Setting up a company in Singapore is fast and cost-effective, with registration completed in as little as 24 hours. With a streamlined process through ACRA (Accounting and Corporate Regulatory Authority), low business taxes, and full foreign ownership, Singapore ranks as the top business hub in Asia for 2025.

At Remote People, we handle everything from registration to bank account opening, making your entry into the Singapore market seamless and stress-free.

While Hong Kong and Dubai compete for business attention in Asia, Singapore stands in a league of its own. Over 60,000 entrepreneurs chose Singapore for their business ventures in 2023, drawn by its unmatched combination of benefits.

Why Singapore is the Best Place to Register a Company in 2025

Singapore is consistently ranked as Asia’s #1 destination for business registration due to its low corporate tax rates, ease of doing business, and global connectivity. The country offers a transparent regulatory system, ensuring 100% foreign ownership and minimal bureaucracy for company formation.

Here are four compelling reasons why establishing your company in Singapore could be your smartest business move in 2025.

World's Fastest Company Registration Process

Singapore’s company registration is remarkably efficient and cost-effective. Through ACRA (Accounting and Corporate Regulatory Authority), you can receive your business registration certificate within 24 hours, and the government fees are transparent and reasonable.

The process is entirely online, requires no minimum capital for most business types, and you don’t need to be physically present in Singapore to register your company.

The cost to set up a company in Singapore depends on various factors, including registration fees and professional services. A basic setup typically costs:

✔ SGD 15 for name reservation
✔ SGD 315 for company registration
✔ SGD 600–1,200 for corporate secretary services
✔ SGD 1,500–3,000 for full-service incorporation, including compliance support.

Global Financial Hub Status

Singapore hosts over 200 banks and 5,000 financial institutions, making it one of Asia’s leading financial centers. 

The city-state’s robust banking system and fintech-friendly environment make it incredibly easy to manage international transactions and access global markets.

According to the Global Financial Centres Index 2024, Singapore ranks among the top 4 financial hubs globally, offering businesses unparalleled access to capital and financial services.

Singapore’s extensive network of Free Trade Agreements (FTAs) gives your business preferential access to major markets worldwide.

Singapore Corporate Tax Guide: Rates, Exemptions & Incentives

Singapore’s tax incentives make it one of the most attractive business environments in the world. Companies benefit from:

  • First SGD 100,000 in profits taxed at a reduced rate
  • Corporate tax capped at 17% (one of the lowest globally)
  • No capital gains tax & extensive tax treaties with 80+ countries
  • Territorial tax system – only income earned in Singapore is taxable

Plus, Singapore operates on a territorial tax system, meaning you’re only taxed on income earned within Singapore, making it ideal for international operations.

Strong IP Protection and Legal Framework

Singapore’s intellectual property protection ranks #1 in Asia, providing businesses with robust security for their innovations and brands. 

The country’s legal system is renowned for its efficiency, transparency, and strict enforcement of contracts.

This strong legal foundation, combined with political stability and low corruption rates, creates an environment where businesses can operate with confidence and security.

It is worth nothing that as part of the Singapore legal and regulatory framework, since 2024 there is now a ban on Singapore Employer of Record solutions for hiring workers on visas. This is yet another reason for businesses looking to expand into Singapore to look into company registration. 

How to Register a Company in Singapore: Step-by-Step Guide (2025)

Wondering how to set up a company in Singapore? The process is simple with ACRA’s online BizFile+ portal, where company name reservation and incorporation take as little as 1-2 business days. Many entrepreneurs opt for corporate service providers to handle compliance, bank account setup, and tax registrations efficiently.

While you can handle the registration directly through ACRA (Accounting and Corporate Regulatory Authority), partnering with a professional corporate service provider can save you time and prevent common pitfalls.

Most Singapore company registrations are completed within 1-2 business days, but the entire setup process, including bank account opening, typically takes 2-3 weeks.

1

Research Singapore’s Regulatory Environment

Your company registration journey begins with two key government bodies: ACRA and IRAS. 

ACRA handles your company’s registration and ensures compliance with the Companies Act, while IRAS manages your tax matters. Consider ACRA as your company’s birth registry and IRAS as your ongoing financial guardian.

2

Choose Your Company Name

Your company name is more than just a formality – it’s your first official step toward registration. The process is straightforward: use ACRA’s BizFile+ portal to check if your desired name is available. 

Once approved, you have 120 days to complete your registration. 

3

Structure Your Company Appropriately

While Singapore offers several business structures, the Private Limited Company (Pte Ltd) stands out as the preferred choice for international entrepreneurs. 

This structure offers limited liability protection, attractive tax benefits, and allows for 100% foreign ownership. Most importantly, it gives your business the credibility it needs in Singapore’s professional business environment.

4

Building Your Company’s Foundation

Every Singapore company needs these key players

  • At least 1 director (must be locally resident)
  • 1 company secretary (within 6 months)
  • Minimum 1 shareholder (can be the same person as the director)

Your director must be at least 18 years old and either a Singapore Citizen, Permanent Resident, or EntrePass holder. While you need a local director, there’s a workaround that about 43% of foreign entrepreneurs use: nominee director services. 

These typically cost between SGD 1,200-2,400 annually, depending on your company’s complexity.

While these requirements might seem like a lot, they’re actually more flexible than what you’ll find in places like Hong Kong or Dubai. 

Plus, Singapore’s authorities are surprisingly practical about working with foreign entrepreneurs – they get that you’re trying to build something meaningful.

Your company secretary must be appointed within 6 months of incorporation and must be a Singapore resident. This role is crucial for maintaining corporate compliance.

5

Capital Requirements

Here’s where Singapore really shines – you can start with just SGD 1 in paid-up capital. Seriously!

While most companies start with SGD 1,000 to look more credible to banks and partners, there’s no legal minimum. And get this – you can always increase it later without any complex procedures.

6

Establishing Your Physical Presence

Singapore requires your company to have a physical address – not just a P.O. box.

But many don’t realize that you don’t need an expensive office space. A virtual office address works perfectly fine for most startups, typically costing between SGD 75-200 monthly. Some of our clients even started with just a registered address service at SGD 48/month until they got their bearings.

Step-by-Step Registration Process

Let me walk you through the actual process of getting your Singapore company up and running.  I’ve helped hundreds of entrepreneurs through this, and there’s a definite “smart way” to do it.

1

Pre-Registration Preparation

First things first – gather these essentials:

  • Your passport copies (and those of any other shareholders)
  • Proof of residential address (less than 3 months old)
  • A clear business profile or brief
  • Details of your company structure

Get your documents notarized in your home country before starting the process. It’ll save you about 4-5 days of back-and-forth later.

2

The Registration Journey

The actual registration happens through ACRA’s BizFile+ portal, but there’s a bit of strategy involved in how you approach it:

BizFile+ portal interface for company name registration in Singapore.
Effortless company name registration through Singapore's BizFile+ portal.

3

Name Registration (1-2 days)

Your company name needs approval first. While most names get approved within hours, some trigger extra scrutiny. 

For instance, anything with “bank,” “finance,” or “capital” typically needs additional clearance from MAS (Monetary Authority of Singapore).

After selecting a name for your business or company, confirm that it does not conflict with already registered by existing entities.

Table below is a list of words disregarded when assessing identical names

Source: Reserving a Business Name (ACRA)
The (at start of name)AsiaAsia PacificAssociates
CompanyAnd CompanyCorporationGroup
Holding/ HoldingsIncorporatedInternationalPartner/Partners
Partnership/PartnershipsSingaporeSouth AsiaSouth East Asia
TradingWorldwideBerhad or BhdLimited or Ltd
Limited Liability Partnership or LLPLimited Partnership or LPPrivate or PtePublic Accounting Corporation or PAC
Sendirian or Sdn.co.com.edu
.gov.net.org.sg

4

Company Registration (1-2 days)

Once your name’s approved, you’ll submit your company details. This is where things get interesting – you’ve got options for structuring your shareholding. 

Most entrepreneurs don’t realize you can actually set up different share classes right from the start, which gives you more flexibility for future investment rounds.

Item Amount (SGD)
Name application 15
Registration fee 315
First-year business license 60
Corporate Secretary (basic package) 600–1,200

These are just the basic government fees. Your actual setup costs might range from SGD 1,200 to SGD 3,000 depending on what services you need. 

About 67% of our clients end up spending around SGD 2,100 all-in, including basic corporate secretary services.

Foreigners looking to register a business in Singapore must engage a registered filing agent (e.g., a law firm, accounting firm, or corporate secretarial firm) to submit the application on their behalf through BizFile+.

Additionally, those residing in Singapore may need to apply for an Entrepreneur Pass (EntrePass) or confirm their eligibility with the relevant authority before proceeding with the registration.

5

Post-Registration Must-Dos

Once your Singapore company registration is complete, ensure full compliance by following these steps in the first 30 days:

  • Set up a corporate bank account (takes 2-3 weeks typically)
  • Register for GST if you expect revenue over SGD 1 million
  • Get your ACRA business profile
  • Set up your corporate email and official company stamp

While Singapore has dozens of banks, only about 5-6 consistently work well with new foreign-owned companies. DBS and OCBC are currently the most straightforward, with approval rates around 83% for well-prepared applications.

Managing Your Singapore Company: The First Year and Beyond

Let’s talk about what actually happens after you’ve got your company up and running. This is where the rubber meets the road, and frankly, it’s where many entrepreneurs either thrive or stumble.

Your First 90 Days

The initial three months are important – I’ve seen too many business owners miss important deadlines because they were focused solely on operations. 

First 30 Days

Get your corporate bank account operational. Right now (early 2025), DBS is processing applications in about 12 business days, while OCBC might take up to 18. Don’t wait on this – without a bank account, you’re essentially running on fumes.

60-Day Mark

By 90 Days

Have your first board meeting (yes, even if you’re the only director) and document key company policies. 

About 73% of companies that skip this step end up scrambling when they need these records later for bank loans or investor due diligence.

Annual Compliance Calendar

ACRA Annual Return

  • Due: Within 7 months after your financial year ends
  • Cost: SGD 60

89% of late filing penalties happen because companies wait until month 6 to start preparing.  Give yourself a 2-month head start.

Tax Filing Requirements

Annual compliance typically runs between SGD 2,800 to SGD 4,500, covering:

  • Corporate secretary: SGD 600-1,200
  • Basic accounting: SGD 1,500-2,400
  • Tax filing: SGD 700-900

Companies that maintain monthly bookkeeping (instead of scrambling quarterly) typically spend 23% less on accounting services annually. It’s counter-intuitive, but regular maintenance actually costs less than periodic catch-ups.

Common Pitfalls to Avoid

I’ve seen these trip up even experienced entrepreneurs:

Director Changes

Thinking of changing your local director? Start planning 45 days ahead. You’ll need board resolutions, ACRA updates, and bank notifications.

Address Changes

Moving office? You’ve got 14 days to notify ACRA. Miss this, and you’re looking at fines starting from SGD 300. The same goes for changes in shareholders or share capital.

Record Keeping

Singapore requires you to maintain records for 5 years. Digital records are perfectly acceptable.

Set up a cloud storage system from day one (we’ve seen good results with both Google Drive and Dropbox Business).

Remember, Singapore’s regulatory environment is always evolving. Just last quarter, they adjusted the foreign worker quota rules, affecting about 42% of SMEs.

Staying connected with a good corporate secretary isn’t just about compliance – it’s about staying ahead of these changes.

Why Singapore is a Top Choice for Starting Your Business

Setting up a company in Singapore is more than just a business decision—it’s a strategic move that positions you in one of the most dynamic and supportive markets in the world. With its fast registration process, attractive tax incentives, and robust legal framework, Singapore continues to be a top choice for entrepreneurs and global businesses alike.

Whether you’re a startup looking for growth or an established company seeking new opportunities, Singapore offers the resources and stability to help you succeed. 

Ready to take the leap? Partner with Remote People to make your Singapore venture seamless and stress-free.