Choose a business entity, register your company name with ACRA then set up a business bank account.

Your can check if the name has already been registered through BizFile. Do note that once you have registered your company name, ACRA will reserve it for up to 120 days.

It is pretty easy and straightforward to set up a business in Singapore. However, foreigners are encouraged to engage a registered filing agent like Counto to submit the incorporation application

It is important to note that while foreigners can own 100% of the shareholding, they will need to appoint a minimum of one local resident director (a Singapore Citizen or Permanent Resident). To stay compliant, you may hire a local nominee director.

The Singapore Companies Act requires all Private Limited Companies to have at least one director who is ordinarily resident in Singapore. This individual is often referred to as a local nominee director, nominee director or local director.

The local nominee director does not hold any shares of the company, and is not involved in the operational or financial management of the company. He/she is there to act in the best interest of the company and ensure that everything is in line with Singapore law.

Your company can have as many directors as you want—most importantly, at least one must be local. Eventually, you may opt to replace your local nominee director with a non-local director who has obtained an employment pass from your new company (which typically takes 6 months).

A local nominee director should be:

• A Singapore citizen or Permanent Resident
• At least 18 years of age

• An EntrePass or Employment Pass holder with a Letter of Consent (LOC) from Ministry of Manpower (MOM) before registering as a director

• Company name
• Local resident director
• Minimum of S$1 worth of paid-up capital
• Singapore registered address
• Particulars of local company secretary
• Brief description of company activities
• Company constitution

In addition, you will need to prepare the following documents:

• Singapore residents: Copy of Singapore Identity Card (IC)
• Foreigners: Passport copy and proof of overseas residence (can be a bank statement, power or mobile phone bill).
• Corporate entity shareholder: A copy of registration documents such as Certificate of Incorporation and Memorandum & Articles of Association.

Tax on corporate income is imposed at a flat rate of 17%. However, new companies enjoy tax exemptions during the first 3 years.

Singapore also has zero dividend and capital gains taxes. 

Singapore requires a minimum capital S$1 to start a business.

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