Step-by-Step Guide to Incorporating a Company in Singapore

Step-by-Step Guide to Incorporating a Company in Singapore

Singapore is one of the most business-friendly countries in the world, with a highly efficient legal and regulatory framework that makes company incorporation both fast and accessible. Whether you’re a local entrepreneur or a foreign investor looking to establish a presence in Asia, Singapore offers the infrastructure, talent, and tax benefits to support your success.

This step-by-step guide breaks down the entire process of incorporating a company in Singapore, so you know exactly what to expect and how to go about it seamlessly.

Step 1: Choose a Business Structure

The first step in incorporating your company is choosing the most appropriate business structure for your needs. The most common business entities in Singapore include:

• Private Limited Company (Pte Ltd) – the most preferred structure for startups and SMEs due to limited liability and tax advantages.

• Sole Proprietorship – suitable for small, low-risk businesses operated by a single individual.

• Partnership – ideal for businesses run by two or more individuals.

For most entrepreneurs looking to scale or access grants and corporate tax benefits, the Private Limited Company is the best option.

Step 2: Reserve a Company Name

Once you’ve decided on the business structure, the next step is to choose and reserve your company name.

Your chosen name must:

• Not be identical or too similar to existing business names in Singapore.

• Not contain prohibited or vulgar terms.

• Not infringe on trademarks.

You can check name availability and reserve it online through the BizFile+ portal by the Accounting and Corporate Regulatory Authority (ACRA). If the name complies with all regulations, it is usually approved within an hour.

Step 3: Appoint Key Personnel

To register a company in Singapore, certain key roles must be appointed:

1. Shareholders: You can have 1 to 50 shareholders, and they can be individuals or corporate entities. Foreigners can own 100% of the shares.

2. Directors: At least one director must be a locally resident in Singapore (a Singapore citizen, permanent resident, or an EntrePass/Employment Pass holder with a local address).

3. Company Secretary: You must appoint a qualified company secretary within 6 months of incorporation.

4. Auditor: Unless exempted, a company must appoint an auditor within 3 months of incorporation.

If you do not have a local resident director, professional firms like https://companyincorporation.sg/ can provide nominee director services to fulfil this requirement legally and responsibly.

Step 4: Prepare the Required Documents

To proceed with incorporation, the following documents must be prepared and submitted:

• Company name approval

• Brief description of business activities (based on the SSIC code)

• Registered office address in Singapore

• Particulars of shareholders, directors, and company secretary

• Company Constitution (formerly known as the Memorandum & Articles of Association)

These documents form the foundation of your company and must comply with Singapore’s Companies Act.

Step 5: Register with ACRA

Once all documents are in place, the company can be registered with ACRA via BizFile+. Most registrations are processed within 1 business day, provided all documents are in order and no further clarifications are required.

Upon successful registration, you will receive:

• Certificate of Incorporation (email notification from ACRA)

• Business Profile (PDF document that serves as your company’s registration record)

These two documents are essential for opening bank accounts, signing contracts, or applying for licenses and grants.

Step 6: Open a Corporate Bank Account

After your company is incorporated, the next step is to open a corporate bank account. Singapore is home to many reputable banks including DBS, OCBC, UOB, Standard Chartered, and HSBC. Most banks require the physical presence of at least one director during the account opening process, though some offer remote onboarding depending on the business type.

Documents required usually include:

• Certificate of Incorporation

• Business Profile

• Board resolution to open the account

• Identification documents of all directors and signatories

Step 7: Register for Licenses and Permits (If Required)

Depending on the nature of your business, you may need to apply for additional licenses or permits. Examples include:

• Food licenses (for F&B businesses)

• Telecommunication licenses

• Import/export permits

• Education-related licenses

The GoBusiness Licensing Portal helps identify and apply for the appropriate licenses based on your industry.

Step 8: GST Registration (If Applicable)

If your company expects an annual turnover exceeding S$1 million, you are required to register for Goods and Services Tax (GST). Voluntary registration is also available for businesses that want to claim input tax credits even if their revenue does not exceed the threshold.

GST registration can be done through IRAS, and once registered, you must charge GST on taxable goods and services and file quarterly returns.

Step 9: Understand Your Compliance Obligations

After incorporation, you must comply with several ongoing obligations:

• Annual General Meetings (AGMs): Must be held within 6 months of financial year-end.

• Annual Returns: Must be filed within 7 months of financial year-end.

• Corporate Tax Filing: Submit Estimated Chargeable Income (ECI) and annual tax return to IRAS.

• Bookkeeping and Financial Statements: Maintain proper records and prepare financial reports in accordance with Singapore Financial Reporting Standards.

To make compliance easier, many entrepreneurs work with corporate service providers like https://companyincorporation.sg/ who offer accounting, tax, and secretarial support to keep your company in good standing.

Step 10: Start Operations and Build Your Business

Once all the administrative steps are completed, your company is ready to begin operations. Depending on your goals, you may:

• Hire staff and apply for Employment Passes

• Launch marketing campaigns

• Establish vendor or customer relationships

• Apply for government grants and support schemes

• Expand regionally through Singapore as your base

Singapore’s business ecosystem, coupled with its global connectivity, makes it the perfect launchpad for startups and growing companies.

Final Thoughts

Incorporating a company in Singapore is a structured yet straightforward process. With clear guidelines, efficient digital systems, and strong government support, business owners can register and launch their companies with confidence.

From name reservation to regulatory compliance, each step is designed to facilitate entrepreneurship while ensuring the highest standards of corporate governance. For those unfamiliar with the legal nuances, working with a professional incorporation service ensures accuracy, speed, and peace of mind.

Whether you’re a local entrepreneur or a foreign investor, the journey begins with a single step—and that step is easier than ever in Singapore.

To get started, reach out to professionals who specialise in company incorporation at https://companyincorporation.sg/ and take advantage of Singapore’s thriving pro-business environment today.