Singapore business setup

Singapore makes business setup fast and predictable: 100% foreign ownership is allowed, corporate tax is a flat 17%, and there’s no capital gains tax. Foreigners must file through a registered agency, and consultants can manage ACRA BizFile+ submissions, provide a company secretary, and arrange a nominee director where required. With a ready name, constitution, and KYC, same-day incorporation is possible; expect government fees from about S$315 and typical online package cost for a new company in the S$650–S$1,550 range, plus S$60 for the annual return. After approval you’ll receive a UEN and can apply for a bank or fintech business account—banks decide on approvals, but many support remote onboarding, multi-currency, and bank feeds into MYOB and similar tools. If your model touches payments or crypto, confirm licensing early with MAS and GoBusiness to avoid delays. Founders can plan EP/DP/LOC timelines and, once operating, explore local SME loan options; our guides show how to set up in Singapore online, what to prepare, and how to compare costs for foreigners.

Why Singapore still tops the list for a business setup

If you’re weighing up where to build a regional hub, Singapore still reads like a greatest hits album. You get a stable rule-of-law system, English as working language, and efficient regulators who actually pick up the phone. Corporate tax is a flat 17% headline rate with generous exemptions for new companies, no capital gains tax, and tax-free dividends at the shareholder level. That is real oxygen for cash flow in the first 24 months of a new venture.

The city’s banking, payments, and logistics rails are world-class. IP protection is strong. Arbitration and mediation work because the courts are predictable. And if you’re expanding across ASEAN, sitting in Singapore gives you time-zone harmony and direct flights to your customers. All of that matters more than hype when you’re trying to control risk and cost.

The essentials: how to set up a company in Singapore

You incorporate online via ACRA’s BizFile+. You’ll reserve a name first, then file your constitution, directors, shareholders, and registered address. Name approval is usually minutes; the full filing can be same-day if your documents are clean and everyone completes KYC fast. Your Unique Entity Number (UEN) is issued on approval, and you’re in business.

ACRA asks for a few non‑negotiables. You need at least one shareholder (can be an individual or a company), at least one local director who is a Singapore resident, a company secretary who is resident in Singapore, a registered local address (no PO boxes), and at least S$1 in paid‑up capital. Most founders adopt the Model Constitution rather than drafting from scratch. If you’re abroad, use registered filing agents (the consultants who submit your application) to manage identity checks and signatures online.

Choosing your vehicle, simply

Most founders pick a private limited company (Pte. Ltd.) for limited liability, investor familiarity, and tax treatment. Sole proprietorships are easy but put liability on you personally. Partnerships and LLPs exist but are niche for professional firms. If you’re a foreign corporate looking to test the market, a subsidiary beats a branch in my playbook—it ring‑fences liability and qualifies for local incentives like any other Singapore company.

What “local director” and “secretary” really mean

The local director is a statutory director who is a citizen, PR, or certain pass holder residing in Singapore. If you don’t have someone on your team, a nominee director arrangement is common, but it comes with joint legal responsibility and tight controls. The corporate secretary handles governance—board minutes, annual return filing, share transfers, and routine changes. If you are the sole director, you cannot be the secretary.

Opening a bank account and getting paid

Let’s talk practical money flows. Traditional banks (DBS, OCBC, UOB) are strong on domestic rails, FX, and trade finance. Most will interview you and your co‑founders (in person or via video), review your customer profile, and expect a basic business plan. Approval is not guaranteed; it’s a risk call. Fintechs and payment institutions can open a multi‑currency business account online with faster onboarding. Some issue virtual IBANs and cards on a same-day basis after KYC.

Plan for both. Start with a payments platform for speed, then add a full bank account for depth—letter of credit, escrow, or a larger corporate loan later. Keep your compliance pack tidy: incorporation docs, cap table, contracts for first customers, supplier invoices, and proof of source of funds. That set moves the needle with relationship managers in banks.

myob, bank feeds, and stress‑free bookkeeping

Your accountant will love you if you set up clean bank feeds into your ledger from day one. Whether you use myob, Xero, or QBO, connect your banks and payment processors so the data flows automatically. That reduces manual errors and helps you file Estimated Chargeable Income (ECI), Goods and Services Tax (GST) if you register, and your annual financial statements on time. For many SMEs, quarterly management accounts plus a year‑end XBRL pack is the sweet spot.

Visas and practical immigration for founders and hires

If you’re moving yourself or talent into Singapore, build a timeline. An Employment Pass (EP) is the standard route for foreign professionals. Applications are assessed on salary, role, and the new COMPASS framework factors such as qualifications and diversity. Typical processing runs a few weeks if your documents are watertight. Entrepreneurs may consider EntrePass, which weighs innovation, traction, and funding.

Dependants can come on Dependant’s Pass or Long‑Term Visit Pass. To work, they generally need their own work pass; limited scenarios may qualify for a Letter of Consent—check current MOM rules, as policy evolves. The key is to prove a real operating business in Singapore, not a paper shell.

For foreigners: a crisp setup sequence

• Lock your structure and share split, appoint a local director, and prepare KYC.
• Reserve your name and file incorporation—often same-day if approvals are straightforward.
• Open a business account with a payments platform to start billing; pursue a bank in parallel.
• Set your accounting calendar and bank feeds; pick your fiscal year end.
• Apply for EPs after you have at least baseline operations and contracts in hand.

Licenses, crypto questions, and regulated activities

Not every business needs a license, but many do. Food and beverage, retail with tobacco or liquor, travel agencies, employment agencies, education, healthcare, and financial services all fall under sector regulators. The GoBusiness portal is the fastest way to check what your activity code (SSIC) triggers. Build license lead time into your launch.

Crypto founders, here’s the short version. If you deal with digital payment tokens (DPTs), you’re under the Payment Services Act and the Monetary Authority of Singapore (MAS). You will need a license (major or standard) for services like exchange, transfer, or custody, plus robust AML/CFT controls, Travel Rule compliance, risk disclosures, and tech audits. Marketing to the general public is constrained. Bank accounts are possible but require a detailed risk conversation; expect enhanced due diligence and slower onboarding.

Ongoing compliance without drama

Singapore’s regime is friendly because it is predictable. Hold your Annual General Meeting (unless you dispense with it), file the ACRA annual return on time, file your ECI within three months of financial year end, and lodge your Form C‑S or Form C with IRAS. If your taxable turnover hits S$1 million in a 12‑month period, register for GST; many exporters register voluntarily for input tax recovery.

Keep statutory registers up to date, including Register of Registrable Controllers and any nominee director disclosures. Respect the Personal Data Protection Act (PDPA) if you handle personal data. If you operate in a sector with AML duties (for example, certain intermediaries or DPT providers), implement risk‑based KYC and screening. That’s how you avoid fines and keep your bank relationship warm.

A quick public‑service note: government officials will not ask you to transfer money or disclose bank log‑ins over a call. If in doubt, hang up and verify via official channels. Singapore takes scams seriously; you should too.

Costs, timelines, and realistic budgets

Here’s how to think about cost for foreigners setting up a new company in Singapore. Government fees to register a company are typically S$315 in total (name application plus registration). A corporate secretary retainer often ranges from S$400 to S$1,200 per year depending on scope. A registered address service might be S$120 to S$300 per year. A nominee director starts around a few thousand per year plus a refundable deposit, tied to proper accounting and timely filings. Accounting support ranges widely; a lean SME might spend S$1,000 to S$3,000 annually, more if audited. EP filing attracts modest official fees; allow budget for professional prep. Banking usually has no large setup fee but watch minimum balances and account charges; fintech accounts often have zero minimums.

Timelines are tight if you’re organized. Incorporation can be same-day. A payments account can be same-day post‑KYC; traditional banks often take 1–4 weeks. Simple sector licenses may clear in 1–3 weeks; complex ones take longer. EPs typically land in 3–8 weeks. Add buffer for peak seasons and any enhanced due diligence.

Picking the right consultants (and red flags)

You’ll meet many consultants in Singapore who promise “quick and easy setup.” Choose registered filing agents with a clear onboarding checklist, fee transparency, and sensible questions about your customers, suppliers, and money flows. Good advisors are comfortable saying “no” when a bank product doesn’t fit, and they will coach you on how to present your case to banks without overpromising.

Red flags are simple. Anyone who “guarantees” a bank account, a visa, or tax outcomes is selling you a headache. Anyone who offers a nominee director without insisting on accounting oversight is inviting non‑compliance. And anyone reluctant to run proper KYC on you is not someone a serious bank wants to deal with.

Financing and a smarter path to a loan

If you need a loan early, build a story lenders can underwrite. Banks like to see recurring revenue, healthy margins, and clean governance. Start with trade lines or unsecured working capital facilities sized to your cash flows. Many SMEs layer in government‑supported schemes during growth spurts. Keep your management accounts current and your covenants simple. If a bank says “not yet,” use alternative capital sparingly and circle back after two solid quarters of performance.

Quick playbooks that actually work

If you’re launching a SaaS product, keep the company clean and capital light. Incorporate, plug in bank feeds, open multi‑currency rails for USD/EUR billing, file for voluntary GST only if your customer profile justifies it, and lock in your first EP after you secure pilots. Banks are receptive when they see contracts and low refund risk.

If you’re building a crypto adjacent platform, separate regulated activities from purely technical services. Start the license journey early, run a compliance‑first architecture, and map out which banks or payment institutions are open to your risk profile. MAS will expect real governance; treat your policy stack like product.

If you’re an e‑commerce importer, get your product classifications right, register for customs accounts, and choose a bank with strong FX and trade ops. Keep inventory finance tight and your accounting on myob with live bank feeds to monitor landed cost and profitability SKU by SKU.

A simple “how to” checklist you can actually follow

• Decide the structure and cap table, and prepare KYC packs for all parties.
• Reserve your name and file incorporation online with ACRA.
• Appoint a local director and a company secretary; secure a registered address.
• Open a business account with a payments platform; start the bank application in parallel.
• Connect accounting, set bank feeds, and choose your year end.
• Check licenses on GoBusiness; apply before you start regulated activities.
• Register for GST if required; set calendar reminders for ECI and annual filings.
• If relocating, file EPs with a credible business plan and contracts to support.

All of this is doable, fast, and transparent. That’s why singapore remains a favorite for a business setup—and why, with the right advisors, you can move from idea to invoice without losing sleep.