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Singapore Company Registration and Benefits
Singapore is not only the financial hub of Asia, but also one of the most convenient jurisdictions to start and run a business. Singapore company setup consistently ranks high in global rankings for the convenience and speed of starting a business. Ease of registration, modern e-government, a transparent tax system, and government support for innovation make it attractive for both local and international entrepreneurs.
Why Start a Company in Singapore
Singapore company registration has several real advantages. First, the tax burden here is one of the lowest in the world: corporate income tax does not exceed 17%, and there is a tax break for startups. The first 100,000 SGD of income can be nearly exempt (75% or 50%) from taxation for 3 consecutive years.
Secondly, it is the infrastructure for company incorporation in Singapore. Registering a business through the ACRA portal usually takes one business day. Additionally, the state does not interfere with conducting business: minimal bureaucratic barriers, clear rules of the game, and protection of intellectual property.
Business Formation in Singapore for Foreign Entrepreneurs
Foreigners do not need to be residents to open a company in Singapore. All they need is a local director (a citizen, Permanent Resident (PR), or an EntrePass/Employment Pass holder) and an accredited corporate service provider. Foreign owners can own 100% of the company's shares.
Types of Companies in Singapore
Various forms of incorporation of a company in Singapore are available and can be selected depending on the company's size, the number of founders, and the objectives of the business.
Private Limited Company (Pte Ltd)
A Private Limited Company (Pte Ltd) is the basic form of company. By the nature/type/quantity of shares, Pte Ltd can be various. Most common ones: Exempt Private Company and a Private Company Limited by Shares.
So, to create a company in Singapore, you need:
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at least one shareholder,
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one director who is a resident or permanent resident of Singapore,
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and a company secretary.
Shareholders can be both individuals and legal entities, but in the case of an Exempt Private Company, only individuals are required.
Costs and Packages: Price of a Company Formation in Singapore
Name of the service
Start
Lite
Business🔥
Pro
Company Incorporation (including government fees) (1 shareholder)
✅
✅
✅
✅
Shares Certificate
✅
✅
✅
✅
Initial AML Compliance & KYC Verification
✅
✅
✅
✅
Tax Identification Number (TIN)
✅
✅
✅
✅
2-hour consultation on your registered company’s operations
✅
✅
✅
❌
Corporate Secretary (1 year)
✅
✅
✅
❌
Registered Office Address (1 year)
✅
✅
✅
❌
Nominee Director (1 year, including SGD 1000 refundable deposit)
❌
✅
✅
❌
Notice of Register of Registrable Controller
❌
✅
✅
❌
First Board Meeting (First Director’s Resolution)
❌
✅
✅
❌
Disclosure of Nominee Directorship Form
❌
✅
✅
❌
Consent to Act as a Director and Statement of Non-Disqualification (Form 45 (For All Director(s))
❌
❌
✅
✅
Nominee Director Agreement
❌
❌
✅
✅
Corporate Bank Account Opening Assistance (without physical visit to bank)
❌
❌
✅
✅
GST Registration (VAT equivalent)
❌
❌
❌
✅
Consultation on GST and Singapore Taxation
❌
❌
❌
✅
Shareholders' Agreement
❌
❌
❌
✅
Total cost
1820 USD
(excl. VAT)
3510 USD
(excl. VAT)
1400 USD
(excl VAT)
2700 USD
(excl VAT)
4940 USD
(excl. VAT)
3800 USD
(excl VAT)
6370 USD
(excl. VAT)
4900 USD
(excl VAT)
Offer available until
Step‑by‑Step Singapore Company Incorporation
Starting a company in Singapore with Icon.Partners is easier than it seems. The process is digital, fast, and transparent.
Starting a Company in Singapore – Initial Steps
First, come up with a unique name. The name is checked and reserved through the online portal BizFile+. If the name does not raise any questions, it is reserved immediately. It is kept for you for 120 days. In parallel, basic data about the director, secretary, office address, and areas of activity are prepared. If you are not a Singapore resident, please contact a licensed corporate service provider.
Register Company in Singapore with ACRA
Once everything is ready for setting up a company in Singapore, the next step is to apply for registration through BizFile+. Documents include:
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сonstitution document (you can use the standard “Model Constitution”),
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passport/ID details of directors and shareholders,
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consent from the elected director and secretary to perform duties,
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information about shareholders and the amount of capital.
To register a company in Singapore, foreigners apply through a corporate intermediary, as SingPass (electronic signature) is not available to them.
Cost of Setting Up a Company in Singapore
The official cost of company registration in Singapore is 315 Singapore dollars (S$): S$15 for the name reservation and S$300 for the filing of documents. These are the basic costs, which are paid through the government portal BizFile+.
Additional costs of Singapore company incorporation may arise if you use the services of a corporate service provider (between S$500 to S$2,000), rent a legal address (up to S$3,000/year), or involve a local director (~S$2,500). In the first year, costs can reach several thousand, especially for foreign founders.
Set Up Bank Account
To open a bank account for starting a company in Singapore, you need incorporation documents, an ACRA company profile, and director details. Traditional banks, DBS or OCBC, often require a face-to-face meeting; in contrast, fintech platforms like Aspire or Airwallex allow you to open an account online. Some banks impose a minimum deposit or a monthly fee, but fintech solutions usually do not. Opening times range from one day to several weeks, depending on the format.
Post‑Incorporation Compliance and Tips
Annual Filing and Tax Obligations
After setting up a company in Singapore, you need to remember several annual obligations. One of them is submitting a report to ACRA, which contains basic information about your company. In addition, the company must submit profit data to the IRAS, even if its activities were minimal or non-existent. If the company earns more than a million dollars a year, it must register as a goods and services tax (GST) payer. These rules are simple, but it is important not to miss the deadlines.
Professional Services for Smooth Singapore Company Setup
To avoid wasting time on paperwork, many entrepreneurs turn to service providers such as Icon.Partners. We help with company establishment in Singapore. This is especially convenient for foreigners who do not live in Singapore but want to start a business here without unnecessary complications. Icon.Partners assist you at every stage: from the initial application to full post-registration support, so you can focus on development rather than bureaucracy.
