Set Up a New Business in Singapore with These 3 Steps

Posted by Cheryl Lee on March 11th, 2021

3 Simple Steps to Set Up a New Business in Singapore

The process can be summarized in 3 simple steps.

1. Choose your business entity

Though options exist, many new companies register with the Accounting & Corporate Regulatory Authority (ACRA) as “private limited companies” due to its scalability. On top of that, shareholders are not liable for debts and losses beyond their share capital.

Designated as such, your company is recognized as a taxable entity.

2. Set up your company

The private limited company is governed by the Singapore Companies Act, and must comply with its laws under ACRA and the Inland Revenue Authority of Singapore (IRAS). Designations include:

• Company name – Must be approved by the ACRA.
• Shareholders – Minimum of one.
• Directors – At least one director must reside in Singapore.
• Company Secretary – Also must be a Singapore resident.
• Paid-up capital – At least S
• Registered address – A physical office address is required.

As a newly-incorporated Singapore company, you may purchase a Business Profile from ACRA. This electronic report details information regarding your business, including your registration number (UEN), registration date, shareholders etc. This profile will be required to open a corporate bank account, apply for licenses and permits and check on potential business partners.

3. Open a bank account

After incorporating, you can open a bank account in Singapore. You may choose from a variety of local as well as international banks.

Read more about 3 Steps to Set Up a New Business in Singapore at Singapore Company Incorporation.