Your Guide to Setting Up a Company in Singapore the Right Way
Setting up a company in Singapore is exciting, but it’s also full of small compliance details that can cause big delays later (bank account rejections, missed filing deadlines, or unnecessary costs).
In this guide, we’ll show you how to set up a company in Singapore step-by-step, from choosing a business structure to registering with ACRA via BizFile+, and what you MUST do after incorporation (the part most founders accidentally ignore).
Key Takeaways for a Local Company Setup
- Setting up a company in Singapore starts with choosing the right business structure and preparing incorporation requirements (directors, shareholders, SSIC code and registered address).
- The process includes submitting the application through ACRA BizFile+, registering the company, appointing key officers (e.g., company secretary), and opening a corporate bank account.
- Post-registration compliance is ongoing and essential, including accounting, statutory filings and tax submissions such as ECI filing where applicable.
Why Singapore is a Top Place to Start a Business
Singapore remains one of the most attractive places to start a company in Asia due to:
- Strong trust and business credibility globally
- A clear and efficient company registration process (via ACRA BizFile+)
- Clear tax and compliance frameworks, with structured filing obligations for companies (via IRAS)
Step 1: Choose the Right Business Structure
Before you incorporate, choose the business entity that matches your needs (growth plans, risk exposure, and compliance tolerance).
Private Limited Company:
A separate legal entity that offers limited liability and is the most common choice for SMEs and startups.
Sole Proprietorship:
Suitable for small operations run by a single individual, but it does not offer liability protection.
Partnership:
Involves two or more partners sharing responsibilities and profits, with variants such as Limited Partnerships (LP) and Limited Liability Partnerships (LLP).
Each structure carries different legal, financial, and tax implications. You may consider seeking advice from firms that offer accounting and taxation services to determine the most appropriate structure for your business goals.
Step 2: What You Need Before You Incorporate
This is the section most guides oversimplify, and it’s also the section that often delays incorporation.
Below is a practical checklist of what you should have ready before incorporation.
- Approved company name to be reserved via ACRA BizFile+
- At least one local resident director
- Shareholders (individual or corporate)
- Share capital (commonly S$1 for startups, unless business needs otherwise)
- Registered office address in Singapore
- SSIC codes (business activity classification)
- Company constitution (custom or ACRA Model Constitution)
Official reference: ACRA explains what a company constitution is and what it must include here:
ACRA – Constitution guide: https://www.acra.gov.sg/how-to-guides/setting-up-a-local-company/constitution
Step 3: Reserve Your Company Name (BizFile+)
To register a business in Singapore, you typically reserve your company name first.
How name reservation works:
- You submit your proposed name on BizFile+
- ACRA reviews the application
- Once approved, you proceed to incorporate the company
Why names get rejected:
- Some common reasons include:
- Name too similar to existing entities
- Use of restricted terms (e.g., “bank”, “university”)
- Regulated industry wording without supporting approvals
Step 4: Incorporate Your Company with ACRA (BizFile+ Registration)
Once your details are ready, you can proceed with incorporation. ACRA’s guide on incorporating a local company, including Model Constitution options is here:
After successful incorporation:
- Your company is registered with ACRA
- You receive a UEN (Unique Entity Number)
- Your entity can legally commence business operations
If you want a deeper walkthrough, ACRA also publishes BizFile incorporation guidance (PDF) that shows the steps (including constitution attachment).
Step 5: After Incorporation: Banking, Licences & Setup
Once the company is incorporated, you can proceed to open a corporate bank account with a local financial institution. This account is necessary for handling customer payments, supplier transactions, and payroll disbursements.
Most banks will request:
- Company Biz Profile / registration details
- Directors/shareholders IDs
- Proof of address
- Board resolution (depending on bank)
Tip: banks review risk profiles carefully; mismatched SSIC codes and unclear business activity descriptions are common reasons for delays.
Step 6: Complying with Ongoing Requirements
Incorporation is only the first step. To maintain compliance and avoid penalties, companies must adhere to several ongoing statutory requirements. These include:
- Appointing a Corporate Secretary: This must be done within six months of incorporation.
- Annual Filings with ACRA and IRAS: Companies are required to file annual returns and tax documents.
- Holding Annual General Meetings (AGMs): Required unless exempted.
These tasks are often handled by secretarial service providers or accounting firms that specialise in professional bookkeeping services, especially for smaller companies with limited internal resources.
A Proactive Approach to Incorporation
Successfully setting up a company in Singapore requires a clear understanding of regulatory obligations, from choosing a structure to ongoing compliance. Missing a step or misunderstanding a requirement could result in delays or non-compliance.
You may consider partnering with a corporate service provider experienced in local incorporation, governance, and financial compliance.
Explore how Accountancy Hub offers incorporation and compliance support tailored to new businesses. We can support your startup journey. Visit our website today.