How to Start a Business in Singapore: Step-by-Step Guide (2026 Update)

Starting a business in Singapore has never been more accessible. Whether you’re a local entrepreneur or a foreign investor, Singapore offers one of the most streamlined and business-friendly environments in the world. This comprehensive guide will walk you through exactly how to start a business in Singapore in 2025, covering everything from choosing your business structure to post-incorporation compliance requirements.

Why Singapore is One of the Best Places to Start a Business in 2026

Singapore consistently ranks as one of the top destinations for entrepreneurs and investors worldwide. Here’s why:

• Business-Friendly Ecosystem: The World Bank ranks Singapore #2 globally for ease of doing business. The government actively supports entrepreneurship through grants, tax incentives, and streamlined processes.
• Low Corporate Tax Rates: Singapore maintains one of the most competitive tax environments in Asia. The corporate tax rate stands at 17%, with numerous exemptions available for new companies. Understanding Singapore tax rates for new companies 2026 can help you plan your financial strategy effectively.
• Political and Economic Stability: Singapore’s strong legal framework, transparent regulations, and AAA credit rating provide businesses with a secure operating environment.
• Strategic Asian Location: Positioned at the heart of Southeast Asia, Singapore serves as the perfect gateway to regional and international markets, with excellent connectivity and infrastructure.
• Transparent Legal Framework: The Singapore corporate secretarial requirements are clear and well-documented, making compliance straightforward for both locals and foreigners.

Who Can Start a Business in Singapore

Locals and Permanent Residents

Singapore citizens and Permanent Residents can register any business structure without restrictions. They can serve as local directors and enjoy full operational autonomy.

Foreigners

The question “can foreigners start a business in Singapore” comes up frequently, and the answer is YES. Foreign entrepreneurs can incorporate a company in Singapore, but there are specific requirements:

• Local Director Requirement: Every Singapore company must have at least one local director who is either a Singapore citizen, Permanent Resident, or holder of an EntrePass/Employment Pass.
• Nominee Director Services: If you don’t have a local director, you’ll need to engage nominee director services. Understanding the nominee director requirement singapore is crucial for foreign entrepreneurs.
• Work Visa Considerations: Foreign business owners need appropriate work authorization. The most common options include:
  • EntrePass: For entrepreneurs starting innovative businesses
  • Employment Pass (EP): For senior executives and specialists
  • Dependant’s Pass: For spouses of EP/S Pass holders

The singapore work visa for business owners typically takes 3-8 weeks to process, so factor this into your timeline.

Business Structure Options in Singapore

Choosing the right business structure is fundamental to your success. Here’s a detailed comparison:

Understanding the Difference Between Sole Proprietorship vs Pte Ltd Singapore

The difference between sole proprietorship vs pte ltd Singapore is significant:

• Sole Proprietorship: Simple to set up, lower costs, but owner has unlimited personal liability. Only available to locals. Suitable for low-risk, small-scale operations.
• Private Limited (Pte Ltd): Separate legal entity, limited liability protection, more credible with clients and investors, easier to raise capital. Requires more compliance but offers better protection and growth potential.

Most foreign investors and serious entrepreneurs choose the Private Limited structure for its flexibility, credibility, and legal protection.

Read also: Singapore Startup Ecosystem: Best Grants & Incentives for Entrepreneurs

Step-by-Step: How to Register a Company in Singapore

Here’s the detailed step by step business registration Singapore process that takes you from idea to incorporated company:

Step 1: Choose and Reserve Your Business Name

How it works: Your company name must be unique and comply with ACRA (Accounting and Corporate Regulatory Authority) guidelines.

What to do:

1. Visit ACRA’s BizFile+ portal
2. Search for name availability
3. Ensure the name doesn’t contain restricted words (e.g., “bank,” “insurance”) unless you have proper licenses
4. Avoid names too similar to existing companies

Important tips for how to choose business name:

• Keep it memorable and relevant to your business
• Avoid offensive or misleading terms
• Check if the matching .com.sg domain is available
• Name approval typically takes just a few hours

Step 2: Select Your Business Structure

Based on the business structure options in Singapore outlined earlier, most entrepreneurs choose Private Limited (Pte Ltd) for its benefits. This private limited company incorporation guide focuses primarily on this structure.

Why Pte Ltd is most popular:

• Limited liability protection for shareholders
• Easier to attract investors and secure funding
• More professional image with clients and partners
• Ability to hire foreign employees more easily
• Tax advantages and incentives available

Step 3: Appoint Key Officers

Every Singapore company requires specific key officers:

Local Director (Mandatory):

• At least one director must be “ordinarily resident” in Singapore
• This means a Singapore citizen, PR, or valid pass holder
• If you don’t have one, you’ll need to hire a nominee director
• Costs typically range from SGD 1,000-2,000 per year

Company Secretary (Mandatory):

• Must be appointed within 6 months of incorporation
• Cannot be the sole director
• Responsible for ensuring company compliance
• Annual cost: SGD 500-800

Shareholders:

• Minimum of 1 shareholder (can be the same person as director)
• Maximum of 50 shareholders for Pte Ltd
• Can be individuals or corporate entities
• Foreigners can be 100% shareholders

Step 4: Prepare Required Documents

Understanding what documents needed to register company in Singapore will streamline your application:

For Individual Shareholders and Directors:

• Copy of passport/NRIC
• Proof of residential address (utility bill, bank statement)
• Personal particulars form

For Corporate Shareholders:

• Certificate of incorporation
• Register of directors and shareholders
• Authorization letter

Company Information:

• Registered office address in Singapore
• Company constitution (or adopt Model Constitution)
• Description of business activities
• Share capital structure

Step 5: Register Your Company with ACRA

Now you’re ready to learn how to register a company in singapore online:

The Process:

1. Log in to BizFile+ at www.bizfile.gov.sg
2. Complete the online incorporation form
3. Upload all required documents
4. Pay the ACRA registration fee
5. Submit the application

Processing Time: Most applications are approved within 15 minutes to 24 hours if all documents are in order.

What You Receive:

• BizFile+ confirmation
• Unique Entity Number (UEN)
• Digital certificate of incorporation
• Company constitution

Step 6: Understand the Costs Involved

Here’s a detailed breakdown of the cost to start a company in Singapore 2025:

The Singapore business registration fee remains competitive compared to other financial hubs. Many entrepreneurs budget SGD 2,000-3,000 for complete setup including first-year compliance.

Step 7: Open a Corporate Bank Account

Opening corporate bank account in Singapore for startup is essential for business transactions:

Required Documents:

• Certificate of incorporation
• Business profile from ACRA
• Company constitution
• Directors’ and shareholders’ identification
• Board resolution to open account
• Proof of business address

Timeline:

• Digital banks: 3-5 working days
• Traditional banks: 5-10 working days
• Some banks may require in-person meetings

Popular Banks for Startups:

• DBS Bank
• OCBC Bank
• UOB Bank
• Standard Chartered
• HSBC

Pro Tip: Prepare a solid business plan and have initial capital ready. Banks conduct due diligence and may ask about your business model and projected transactions.

Step 8: Apply for Relevant Business Licenses and Permits

The singapore business licenses and permits list varies by industry:

Common Licenses:

• Food & Beverage: Food shop license, liquor license
• Retail: No general license required
• Healthcare: Clinic license from MOH
• Education: License from CPE or ECDA
• Financial Services: MAS approval
• Import/Export: Customs permits

Where to Check: Visit LicenseOne portal to identify licenses specific to your industry.

Processing Time: Varies from immediate to 3 months depending on complexity.

Step 9: Register for GST and Set Up Accounting Systems

GST Registration:

• Mandatory if annual taxable turnover exceeds SGD 1 million
• The Singapore GST registration threshold 2026 remains at SGD 1 million
• Voluntary registration available for smaller businesses
• Current GST rate: 9%

Accounting Requirements:

• All companies must maintain proper accounting records
• Accounting and bookkeeping after business registration should begin immediately
• Records must be kept for at least 5 years
• Consider engaging professional accounting services

Corporate Tax Filing:

• Must file Estimated Chargeable Income (ECI) within 3 months of financial year-end
• Form C/C-S due within 30 November of each year
• New companies may qualify for tax exemptions

Read also: Guide to Income and Corporate Tax Filing in Singapore (2025)

Timeline: How Long Does It Take to Register a Company in Singapore

Here’s a realistic timeline for the entire business registration process for small business Singapore:

Understanding how long does it take to register a company in Singapore helps you plan your business launch effectively. Locals can typically complete the incorporation process within a week, while foreigners should allow additional time for visa processing.

Post-Incorporation Compliance Requirements

After incorporation, understanding the compliance requirements after company incorporation is crucial:

Annual Filing Requirements:

1. Annual Return Filing
   • Must file Singapore annual return filing requirements within 7 months of financial year-end
   • Submit Form S-14 to ACRA
   • Penalty for late filing: SGD 300+
2. Annual General Meeting (AGM)
   • Must hold within 18 months of incorporation
   • Subsequently, within 6 months of financial year-end
   • AGM exemption available for small companies
3. Tax Filing
   • Estimated Chargeable Income (ECI): Within 3 months of FYE
   • Form C/C-S: By 30 November annually
   • Take advantage of startup incentives for new business
4. Financial Statements
   • Prepare audited/unaudited accounts annually
   • Small companies may be exempt from audit
5. Maintain Statutory Registers
   • Register of directors
   • Register of shareholders
   • Register of charges

Ongoing Compliance:

• Update ACRA within 14 days of any changes (directors, shareholders, registered address)
• Maintain proper accounting records
• File GST returns (quarterly or monthly if registered)
• Comply with CPF contributions for local employees

Common Mistakes to Avoid When Registering a Business

Learn from these mistakes when registering business in Singapore that trip up many entrepreneurs:

1. Not Understanding Director Requirements

• Forgetting that at least one director must be local
• Not budgeting for nominee director costs
• Choosing unreliable nominee director services

2. Poor Name Selection

• Choosing names too similar to existing companies
• Using restricted words without proper authorization
• Not checking domain availability

3. Wrong Business Structure

• Sole proprietors not realizing the personal liability risks
• Foreigners trying to register sole proprietorships
• Not considering future funding and growth needs

4. Incomplete Documentation

• Missing passport copies or address proofs
• Not having a valid Singapore registered address
• Submitting unclear or expired documents

5. Ignoring Compliance Deadlines

• Missing annual return filing deadlines
• Forgetting to appoint company secretary within 6 months
• Not updating ACRA when circumstances change

6. Underestimating Costs

• Only budgeting for incorporation fee
• Forgetting ongoing compliance costs
• Not accounting for accounting and secretarial fees

7. Skipping Professional Advice

• Attempting complex incorporations without guidance
• Not understanding tax implications
• Missing out on available grants and incentives

Benefits of Incorporating in Singapore for Foreigners

The benefits of incorporating in Singapore for foreigners are substantial:

Tax Advantages:

• Competitive 17% corporate tax rate
• Extensive tax treaty network (80+ countries)
• No capital gains tax
• Tax exemptions for new startups
• Generous R&D and innovation incentives

Business Environment:

• Pro-business government policies
• Strong intellectual property protection
• Efficient regulatory framework
• World-class infrastructure

Market Access:

• Gateway to 3.5 billion consumers in Asia-Pacific
• Free trade agreements with major economies
• Strategic location for regional headquarters

Ease of Operations:

• English as primary business language
• Simple incorporation process
• Digital government services
• Reliable banking system

Credibility:

• Singapore address enhances company reputation
• Easier to attract international clients and investors
• Strong legal framework protects business interests

Get the full information here Singapore Company Registration in 2025: The Beginner’s Guide

Frequently Asked Questions

1. Can a foreigner start a business in Singapore?

Yes, foreigners can absolutely start a business in Singapore. You’ll need to incorporate a Private Limited company and appoint at least one local director (Singapore citizen, PR, or valid pass holder). If you don’t have a local director, you can engage nominee director services. This Singapore business setup guide for foreigners outlines all requirements clearly.

2. How long does it take to register a company in Singapore?

The incorporation process typically takes 1-3 working days once all documents are submitted. However, the complete timeline depends on your situation: locals can finish everything in 1-2 weeks, while foreigners should allow 4-10 weeks including visa processing and bank account opening.

3. Do I need a local director?

Yes, every Singapore company must have at least one director who is “ordinarily resident” in Singapore. This means a Singapore citizen, Permanent Resident, or holder of a valid Employment Pass/EntrePass. Foreign entrepreneurs without a local contact can engage professional nominee director services.

4. How much does it cost to incorporate a company?

The basic ACRA registration fee is SGD 315. However, total setup costs typically range from SGD 1,000 to SGD 3,000+ depending on whether you need nominee director services, company secretary, registered address, and other professional services.

5. What is the most common business structure for startups?

The Private Limited Company (Pte Ltd) is by far the most popular structure for startups in Singapore. It offers limited liability protection, professional credibility, easier access to funding, and is available to both locals and foreigners. It’s the preferred choice for about 90% of new businesses.

6. Do I need a work visa to run my company in Singapore?

Yes, foreign directors and business owners need appropriate work authorization to work in Singapore. The most common options are the EntrePass (for innovative startups) or Employment Pass (for senior executives). You can incorporate the company first, then apply for the visa using your company as the sponsoring entity.

7. What documents are needed to register a company in Singapore?

You’ll need: passport/NRIC copies for all directors and shareholders, proof of residential address, company name and business activities description, registered Singapore address, company constitution, and share capital structure. Corporate shareholders need additional documents like incorporation certificates and authorization letters.

8. How do I choose a company name?

Search for name availability on ACRA’s BizFile+ portal. Ensure it’s unique, doesn’t contain restricted words (like “bank” or “insurance” without proper licenses), and isn’t too similar to existing companies. Keep it memorable, relevant to your business, and check if the matching domain is available.

9. What are the ongoing compliance requirements?

After incorporation, you must file annual returns with ACRA, submit tax returns to IRAS, hold Annual General Meetings (or claim exemption), maintain statutory registers, keep proper accounting records, and update ACRA within 14 days of any company changes. Missing deadlines can result in penalties.

10. Can I dissolve my company later if needed?

Yes, if you need to close your business, there’s a clear process for how to dissolve a company in Singapore. This involves settling all debts and liabilities, holding a final general meeting, appointing a liquidator if necessary, and filing the appropriate dissolution forms with ACRA. The process typically takes 3-6 months.

Your Journey to Business Ownership Starts Here

Starting a business in Singapore in 2025 remains one of the most straightforward and rewarding entrepreneurial journeys in the world. With clear regulations, efficient processes, and strong government support, Singapore continues to attract entrepreneurs from around the globe.

This guide has walked you through the complete process, from understanding business structure options to navigating post-incorporation compliance. Whether you’re a local entrepreneur launching your first venture or a foreign investor expanding into Asia, Singapore offers the ideal environment for business growth.

Key Takeaways:

• The incorporation process is fast (1-3 days) and affordable (from SGD 1,000)
• Both locals and foreigners can start businesses, with slight differences in requirements
• Private Limited (Pte Ltd) is the most popular and practical structure for most businesses
• Compliance is straightforward when you understand the requirements
• Professional support can save time and prevent costly mistakes

Ready to Start Your Singapore Business?

Don’t navigate the incorporation process alone. Bizsquare specializes in helping both local and foreign entrepreneurs register their businesses quickly and compliantly. Our comprehensive services include:

• Complete company incorporation (1-3 days)
• Nominee director services
• Corporate secretarial support
• Registered address provision
• Accounting and bookkeeping
• Tax filing and GST registration
• Ongoing compliance management

✅ Contact Bizsquare today to register your business in 1-3 days and start your entrepreneurial journey with confidence.

Our experienced team understands both the technical requirements and practical challenges of starting a business in Singapore. Let us handle the paperwork while you focus on building your dream business.