The Ultimate Guide to Setting Up a Local Company in Singapore (2025 Update)

The Ultimate Guide to Setting Up a Local Company in Singapore (2025 Update) | Bestar

Singapore Company Registration Guide

The Ultimate Guide to Setting Up a Local Company in Singapore (2025 Update)

Table of Contents:

1. Why Incorporate in Singapore?

2. Step-by-Step Registration Process

3. Pre-incorporation Checklist

4. Costs & Fees Breakdown

5. Foreigner vs. Local Requirements

6. Post-Registration Compliance

7. Common Mistakes to Avoid

1. Why Incorporate in Singapore? 

Singapore remains the world’s top destination for business. Beyond its strategic location, companies benefit from:

• Tax Incentives: A low 17% corporate tax rate, with massive exemptions for startups (up to 75% on the first $100k of profit).

  
  

• 100% Foreign Ownership: No requirement for a local partner to hold shares.

  
  

• Ease of Registration: A company can be fully incorporated in under 24 hours via the BizFile+ portal.

2. Step-by-Step Registration Process with ACRA 

Step 1: Choose and Reserve Your Business Name

Your name must be unique and not infringe on existing trademarks.

• Pro Tip: Avoid names that imply government affiliation (e.g., "National," "Temasek") as these require manual review, delaying approval by up to 14 days.

  
  

• Cost: S$15.

  
  

• Validity: Once approved, the name is reserved for 120 days.

Step 2: Define Your SSIC Codes

You must select up to two Singapore Standard Industrial Classification (SSIC) codes to describe your business activities.

• Search the latest SSIC Search Tool to find the most accurate code for your niche.

Step 3: Appoint Key Personnel

• Directors: At least one must be a "normally resident" individual (Singapore Citizen, PR, or EntrePass/EP holder).

  
  

• Company Secretary: Must be appointed within 6 months.

  
  

• Shareholders: Can be 1 to 50 individuals or corporations.

Step 4: Register via BizFile+

Log in using your Singpass. Submit your Company Constitution and particulars.

• Registration Fee: S$300.

  
  

• Timeline: Usually approved within 15 minutes of payment.

3. Pre-incorporation Checklist (The "Don't Forget" List) 

Before you start the online application, ensure you have:

• [ ] Proposed Company Name

  
  

• [ ] Registered Office Address: Must be a physical Singapore address (No P.O. Boxes).

  
  

• [ ] Paid-Up Capital: Minimum S$1. (Most startups start with S$1,000–S$10,000).

  
  

• [ ] Identification Documents: NRIC for locals; Passport and Proof of Address for foreigners.

4. Breakdown of Incorporation Costs (2025)

Item	Fee (SGD)	Frequency
ACRA Name Reservation	S$15	One-time
ACRA Registration Fee	S$300	One-time
Virtual Office Address	S$150 - S$400	Annual
Nominee Director (Foreigners)	S$2,000 - S$4,000	Annual
Company Secretary	S$300 - S$800	Annual

5. Special Considerations for Foreign Entrepreneurs 

If you are a foreigner, you cannot self-register. You must engage a Registered Filing Agent (RFA).

• The "Nominee Director" Hack: If you aren't moving to Singapore yet, you must hire a professional Nominee Director to satisfy ACRA’s residency requirement.

  
  

• Work Passes: If you intend to relocate, you will need to apply for an Employment Pass (EP) or EntrePass after incorporation.

6. Post-Registration: Keeping Your Company Legal 

Registration is just the start. To avoid fines from ACRA and IRAS:

1. Open a Corporate Bank Account: Required for all business transactions. Popular choices include OCBC, DBS, and UOB.

   
   

2. GST Registration: Compulsory only if your taxable turnover exceeds S$1 million annually.

   
   

3. Annual General Meeting (AGM): Private companies must hold an AGM within 6 months of their Financial Year End (FYE).

   
   

4. Annual Returns: File with ACRA within 7 months of your FYE.

7. 3 Common Mistakes New Founders Make 

1. Setting the Wrong Financial Year End (FYE): Many choose Dec 31 by default. However, choosing a different date can sometimes give you more time for your first tax filing and audit.

   
   

2. Using a Residential Address without Approval: If you use your HDB/home address, you must first get approval under the Home Office Scheme (URA/HDB).

   
   

3. Ignoring the SSIC Code: Choosing a regulated SSIC (like "Travel Agency" or "Education") will trigger a requirement for additional licenses before you can even finish the registration.

Frequently Asked Questions (FAQ)

How long does it take to set up a company in Singapore?

If the name is approved instantly, the entire process takes less than an hour. However, allow 1–3 days for administrative processing.

Can one person be the sole director and shareholder?

Yes, but that person cannot also be the Company Secretary. You will need to appoint a separate individual for the secretary role.

Do I need a physical office?

You need a "Registered Office Address" for legal mail, but you do not need to physically work there. Many startups use a Virtual Office service.

How Bestar Singapore Simplifies Your Launch

The Ultimate Guide to Setting Up a Local Company in Singapore (2025 Update)

While the ACRA portal is accessible, the paperwork and long-term compliance are where many founders struggle. Bestar Singapore provides a "Business OS" approach to your setup:

Feature	ACRA Guide (DIY)	Bestar Singapore Support
Registration	You handle the portal	End-to-End Handling: We file everything for you.
Local Director	You must find your own	Nominee Director Services: We provide a resident director for foreigners.
Compliance	You track deadlines	Auto-Pilot Compliance: We manage your AGMs and Annual Returns.
Tax Planning	General info only	IRAS Optimization: We maximize your startup tax exemptions.
Banking	You walk into a bank	Guaranteed Introductions: Direct assistance with OCBC, DBS, UOB, and more.

Special Packages for 2026

Bestar offers tailored solutions for every stage of your journey:

• The Foreigner's Entry Package: Includes Incorporation, Nominee Director, Corporate Secretary, and Registered Office Address.

  
  

• The Startup Growth Package: Includes Cloud Accounting (Xero/QuickBooks), Payroll, and Tax Advisory.

  
  

• Immigration Support: Specialized assistance for Employment Pass (EP) or EntrePass applications if you plan to relocate.

Ready to Start Your Singapore Success Story?

Don't get bogged down in administrative hurdles. Let the experts at Bestar Singapore handle the red tape while you focus on scaling your vision.

Request for Proposal

• Keys: Singapore company registration 2026, how to register a company in Singapore, ACRA registration guide, Pte Ltd incorporation Singapore.

• Our own services (e.g., Corporate Secretarial Services or Nominee Director services).

• Official sources ACRA and IRAS.