Starting a business in Singapore can be one of the most strategic moves for entrepreneurs seeking to tap into Asia’s dynamic economy. With a pro-business government, 100% foreign ownership allowed, low corporate tax rates, and seamless digital infrastructure, Singapore offers everything you need to launch and scale a business efficiently.
This guide is designed for entrepreneurs seeking clarity on every step of the process. You’ll learn how to choose the right business structure, register with ACRA, fulfil legal requirements, open a bank account, comply with tax obligations, and explore available grants.
Key Steps and Requirements to Start a Business in Singapore
Starting a business in Singapore involves more than just registering your company. It requires a series of structured actions that must align with the country’s legal and operational frameworks. This section outlines the key decisions, required preparations, and procedural steps every entrepreneur must understand to build a compliant and fully operational business in Singapore.
1. Lay the Groundwork for Your Business
Before you begin the formal steps of setting up a business in Singapore, you need a clear foundation. This stage helps you validate your idea, understand your industry, and build a roadmap for growth. Taking the time to research, assess opportunities, and shape your strategy will make your registration and operations smoother.
- Define your business focus: Clarify what your company is setting out to achieve, the specific need it addresses, and the type of customers it will serve.
- Study your competitive landscape: Explore existing businesses in your sector, uncover market gaps, and benchmark successful models. This insight will guide your positioning and help avoid oversaturated niches.
- Set strategic foundations: Establish the core approach to your product development, marketing, pricing, and operations. Create realistic financial scenarios and consider how your business will evolve in its first few years.
This stage helps you validate your idea, understand your industry, and build a roadmap for growth. Taking the time to research, assess opportunities, and shape your strategy will make your registration and operations smoother.
2. Decide on a Business Structure
Once you’ve laid the strategic groundwork and clarified your business focus, the next step is to choose a suitable structure. Your choice will determine your legal responsibilities, tax obligations, access to funding, and operational flexibility. It’s a foundational decision that influences how your business operates and is perceived by others.
Choosing the Right Entity Type
Your business entity affects everything from taxes to liability and even how potential investors view your company. This decision lays the legal and operational foundation for what follows.
- Private Limited (Pte Ltd): The most common choice. It offers limited liability, separates personal and business assets, and provides better access to funding. Ideal for scalable businesses.
- Sole Proprietorship & Partnership: Simpler to register, but comes with unlimited liability. More suitable for small, low-risk ventures.
- Foreign Options: Includes Branch Office, Subsidiary, and Representative Office. Each has different levels of liability and operational flexibility. A Subsidiary is usually preferred due to its independence and tax benefits.
3. Fulfil Legal Requirements
Now that you’ve chosen your entity structure, it’s time to ensure you’re meeting the core legal conditions required for incorporation. These foundational elements, like your business name, address, and key personnel, must be in place before registration. This step ensures your company meets statutory obligations and is legally recognised in Singapore.
What You Need to Register a Business in Singapore
Each of the legal components below forms the backbone of your application. Addressing them before registration ensures a smooth process and keeps your setup compliant from day one.
- Name Reservation via ACRA: Your business name must be unique and not infringe on trademarks. Use BizFile+ to check and reserve it. Approval usually takes less than an hour.
- Local Address Requirement: A physical address in Singapore is mandatory. P.O. boxes are not accepted.
- Appointing a Local Director: Every Pte Ltd must have at least one locally resident director. Foreigners can partner with a nominee director or apply for an employment pass.
- Corporate Secretary Appointment: You must appoint a qualified corporate secretary within six months of incorporation. This role ensures regulatory filings are met.
4. Register Your Company
After completing the legal prerequisites, you’re now ready to formally register your business. This step involves submitting your information through ACRA’s BizFile+ system and securing your Unique Entity Number (UEN). The process is digital, straightforward, and typically completed within a day if all documents are in order.
We’ve created a comprehensive, detailed guide to help you navigate the entire business registration process. It outlines what to prepare, how to navigate BizFile+, and the key steps to avoid errors or delays.
5. Open a Business Bank Account
Once your company is registered, you’ll need a corporate bank account to manage transactions, receive payments, and meet regulatory requirements. This step is essential for operating legally and professionally in Singapore.
Setting Up Your Company Bank Account
To operate legally, you’ll need a corporate bank account. Requirements include:
- UEN
- Company profile
- Directors’ IDs
- Proof of business activities (e.g. plan, website)
Banks may request to meet with directors in person. Foreign-owned entities may face extra scrutiny.
6. Consider Work Passes & Foreign Entry
If you’re a foreign entrepreneur or hiring non-residents, you must consider immigration regulations. Singapore offers structured visa options that enable business ownership and local operations, subject to specific eligibility criteria.
Can Foreigners Start a Business in Singapore?
Singapore offers dedicated schemes and visa routes that allow foreign nationals to register, own, and manage companies locally. However, eligibility varies based on your business model, industry, and immigration status.
EntrePass
A visa for foreign entrepreneurs launching innovative businesses. Criteria include a robust business plan, funding, and a track record.
Employment Pass + Letter of Consent
A foreign director can apply for an Employment Pass (EP). Alternatively, pass holders can operate a business with a Letter of Consent (LoC) under specific conditions.
7. Register for Licences & Compliance
Depending on your business type, you may need to obtain additional regulatory approvals. This is especially important for industries like food, finance, education, and healthcare. Ensuring compliance early prevents operational delays and legal issues.
What Licences Do You Need to Operate?
Some industries require sector-specific approval:
- Food: SFA licence
- Finance: MAS licence
- Education: MOE registration
- Health: MOH authorisation
Use the GoBusiness Licensing tool to check your sector. Licensing timelines and costs vary widely.
8. Plan for Tax and Accounting
With operations underway, you’ll need to stay ahead of tax and financial obligations. Understanding your corporate tax duties, filing timelines, and GST requirements helps maintain your good standing with IRAS and ACRA.
Know Your Tax Obligations
As your operations stabilise, staying tax-compliant becomes essential to maintaining your business’s good standing in Singapore.
- Corporate Tax – 17% base rate, with partial exemptions for new startups.
- GST – Register if turnover exceeds S$1 M.
- Annual Filing – Submit returns to ACRA and IRAS. Non-compliance attracts penalties.
- CPF Contributions – If employing locals, you must register with CPF and contribute monthly.
9. Tap into Grants and Support
Singapore provides substantial backing for startups. Once your company is operational, explore the grants and support schemes offered by the government to boost innovation, hiring, and market entry.
Some government support for startups includes:
- Startup SG Founder – Offers up to S$50,000 in co-matching for first-time founders. Requires endorsement from an accredited mentor partner.
- Startup SG Tech, Equity, Talent – Funding for commercialisation, team building, and investment attraction.
- Other Avenues – Enterprise Singapore, private accelerators, and co-working spaces like BLOCK71 offer additional backing.
10. Post-Setup Essentials
Once your company is legally registered and operational, the focus shifts to sustaining its growth and fulfilling ongoing responsibilities. The post-incorporation phase requires consistent attention to administrative, financial, and regulatory matters.
Running and Growing Your Business
Beyond compliance, your focus should shift to building reliable systems, growing revenue, and positioning your brand. This is where long-term sustainability takes shape through consistent management, proper reporting, and strategic visibility.
- Bookkeeping – Maintain transaction records and issue invoices.
- Payroll – Issue payslips, track leave, and CPF.
- Annual Compliance – Stay updated with ACRA and IRAS deadlines.
- Renew your Corppass – Keep your access to government services active.
- Marketing – Register domain names, launch your website, and build your online presence.
Presenting Yourself Professionally: Why Business Attire Still Matters
As you build your company’s credibility—whether meeting investors, pitching to clients, or attending networking events—your personal appearance plays a key role in shaping trust and professionalism. Business attire isn’t just a formality; it’s part of your brand.
If you’re unsure what’s appropriate across industries in Singapore’s climate, refer to our complete guide on business attire standards in Singapore. It breaks down what to wear based on sector, occasion, and company culture.
Securing Your Office Space
Explore our guide to finding the right office space in Singapore to understand your options—from coworking spaces to commercial leases—and what’s required for different business models.
Once your business is officially registered, you’ll need to establish a physical or virtual office location. This is required for licence applications, compliance with ACRA, and even opening a corporate bank account in some cases.
Not Ready to Incorporate Yet? Start with a Side Hustle
Launching a business doesn’t always begin with registration. If you’re still validating your idea or testing demand, consider starting with a side hustle in Singapore to build traction with lower risk. It’s a smart way to experiment before committing to full incorporation.
What to Focus on After You’ve Set Up Your Company
Incorporation is only the first milestone; building a sustainable business in Singapore requires proactive growth and compliance management. Once your company is live, take these strategic steps:
- Keep your financials in check – Invest in a reliable accounting system and schedule timely ACRA and IRAS filings.
- Ensure HR compliance – Properly administer CPF contributions, issue payslips, and align with MOM standards if you’re hiring.
- Revisit your business plan – Evaluate what’s working, track KPIs, and pivot based on early performance data.
- Invest in visibility – Launch a professional website, claim local listings, and develop a strong digital marketing strategy.
- Leverage government support – Apply for relevant grants and build relationships with ecosystem partners like Enterprise Singapore or startup accelerators.
Succeeding in Singapore’s competitive ecosystem means staying informed, agile, and strategic. The stronger your operational foundation, the better positioned you’ll be for long-term growth and regional expansion.
