Singapore continues to be one of the world’s most attractive destinations for entrepreneurs in 2025. With its robust infrastructure, strategic location, and business-friendly policies, the city-state offers a conducive environment for both local and international ventures. Whether you’re a first-time founder or a seasoned investor, here’s a comprehensive guide to help you navigate the process of starting a business in Singapore.

1. Choose Your Business Structure

The first step is to decide on the appropriate business structure. In Singapore, the most common types are:

• Private Limited Company (Pte Ltd): The most popular choice, offering limited liability and tax benefits.

• Limited Liability Partnership (LLP): Suitable for professional services, combining elements of partnerships and companies.

• Sole Proprietorship: Ideal for solo entrepreneurs, though it offers no liability protection.

• Partnership: For two or more individuals running a business together.

Each structure has its own legal and tax implications, so it’s essential to choose one that aligns with your business goals and risk tolerance.

2. Reserve Your Company Name

Your company name must be unique and approved by the Accounting and Corporate Regulatory Authority (ACRA). You can check the availability and reserve your desired name through ACRA’s BizFile+ portal. The approval process typically takes 1–2 business days.

3. Prepare Required Documents

To register your business, you’ll need the following:

• Company Name: As approved by ACRA.

• Business Activity Description: A brief overview of your business operations.

• Shareholders’ Particulars: Details of all shareholders.

• Directors’ Particulars: At least one director must be a Singapore citizen, permanent resident, or a holder of an eligible work pass.

• Registered Office Address: A physical address in Singapore (P.O. Boxes are not allowed).

• Company Secretary: Must be appointed within six months of incorporation.

• Company Constitution: Outlining the company’s internal rules.

• Financial Year-End: The company’s accounting period.

If you’re a foreigner, you may need to appoint a local director or engage a corporate service provider to handle the registration process.

4. Register Your Business with ACRA

Business registration is done online through ACRA’s BizFile+ portal. The process is straightforward and can be completed within 1–3 business days if all documents are in order. Upon successful registration, you’ll receive a Certificate of Incorporation.

5. Open a Corporate Bank Account

After incorporation, it’s advisable to open a corporate bank account in Singapore. Most banks require the presence of the company’s directors and shareholders during the account opening process. Ensure you have all necessary documents, including the Certificate of Incorporation and company constitution.

6. Apply for Necessary Licenses and Permits

Depending on your business activities, you may need specific licenses or permits. For instance, businesses in sectors like food and beverage, education, or healthcare require additional approvals. You can check the licensing requirements on the GoBusiness Licensing Portal.

7. Register for Taxes

All businesses in Singapore are required to register for Goods and Services Tax (GST) if their annual taxable turnover exceeds S$1 million. Additionally, you must comply with corporate tax obligations and file annual returns with the Inland Revenue Authority of Singapore (IRAS).

8. Hire Employees and Comply with Employment Laws

If you plan to hire employees, ensure compliance with Singapore’s employment laws. This includes registering with the Central Provident Fund (CPF), adhering to the Employment Act, and providing mandatory benefits. Foreign employees may require work passes such as the Employment Pass or S Pass.

9. Explore Grants and Incentives

Singapore offers various grants and incentives to support businesses, especially startups and SMEs. Programs like the Startup SG Founder and Enterprise Development Grant provide funding and resources. Visit the Enterprise Singapore website for more information.

10. Maintain Compliance

Post-incorporation, ensure ongoing compliance by:

• Holding Annual General Meetings (AGMs).

• Filing annual returns with ACRA.

• Maintaining proper accounting records.

• Complying with tax filing requirements.

Non-compliance can result in penalties or deregistration.

Additional Tips for Foreign Entrepreneurs

• Local Director Requirement: Foreigners must appoint at least one local director who is a Singapore citizen, permanent resident, or holds an eligible work pass.

• Work Passes: To reside and work in Singapore, you may need to apply for an Employment Pass or Entrepreneur Pass.

• Professional Assistance: Engaging a corporate service provider can streamline the registration process and ensure compliance with local regulations.

Conclusion

Starting a business in Singapore in 2025 is a structured and efficient process, thanks to the country’s pro-business environment and digital governance. By following the steps outlined above and leveraging available resources, you can establish a strong foundation for your business in one of Asia’s most dynamic economies.

For a visual walkthrough of the company registration process, you might find the following video helpful:

Join Sg Biz Lobang Telegram Channel to inspire your business dreams with tips, advice, and market insight.

________________________________________

This blog features articles by guest writers from Lepakcreator.com

(Credits: Addle/Pexels)