- The process of setting up a company in Singapore
- Key Documents Required for Company Registration in Singapore
- Business Entities in Singapore: Types and Key Requirements
- Costs involved in company incorporation in Singapore
- Commercial tax concessions in Singapore
- Business VISA in Singapore
- Benefits of running a business in Singapore
- Commonly asked questions about company incorporation in Singapore
The process of setting up a company in Singapore
The process of registering a company in Singapore is fairly simple and streamlined. Opting for professional incorporation service provider can help you speed up the company formation process.
You can register a company in Singapore through Bizfile, a system that was set up by the Accounting and Corporate Regulatory Authority (ACRA). The key elements involved in the registration process include:
- Company name
- Names of the Directors and Corporate Secretary
- Share structure
- Registered address
- Company’s Constitution (M&AA)
A Corporate secretary is someone who is qualified to act as a company secretary and is responsible for lodging and filing all the necessary documents required by law. Your company can have as many directors as you wish, but at least one of them has to be local. The application along with supporting documents can be uploaded via Bizfile. And the company formation application can be completed in a few hours only. After the new firm’s directors, shareholders and the company secretary provide their consent online, the application for company registration is processed in a few days. Please note that the online should be submitted done within 4 months from the name approval date.
Key Documents Required for Company Registration in Singapore
General Requirements
- Approved Company Name (as per ACRA)
- Brief Business Activity Description
- Registered Local Office Address
For Directors, Shareholders & Company Secretary
- Identity proof and details of directors, shareholders, and company secretary
- Copy of Singapore resident/local director’s ID
For Foreign Individuals
- Passport copy
- Proof of residential address (overseas)
- Bank reference letter & business profile (if applicable)
For Foreign Companies
- Certificate of Incorporation
- Memorandum & Articles of Association (M&AA)
Additional Requirements
- Memorandum of Association (MOA) & Articles of Association (AOA)
- Official registered business address details
- Any other documents required by regulatory authorities
Ensuring all these documents are in place facilitates a smooth registration process under the Accounting and Corporate Regulatory Authority (ACRA).
Business Entities in Singapore: Types and Key Requirements
| Business Type | Nature of Business | Key Requirements |
| Private Limited Company (Pte Ltd) | Separate legal entity with limited liability for shareholders and directors. | 1 corporate shareholder, 1 resident director, SGD 1 paid-up capital, 1 company secretary, Registered Singapore address. |
| Subsidiary Company | Controlled by a parent company, follows Private Limited Company regulations. | At least 1 shareholder, 1 resident director, 1 company secretary, SGD 1 paid-up capital, Registered Singapore address. |
| Branch Office | Foreign company extension in Singapore, not a separate legal entity. | Corporate shareholder, Local business agent, Registered Singapore address or PO box. |
| Limited Liability Partnership (LLP) | Hybrid of a private company and a partnership, offering liability protection. | Minimum 2 partners, Resident manager, Registered Singapore address. |
| Representative Office | Temporary setup for foreign businesses to study the market, no commercial activity. | Max 5 employees, Sales turnover above SGD 250,000, Employment pass for relocation. |
| Sole Proprietorship | Single owner responsible for all liabilities. | Owned by Singapore citizens, PRs, EntrePass holders, or foreigners with local representative. |
| Partnership | Business owned by 2-20 individuals, with shared unlimited liability. | Owned by 2-20 people, profits taxed under individual income tax. |
| Limited Partnership (LP) | Requires at least one general and one limited partner with different liability levels. | Requires 1 general and 1 limited partner, local manager if all partners are non-residents. |
| Limited Liability Partnership (LLP) | No limit on partners, operates as a separate legal entity. | No partner limit, operates as a separate legal entity, local manager required if partners reside abroad. |
| Company (Private or Public) | Separate legal entity, can be privately or publicly owned. | At least 1 resident director, foreign directors can apply for an EntrePass. |
Costs involved in company incorporation in Singapore
Paid up capital in Singapore can be as low as just S$1. You can, of course, increase it later if you wish to. The average cost of incorporation generally ranges from S$2,500 to S$6,000, which depends on the business activity/structure of the new company and required services. This amount largely includes govt fees for company registration and the first year of annual management services (Local Nominee Director, Virtual Office Address in Singapore and Company Secretary).
The most important or the biggest part of the process is the nominee director service. It costs varies from S$1500 – S$3,000 which is based on complexity of business activity of proposed new company. Additionally, many corporate service providers require you to pay a security deposit of an additional S$2,000. This deposit money is utilized as indemnity for the nominee. You are eligible to get it back when his/her contract expires or when you terminate the local nominee director service. On the other hand, a cheaper option would be to hire someone you already know to be the resident in Singapore (Singaporean/Singapore permanent resident) director of your company.
The annual retainer fee for business management (corporate secretary, nominee director, annual returns filing, local address) will cost between S$2,600 to S$5,000. If you relocate to Singapore, you will also save the nominee director service costs. However, you will have to pay for an Employment Pass (S$1200-S$1,500) and/or Dependent Passes (S$600-S$800).
Furthermore, businesses associated with certain sectors like tourism or alcohol must pay the extra cost of licenses, which could range from S$50 to S$500. These costs vary depending on your choice of industry. Other monthly expenses could include renting an office space (about S$800), hiring employees. You will have to approximately spend S$4,000 to hire a software engineer or about S$1,700 to hire a security guard.
Commercial tax concessions in Singapore
Singapore runs a very aggressive commercial campaign in a bid to attract foreign entrepreneurs. The country offers multiple tax concessions to make the process of a new Singapore company registration easy and worth their time. Various Indian firms have greatly benefited from these tax concession schemes after moving their business headquarters to Singapore.
Some of the notable schemes are Global Trade Program (GTP), the International Headquarters Award (IHA) and the Regional Headquarters Award (RHQ). Under the RHQ scheme, business owners receive a concessionary tax rate of 15% on their income from a set of qualifying activities for three years. They can further enjoy these concession benefits for another two years if they can meet the preset conditions.
The qualified participants under the IHA scheme receive an even lower tax rates of either 10% or 5%. Nevertheless, they must exceed the criteria listed for the RHA by a large margin in order to qualify. Under the GTP scheme, the state offers incentives to entrepreneurs who prefer Singapore as their regional base. They get to enjoy a tax concession of 10% or 5% on the qualifying income.
Business VISA in Singapore
Formation of Business Entities for 2022 - 2024
| Entity type | 2022 | 2023 | 2024 |
| Companies* | 31,80,455 | 50,21,881 | 52,13,965 |
| Sole Proprietorships & Partnerships | 11,70,344 | 17,30,384 | 17,16,582 |
| Limited Liability Partnerships | 1,89,299 | 2,04,265 | 2,01,527 |
| Limited Partnerships | 4,125 | 8108 | 9332 |
| Public Accounting Firms | 3,471 | 5051 | 4927 |
| Variable Capital Companies | 7,382 | 11074 | 13,025 |
| Total Live count | 50,73,958 | 69,80,763 | 71,59,358 |
source: https://www.acra.gov.sg/training-and-resources/facts-and-figures/statistical-highlights-2024
Benefits of running a business in Singapore
- Ease of starting a business and managing it: On multiple occasions, Singapore has been ranked highly in international business reports and surveys. It was recently named the city with the highest ease of doing business. It is also known for its highest quality of life and most competitive economy.
- Ideal location: Singapore’s strategic location makes the country the perfect hub to gain access to other South East Asian markets that are otherwise difficult to enter. Markets such as Malaysia, Indonesia, Vietnam and Philippines are difficult to penetrate without a Singapore setup, which helps ease problems like language constraints and cultural habits of people in these countries.
- Skilled force availability: Singapore has abundant skilled workforce available. In addition, you’ll be pleased to know that INSEAD has ranked Singapore second on their Global Talent Competitiveness Index.
- Low tax rates: Singapore offers one of the most attractive commercial tax rates in the world. At just 17%, it is only half of India’s corporate tax rate. Furthermore, Singapore offers tax exemption for companies that are newly formed. Though start-ups are eligible for numerous tax breaks in India, the total tax amount they end up paying is much greater than what they would have to pay in Singapore.
Commonly asked questions about company incorporation in Singapore
1. How can I register a company in Singapore from India?
- Choosing a unique company name and getting it approved by ACRA (Accounting and Corporate Regulatory Authority).
- Submitting the required documents such as passport copies and proof of address for shareholders and directors.
- Appointing at least one local director (can be a nominee).
- Paying the registration fees.
Once approved, your company is officially incorporated, typically within 1-3 days.
2. Can an Indian set up a company in Singapore?
3. Can Indians start companies in Singapore?
4. What are the best businesses in Singapore for Indians?
Singapore offers a thriving business environment, and some of the best sectors for Indians include:
- IT & Software Services – Singapore is a tech hub with high demand for IT solutions.
- E-commerce & Digital Marketing – Online businesses thrive due to strong internet penetration.
- Import-Export & Trading – Singapore’s strategic location makes it a global trading hub.
- Financial Services & Fintech – The country is home to many fintech startups.
- Healthcare & Wellness – Ayurveda, yoga, and wellness businesses have great potential.
- Education & Training – Online coaching, skill development, and corporate training businesses are booming.
5. Why do Indian companies register in Singapore?
- Low corporate tax rate (17%) and tax exemptions for startups.
- 100% foreign ownership – No need for a local partner.
- Ease of doing business – Ranked among the top in the world.
- Strategic location – Gateway to ASEAN and global markets.
- Stable legal and financial system – Strong protection for businesses.
- Government grants and incentives – Various schemes support new businesses.
6. How can I set up a company in Singapore from India?
Setting up a company in Singapore from India involves the following steps:
- Choose a business structure – Private Limited Company (Pte Ltd) is the most common.
- Engage a corporate service provider – They handle company registration, compliance, and nominee director services.
- Submit incorporation documents – This includes shareholder details, business name, and registered office address.
- Appoint a local director – You can use a nominee director service if you’re not relocating.
- Register with ACRA – The official registration body in Singapore.
- Open a corporate bank account – Choose from leading banks like DBS, OCBC, or UOB.
- Apply for relevant business licenses (if Required)
