How to start a company in Singapore: step-by-step guide for foreigners and locals
Singapore is one of the easiest places in Asia to start a business. It has a clear legal framework, 100% foreign ownership is allowed, and incorporation is fast. But “easy” doesn’t mean “no rules.” The steps, and especially the director requirements, differ depending on whether you are a Singaporean or a foreign founder.
This guide walks you through every step of starting a company in Singapore, from choosing a structure to staying compliant after launch.
Quick Overview: What You Need to Start a Company in Singapore
Most founders register a private limited company (Pte Ltd) with ACRA, the Accounting and Corporate Regulatory Authority. Here is what you need:
At least one shareholder (up to 50 for a Pte Ltd; individuals or companies, local or foreign)
At least one director who is ordinarily resident in Singapore
A local registered office address
A company secretary, appointed within six months of incorporation
Minimum paid-up capital of S$1
An approved company name
ACRA fees of S$315 (S$15 name application + S$300 registration)
Step 1: Choose the Right Business Structure
Before you register anything, decide which structure suits you:
Structure | Best for | Key point |
Sole proprietorship | Freelancers, very small businesses | Simple, but you are personally liable |
Partnership / LLP | Professional practices, joint ventures | Shared ownership; LLPs offer limited liability |
Private limited company (Pte Ltd) | Most startups, SMEs, and foreign-owned businesses | Separate legal entity, limited liability, more credibility with banks and clients |
For most founders, especially foreigners, a Pte Ltd is the best choice. If you are unsure, business structure advisory is a good place to start before you file.
Step 2: Sort Out the Resident Director Requirement
This is the step that stops most overseas founders.
Every Singapore company needs at least one director who is ordinarily resident in Singapore. This means a Singapore citizen, a Permanent Resident, or a pass holder such as an EntrePass or Employment Pass holder who lives in Singapore.
If you are a local: You can usually act as the resident director yourself.
If you are a foreigner: You have three common options:
Appoint a local partner or co-founder who is a citizen or PR.
Apply for an EntrePass or Employment Pass and become the resident director yourself. Pass approval is handled by the Ministry of Manpower (MOM) and is not guaranteed, so check current eligibility criteria before relying on this route.
Use a nominee director service to satisfy the rule while you manage the business from overseas or while your pass application is in progress.
Whatever you choose, remember that every director carries legal duties under Singapore law. If you are considering a nominee arrangement, discuss it carefully with a professional first.
Step 3: Choose and Reserve Your Company Name
Your company name must be unique, not offensive, and end with “Pte. Ltd.” or “Private Limited.” You apply for it through ACRA’s BizFile+ portal for S$15. Once approved, the name is reserved for 120 days, which gives you time to finish incorporation.
Tip: Check that the matching domain name and social handles are available before you commit.
Step 4: Prepare Your Company Details
Gather the following before filing:
Business activities (your primary and secondary SSIC codes, Singapore’s industry classification)
Director and shareholder details: full names, identification numbers or passports, residential addresses, and email addresses
Share structure: number of shares and paid-up capital (from S$1)
Registered office address: a physical Singapore address where official mail can be received (a PO box is not accepted)
Constitution: the company’s rules of governance
Choose your business activities carefully. Some industries need extra licences, which you can check through GoBusiness before you begin trading.
Step 5: Appoint a Company Secretary
Within six months of incorporation, you must appoint a company secretary who is a Singapore resident. The secretary makes sure you meet filing and meeting requirements under the Companies Act. Many new businesses outsource this to a provider of corporate secretarial services rather than handling it in-house.
Step 6: Submit Your Incorporation Application on BizFile+
For locals: Log in to ACRA’s BizFile+ with your Singpass, enter the company details, and pay the S$300 fee.
For foreigners: Without a Singpass, you generally can’t file directly. You’ll need to go through a registered filing agent or corporate service provider, which will also carry out identity verification (KYC) checks on you.
Most complete applications are approved within one to three business days, and sometimes within minutes. Once approved, you receive your UEN (Unique Entity Number) and your company is officially registered.
If you would rather have experts handle the filing, AcePlus BizSolutions’ company incorporation service is designed to get your business set up with the right structure from day one.
Step 7: Complete Your Post-Incorporation Setup
Registering the company is only the beginning. Next:
Open a corporate bank account. Banks will ask for incorporation documents and may ask foreign founders for additional verification.
Set up your accounting system. Clean records from the first day make GST filing, tax filing, and fundraising much easier. See bookkeeping and accounting support for what this involves.
Register for GST if required. GST registration becomes compulsory when your taxable turnover exceeds S$1 million, and you can register voluntarily earlier. Learn more about GST report preparation and submission.
Arrange payroll and CPF. If you hire staff, you need to run payroll, issue payslips, and make CPF contributions for citizens and PRs. HR and payroll support can take this off your plate.
Apply for licences or permits if your industry is regulated.
Ongoing Compliance: What Happens After Year One
Singapore companies must keep up with annual obligations, including:
Keeping proper accounting records
Holding annual general meetings (unless exempt) and filing the annual return with ACRA
Filing Estimated Chargeable Income (ECI) and the corporate income tax return with IRAS
Preparing financial statements, and arranging an audit unless you qualify for an exemption
Corporate tax is a flat 17%, but new companies may qualify for the start-up tax exemption and partial exemptions, which can reduce the amount of tax paid in the early years. Missing deadlines leads to penalties, so planning ahead matters. A structured financial year-end process covers closing the books, financial statements, audit coordination, and tax filing support. For broader guidance, explore the advisory and coordination services.
Local vs Foreign Founders: Quick Comparison
Local founder | Foreign founder | |
Resident director | Can be yourself | Local partner, own pass, or nominee director |
Filing | Directly via Singpass | Through a filing agent / corporate service provider |
Ownership | 100% | 100% |
Registered address | Required | Required |
Typical timeline | 1 to 3 days | 1 to 3 days after documents and KYC are ready |
Start Your Singapore Company with Confidence
Starting a company in Singapore is straightforward when you know the steps. The key points are the resident director rule, accurate filings, and staying compliant afterward. Whether you are a local entrepreneur or a foreign founder, the right support saves time and avoids costly mistakes.
AcePlus BizSolutions supports Singapore SMEs from setup through bookkeeping, payroll, and year-end compliance. Explore all our services, learn more about us, or contact us for a free quote. You can also WhatsApp the team on +65 8111 5568.
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