The Essential Guide to Company Setup in Singapore: A Streamlined Path to Business Success

Roger Pay
Oct 16, 2023
4 min read

Updated: Oct 21, 2025

Singapore Company Setup Guide

The Essential Guide to Company Setup in Singapore: A Streamlined Path to Business Success

Singapore is consistently ranked as one of the best places in the world to do business, thanks to its pro-business policies, political stability, and efficient government services. Setting up a company in this thriving global hub is a surprisingly straightforward process, offering entrepreneurs a fantastic gateway to the Asian market and beyond.

Want to establish a strong presence in Singapore? Here is a step-by-step guide on how to set up your company, including the essential preparation and registration process.

7 Steps to Successfully Setting Up a Company in Singapore

The entire registration process is managed by the Accounting and Corporate Regulatory Authority (ACRA). Follow these seven key steps to get your business operational:

1. Choose the Optimal Business Structure

Selecting the right legal entity is the foundational step, as it impacts your liability, compliance requirements, and tax obligations. The most common structures in Singapore are:

Sole Proprietorship: The simplest structure. You are the sole owner, but you are personally liable for all business debts and obligations.
Partnership: A business owned by two or more people. Partners share profits and losses and are also personally liable for business debts.
Limited Liability Company (LLC): Offers the advantage of limited liability, protecting your personal assets from business creditors. This is a hybrid structure with specific rules.
Private Limited Company (Pte Ltd): This is by far the most common and highly recommended structure for serious businesses.
- It limits shareholder liability to the capital invested.
- It offers significant tax benefits (especially for smaller companies).
- It allows for easier access to grants and capital raising.

2. Prepare Essential Documentation and Appoint Officers

For a Private Limited Company (Pte Ltd), you need to have:

A Company Secretary: A qualified person (resident in Singapore) appointed within six months of incorporation.
At least one Local Director: A person who is an ordinarily resident in Singapore (Singapore Citizen, Permanent Resident, or person who has been issued an EntrePass/Employment Pass).
Minimum Paid-Up Capital: At least S$1.

3. Choose and Reserve Your Business Name

Your proposed company name must be unique and available. You must check and submit an application for name approval via the ACRA website (through the BizFile+ portal) before you can register the company. Ensure your name doesn't infringe on existing trademarks or contain sensitive words without special approval.

4. Register Your Business with ACRA

Once your name is approved, you can proceed with the formal registration. This process is highly efficient and typically completed online via the BizFile+ portal. You will need to submit:

Approved company name.
Details of directors, shareholders, and company secretary.
Registered office address (must be a physical, local address).
Memorandum and Articles of Association (M&AA).

5. Open a Corporate Bank Account

After successful registration, you need to open a business bank account in the company's name. Singapore is home to major local and international banks, offering a wide range of services. Having a dedicated corporate account is crucial for maintaining financial clarity and complying with audit requirements.

6. Obtain Necessary Licenses and Permits

Depending on your industry and specific business activities, you may require specific licenses, permits, or approvals from relevant government agencies.

Examples: Food and beverage licenses from the National Environment Agency (NEA), financial licenses from the Monetary Authority of Singapore (MAS), or trade licenses.
Action: Research your industry requirements early to avoid delays.

7. Finalize Setup: Accounting, Insurance, and Compliance

To be fully operational, you must finalize your business setup:

Set up your accounting system for accurate bookkeeping and tax compliance.
Purchase Business Insurance to protect against financial losses from liabilities, theft, or other disasters.
Register for GST (Goods and Services Tax) if your annual turnover is expected to exceed S$1 million.

Expert Tips for a Smooth Singapore Company Setup

Leverage Government Resources: The Singapore government offers various grants, tax incentives, and financing schemes for startups and small and medium enterprises (SMEs). Research programs like the Start-up Tax Exemption Scheme (SUTE).
Network Effectively: Singapore's business ecosystem is vibrant. Join industry associations and attend networking events to find partners, customers, and mentors.
Ensure Compliance: Singapore has strict compliance requirements. Work closely with professionals to ensure your company meets all annual filing obligations with ACRA and the Inland Revenue Authority of Singapore (IRAS).

Why Seek Professional Company Setup Services?

While the process is clear, the requirements for local directors, registered office addresses, and the nuances of various licenses can be challenging for foreign or first-time entrepreneurs. Engaging a professional corporate service provider offers significant benefits:

Benefit	Description
Expertise & Compliance	Professionals ensure your chosen structure is correct and that all documentation meets ACRA's strict compliance standards from day one.
Efficiency & Speed	They manage the complex online submissions and communication with ACRA, often speeding up the entire registration process.
Peace of Mind	Outsourcing this complex administrative task allows you to focus solely on developing your core business and go-to-market strategy.

Professional Help from Bestar Accountant and Business Advisor

The Essential Guide to Company Setup in Singapore: A Streamlined Path to Business Success

If you're looking for expert guidance, Bestar Accountant and Business Advisor is a reputable Singapore firm specializing in corporate services. They can efficiently navigate the entire setup process for you—from selecting the optimal business structure and appointing the mandatory local director to managing your initial ACRA registration.

Bestar's team of knowledgeable professionals offers the expertise to ensure a seamless setup, saving you valuable time and preventing costly errors.

Are you ready to establish your company in Asia's leading financial and business hub? Contact Bestar Accountant and Business Advisor today to secure a successful start!