Have you ever dreamed of running your business in a country where innovation meets efficiency, and success feels within reach? Imagine setting up a company in a global financial hub with seamless regulations, attractive tax benefits, and a government that actually supports entrepreneurs. That’s Singapore for you—one of the greatest places in the world to launch and grow a business.
Whether you’re an aspiring startup founder or a seasoned business owner looking to expand, Singapore offers everything you need to thrive. With 100% foreign ownership allowed, a fast-track company registration process, and access to international markets, it’s no surprise that over 60,000 new businesses are registered here every year.
But how do you, as a foreign entrepreneur, navigate the incorporation process? What are the key legal requirements, and how can you ensure compliance while focusing on growth? This guide breaks it all down, step by step, to help you register your company in Singapore as a foreigner.
Why Register a Company in Singapore as a Foreigner?
1. Business-Friendly Policies
Singapore has been ranked among the top countries for ease of doing business by the World Bank. The country offers low corporate tax rates, no capital gains tax, and a simple company formation procedure.
2. Attractive Tax Benefits
- Corporate Tax Rate: 17% (one of the lowest in the world)
- Tax Exemptions for Startups: First S$100,000 of chargeable income is exempt from tax for the initial 3 years.
- No Capital Gains Tax: Entrepreneurs can reinvest their profits without tax implications.
- GST (Goods and Services Tax): 9% (as of 2024, previously 8%)
3. 100% Foreign Ownership
Unlike many other countries, Singapore allows full foreign ownership of companies, meaning you do not require a local partner.
4. Strong Legal Framework and IP Protection
Singapore offers a well-regulated and corruption-free business environment, ensuring the protection of intellectual property (IP) and legal rights for businesses.
5. Access to Global Markets
With free trade agreements (FTAs) with more than 25 economies and membership in the ASEAN Economic Community, Singapore serves as a gateway to Asia.
Eligibility Criteria to Register a Company in Singapore as a Foreigner
Requirement | Details |
Minimum Shareholders | At least 1 (can be a foreigner or corporate entity) |
Resident Director | At least 1 local resident director is required (can be a Singapore Citizen, Permanent Resident, or EntrePass holder) |
Company Secretary | Must appoint a qualified company secretary within 6 months of incorporation |
Paid-up Capital | Minimum S$1 |
Registered Address | A local registered office address is required |
Business Activities | Must define business activities under the Singapore Standard Industrial Classification (SSIC) Code |
Steps to Register a Company in Singapore as a Foreigner
Step 1: Choose a Business Structure
The first step to register a company in Singapore as a foreigner involves selecting the legal structure of the firm. A private limited company in Singapore is the most well-known business structure for individuals.
Step 2: Appoint a Resident Director
- Since at least one director must be a Singapore resident, you can:
- Appoint a local partner
- Engage a nominee director service
- Apply for an EntrePass (if eligible)
Step 3: Reserve a Company Name
- Submit the name to ACRA (Accounting and Corporate Regulatory Authority) for approval.
- The name must not be identical to existing firms and must not contain offensive words.
Step 4: Prepare the Required Documents
You need to submit the following documents:
- Passport copy of shareholders and directors
- Proof of residential address (overseas or Singapore)
- Memorandum & Articles of Association
- Registered office address details
- SSIC code for business activities
Step 5: Submit Registration to ACRA
Once all documents are ready, register the company online via BizFile+ (ACRA’s online portal).
Step 6: Set up a Business Bank Account
- After incorporation, you need to set up a business bank account in Singapore. Major banks include DBS Bank, OCBC Bank, UOB Bank, Citibank
- Most banks require the physical presence of company directors for account opening.
Step 7: Register for Taxes and GST
- If your company’s annual revenue exceeds S$1 million, GST registration is mandatory.
- Tax filings are done yearly with the Inland Revenue Authority of Singapore (IRAS).
Post-Incorporation Compliance in Singapore
Compliance Requirement | Description |
Annual General Meeting (AGM) | Must be held within 6 months of financial year-end |
Corporate Tax Filing | Must file with IRAS annually |
Financial Statements | Must be prepared and filed |
Annual Returns Filing | Must file with ACRA to maintain company status |
Employment Pass (EP) | Required if foreign directors/shareholders want to relocate |
Can a Foreigner Register a Company in Singapore Without Moving There?
Indeed! Incorporating a business in Singapore as a foreigner does not require you to be physically present there. OnDemand International experts can assist you in incorporating your business in Singapore remotely within 7 days.
Conclusion
Registering a company in Singapore as a foreigner is a simple procedure with the right guidance. The nation is a prominent choice for international businesses due to its advantageous tax structure, business-friendly atmosphere, and advantageous location.
To make the process easier, consider engaging a corporate service provider to handle registration, nominee directorship, and compliance matters. Ready to start your business in Singapore? Get in touch with our company formation experts today!
FAQ’s
Yes, Singapore allows full foreign ownership of private limited companies without the need for a local partner.
No, you can incorporate your company remotely through a corporate service provider. However, bank account opening may require your presence.
Most companies are incorporated within 24 hours, provided all required documents are submitted correctly.
