Ultimate Guide to Setting Up a Private Limited Company (PLC) in Singapore (2025)

Ultimate Guide to Setting Up a Private Limited Company (PLC) in Singapore (2025) | Bestar

Setting Up a PLC in Singapore

Ultimate Guide to Setting Up a Private Limited Company (PLC) in Singapore (2025)

Singapore stands out as a global business hub, lauded for its pro-business environment, low corporate tax rates, and streamlined regulatory framework. For entrepreneurs and foreign investors looking to establish a credible and scalable presence, the Private Limited Company (PLC), or Pte Ltd, is the most popular and recommended entity.

This comprehensive guide breaks down the essential requirements and the step-by-step process for successfully setting up your PLC in Singapore, ensuring you meet all compliance obligations with the Accounting and Corporate Regulatory Authority (ACRA).

Key Requirements for a Singapore PLC

Before you begin the incorporation process on ACRA’s online portal, BizFile+, ensure you meet these fundamental statutory requirements.

Requirement	Details
Company Name	Must be unique and approved by ACRA.
Local Director	At least one director must be an “ordinarily resident” of Singapore (Singapore Citizen, Permanent Resident, or an Employment/EntrePass holder).
Shareholders	Minimum of one shareholder (up to 50). Shareholders can be individuals or corporate entities, local or foreign, with 100% foreign ownership permitted.
Company Secretary	Must appoint a qualified, Singapore-resident secretary within six months of incorporation.
Paid-Up Capital	Minimum paid-up capital of S$1.
Registered Address	A local, physical address in Singapore (P.O. boxes are not allowed).
Constitution	A document outlining the rules governing the company. You can adopt ACRA's standard model constitution.

💡 Foreign Founders Note: If you are not a Singapore resident, you must engage a registered corporate service provider (CSP) to act as a filing agent and often to provide a Nominee Local Director to fulfill the mandatory resident director requirement.³

Step-by-Step Registration Process

Setting up a PLC in Singapore is typically fast and can often be completed in 1-2 business days once all documents are prepared.

Step 1: Name Approval and Reservation

Your company’s journey starts with securing a unique and appropriate name.

1. Check Availability: Search for your proposed name on the ACRA BizFile+ portal.

   
   

2. Submit Application: Apply for name reservation via BizFile+. The name must not be identical or too similar to existing names, nor can it be vulgar or reserved.

   
   

3. Approval: Name approval is usually instant, though complex names (e.g., those containing "Bank," "Media," or "Finance") may be referred to other authorities and take longer (14-60 days).

   
   

4. Reservation Period: Once approved, the name is reserved for 120 days.

   
   

Step 2: Prepare Incorporation Documents

Gather and prepare the necessary documents and details for the directors, shareholders, and company secretary.

• Identification: Copies of NRIC (for Singaporeans/PRs) or Passport and proof of residential address (for foreigners).

  
  

• SSIC Code: Determine the primary business activity and select the corresponding Singapore Standard Industrial Classification (SSIC) code.

  
  

• Registered Office Address: Confirm the physical Singapore address.

  
  

• Constitution: Finalise your company's constitution.

  
  

Step 3: Online Registration via ACRA BizFile+

The final registration application is submitted online through the ACRA BizFile+ portal.

1. Lodge Application: Fill in all required information: company name transaction number, registered address, details of directors/shareholders/secretary, paid-up capital, and financial year end (FYE).

   
   

2. Constitution Submission: Attach your company’s constitution (or confirm adoption of the model).

   
   

3. Endorsements: All appointed officers (directors and secretary) must endorse the application via their own SingPass (or a unique link for foreigners).

   
   

4. Pay Fees: Pay the one-time S$300 incorporation fee.

   
   

Step 4: Receive Incorporation Confirmation

Upon successful processing, ACRA will send an email notification, which includes:

• Certificate of Incorporation: A digital copy confirming the company's legal existence.

  
  

• Unique Entity Number (UEN): Your company's official identification number.

  
  

• Company Business Profile: A PDF containing all registered company details, crucial for post-incorporation tasks.

  
  

Essential Post-Incorporation Compliance

Your company is now legally formed, but a few crucial steps remain to become fully operational and compliant.

1. Appoint a Company Secretary

If you did not appoint one during registration, you must appoint a qualified, Singapore-resident Company Secretary within six months of incorporation. This role is vital for corporate governance and managing statutory filings.

2. Open a Corporate Bank Account

Use your UEN, Certificate of Incorporation, and Business Profile to open a corporate bank account with any local or international bank in Singapore.

3. Register for Corporate Tax and GST

• Corporate Tax: All Singapore PLCs are subject to corporate tax. Singapore offers attractive tax exemptions for qualifying start-up companies.

  
  

• GST Registration: You must register for Goods and Services Tax (GST) if your company's annual taxable turnover exceeds S$1 million.

  
  

4. Apply for Necessary Business Licenses

Depending on your industry (e.g., F&B, education, finance), you may need to apply for specific licenses or permits from relevant government agencies before commencing business operations.

5. Annual Filing Requirements

A PLC is subject to ongoing compliance, including:

• Holding an Annual General Meeting (AGM): Typically held annually.

  
  

• Filing Annual Returns (AR): Submitted to ACRA via BizFile+ after the AGM.

  
  

• Filing Estimated Chargeable Income (ECI): Submitted to the Inland Revenue Authority of Singapore (IRAS) within three months of the company's financial year end.

Setting up a PLC in Singapore is a well-defined process that sets your business up with limited liability and strong international credibility. By adhering to these steps and leveraging the assistance of a trusted corporate services provider, you can launch your business efficiently in this premier global jurisdiction.

⭐ Bestar: Corporate Services for Seamless Singapore PLC Setup & Compliance

Ultimate Guide to Setting Up a Private Limited Company (PLC) in Singapore (2025)

Bestar is a full-service Registered Corporate Service Provider (CSP) and accounting firm in Singapore, recognized for assisting both local and foreign entrepreneurs with the entire lifecycle of a Private Limited Company (PLC). As a registered filing agent with the Accounting and Corporate Regulatory Authority (ACRA), Bestar is legally authorized to manage the company incorporation process and ongoing statutory compliance.

Core Services Offered by Bestar

Bestar provides a comprehensive suite of services essential for establishing and maintaining a compliant business in Singapore.

1. Company Incorporation Services

• ACRA Submission: Handling the entire application, including name reservation and submission of all required documents (Constitution, directors'/shareholders' consent forms) to ACRA's BizFile+ portal.

  
  

• Foreigner Assistance: Providing the mandatory Nominee Local Director service for foreign founders who do not reside in Singapore.

  
  

• Registered Office: Provision of a registered office address in Singapore.

  
  

• Post-Incorporation Support: Assisting with corporate bank account opening procedures.

2. Mandatory Compliance and Corporate Secretarial

• Company Secretary: Appointment of a qualified, resident Corporate Secretary, which is mandatory for all Singapore PLCs.

  
  

• Annual Filing: Managing the preparation and timely submission of:

  
  

  • Annual General Meeting (AGM) documents.

  • Annual Returns (AR) filing with ACRA.

    
    

• Statutory Maintenance: Maintaining and updating the company's statutory registers (e.g., Register of Members, Register of Controllers).

  
  

• Compliance Advisory: Advising directors on changes in corporate laws and their statutory obligations.

3. Accounting, Tax, and Payroll

• Bookkeeping & Accounting: Providing comprehensive accounting and bookkeeping services, often leveraging modern digital platforms like Xero or QuickBooks.

  
  

• Tax Advisory & Compliance: Filing of Estimated Chargeable Income (ECI) and Corporate Tax Returns (Form C/C-S) with the Inland Revenue Authority of Singapore (IRAS).

  
  

• GST Services: Advising on and managing Goods and Services Tax (GST) registration and quarterly/annual filing.

  
  

• Payroll Services: Outsourced payroll management and HR consulting.

Pricing for Key Services

Bestar often offers packages that combine these services, which may result in cost savings compared to purchasing them individually.

Service	Fee (Annual/One-Time)	Notes
Company Incorporation	S$650 (One-Time)	Typically includes ACRA fees and 1 year of Corporate Secretary service.
Annual Corporate Secretary	S$350 (Annual)	Covers AGM/AR filing and compliance monitoring.
Registered Office Address	S$180 (Annual)	Provision of the statutory local physical address.
Nominee Director	S$2,500 (Annual)	Essential for foreign-owned companies without a local director. Requires a refundable deposit.
Employment Pass (EP) Application	S$1,300 (One-Time)	Professional assistance with work pass applications.

Note: These are indicative prices; it is best to request a customized quote from Bestar based on your specific business structure and service needs.

🌐 The Bestar Advantage

Choosing a firm like Bestar simplifies the setup process, particularly for overseas clients, by ensuring compliance with Singapore's strict regulatory environment from day one. We act as the Registered Filing Agent, streamlining all ACRA submissions and providing the necessary local expertise and statutory officers.