, higher for financial services). Singapore citizens and PRs are covered under the Employment Act and Central Provident Fund (CPF) contribution requirements.
Step 9: Apply for Startup Grants
Once registered, apply for relevant startup support schemes through Enterprise Singapore. The Startup SG Founder grant, Enterprise Development Grant, and other programs are specifically designed for newly registered Singapore companies. Timing your applications early maximizes your funding runway during the critical first year.
Explore the full funding landscape in our guide to small business funding in Singapore, and review tax and financial services to structure your business correctly from day one.
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