Singapore has rapidly established itself as one of the world’s most favorable destinations for entrepreneurs due to its strategic location, stable economy, and strong pro-business policies. For those aiming to expand in Asia or launch a global business, Singapore offers a streamlined regulatory environment, efficient corporate structures, and a highly competitive tax regime. With straightforward company registration through its Accounting and Corporate Regulatory Authority (ACRA), as well as a range of government support programs, Singapore is tailored to support and grow diverse business ventures. This guide will cover everything entrepreneurs need to know—from how to form a company in Singapore and securing secretarial compliance services to meeting Singapore tax filing deadlines.
Ready to set up? Explore Velarys’ services here for expert guidance in Singapore company registration, corporate compliance, and more.
Why should you choose Singapore to setup your business?
Strategic Location and Access to Major Markets- Singapore is situated in the heart of Asia. It offers excellent connectivity, linking businesses to key markets like China, India, and ASEAN nations. With its world-class facilities like Changi Airport and the Port of Singapore, the country serves as a hub for international trade.
Business-Friendly Policies and Simplified Regulatory Environment- Singapore ranks among the top countries globally for ease of doing business, largely due to its efficient government agencies, such as the Accounting and Corporate Regulatory Authority (ACRA). ACRA simplifies the Singapore company registration process, allowing entrepreneurs to get set up within hours through the BizFile+ portal.
Learn more about company registration requirements on the ACRA website here.
Low Corporate Tax Rates and Incentives- With a corporate tax rate capped at 17%, Singapore’s tax structure is highly appealing to foreign businesses. Newly incorporated companies benefit from tax exemptions on their first SGD 100,000 of taxable income for the first three years, plus additional deductions available through various tax incentive programs.
You can find more details on tax benefits and how to file income tax in Singapore on the Inland Revenue Authority of Singapore (IRAS) website here.
How to Register a Company in Singapore
Choosing the Right Business Structure- Most entrepreneurs in Singapore opt for a Private Limited Company (Pte Ltd) due to its limited liability benefits, flexible taxation, and ability to attract investors. However, other options include sole proprietorships and partnerships, though they offer fewer protections and benefits for foreign business owners.
Reserving a Unique Company Name- Your company’s name should be unique, memorable, and free from restricted words. Use ACRA’s BizFile+ portal to check the availability of your chosen name and reserve it for a nominal fee. ACRA will generally confirm the reservation within 24 hours, after which you’ll have 120 days to complete your registration.
Appointing Directors and a Company Secretary- Every Singapore company must have at least one resident director, which can be a Singapore citizen, permanent resident, or an individual holding an EntrePass or Employment Pass. You’ll also need to appoint a corporate secretary within six months of registration, who will handle secretarial compliance services and help ensure that the company meets all regulatory requirements.
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Filing the Required Documentation
Registering with ACRA requires key documents, including:
- Company Constitution (detailing business rules)
- Director and Shareholder Details
- Registered Address (a local Singapore address is mandatory)
Once the documentation is ready, you can submit it via the BizFile+ portal to receive your business registration certificate Singapore, allowing you to operate legally.
For a full overview of the Singapore company registration process and guidance on structuring your business, Read “How To register a company in Singapore”
Post-Incorporation Support
Corporate Bank Account Setup- A corporate bank account is essential for any registered company in Singapore. Leading banks like DBS, OCBC, and UOB offer business accounts with varied features and digital banking options. The setup typically requires your company registration documents, director and shareholder details, and may involve a minimum deposit.
Annual Compliance and Secretarial Services- To remain compliant, companies must file annual returns with ACRA, and secretarial compliance services can streamline this process by ensuring all corporate filings and AGMs are held on schedule. Velarys offers comprehensive secretarial services to support compliance, allowing you to focus on business growth.
Tax Filing for Businesses in Singapore
Corporate Tax Filing- Singapore has a relatively low corporate tax rate, but all companies must file an annual corporate tax return with the IRAS. New businesses enjoy tax exemptions on their first SGD 100,000 of taxable income for the first three years.
Personal and Payroll Tax Filing- For companies with foreign employees, it’s essential to comply with tax filing regulations. Understanding how to file income tax in Singapore for employees ensures that payroll and personal tax obligations are met on time. Companies must also adhere to the Singapore tax filing deadline to avoid penalties.
For more information on filing tax returns in Singapore or the latest tax updates, visit the IRAS website here.
Government Grants and Incentives for Businesses
Startup Support Programs and Productivity Grants- Singapore’s Enterprise Singapore offers multiple grants to support businesses at every stage, from startups to established corporations. The Productivity Solutions Grant (PSG), Enterprise Financing Scheme (EFS), and Startup SG initiatives help companies fund new technologies, expand internationally, and achieve productivity improvements.
For information on available grants, eligibility, and the application process, visit Enterprise Singapore here.
Access to Venture Capital- Singapore has a thriving venture capital ecosystem that supports innovation-driven enterprises. Government-backed schemes like Startup SG Equity provide co-investment support, making Singapore particularly attractive for tech-focused and scalable startups.
How to Ensure Ongoing Compliance in Singapore
Maintaining Company Records and Compliance- In Singapore, maintaining accurate business records is not only a best practice but a legal requirement. Secretarial compliance services are essential for managing annual filings and maintaining statutory registers, such as the register of directors, shareholders, and company resolutions.
Velarys offers a full suite of secretarial services to ensure businesses stay compliant, from filing annual returns with ACRA to organizing AGMs and EGM proceedings. Visit Velarys to learn more about our tailored compliance solutions.
Annual General Meetings (AGMs) and Filing Deadlines- Every Singapore company must hold an AGM and file its annual return within one month of the meeting date. Companies must be mindful of the Singapore tax filing deadline to avoid penalties. AGMs are opportunities to discuss financial performance, approve dividends, and elect directors, ensuring transparency in company operations.
Immigration Options for Entrepreneurs and Foreign Employees
Employment Pass (EP) and EntrePass- Singapore offers various work visas, including the Employment Pass (for professionals earning at least SGD 4,500 monthly) and EntrePass (for innovative entrepreneurs looking to establish tech and research-based companies). These passes allow foreign entrepreneurs to work legally in Singapore, contributing to the country’s diverse and skilled workforce.
You can explore the eligibility requirements for these passes on the Ministry of Manpower (MOM) website here.
Conclusion: Singapore as a Launchpad for Global Growth
Singapore’s pro-business environment, combined with a straightforward incorporation process and attractive tax structure, makes it an ideal location for entrepreneurs and companies seeking sustainable growth. The country’s commitment to transparency, innovation, and regulatory efficiency creates a nurturing environment for businesses of all sizes.
Whether you’re looking to set up a Singapore company or need guidance on filing tax returns in Singapore, Velarys offers expertise in corporate and tax compliance, ensuring your business has the support needed for success.
Get started on your entrepreneurial journey with Velarys today. Visit Velarys for expert support in Singapore company registration, tax compliance, and more.