The business landscape in Singapore is vibrant, attracting entrepreneurs and global companies alike. The city-state has a highly favourable regulatory environment, offering an excellent base for startups to thrive. It is also one of the most competitive economies in the world and is well known for its streamlined administrative process.
The first step to setting up a business in Singapore is choosing the type of company structure that suits you best. You will need to decide on considerations like the capital, number of owners and risks involved. For most businesses, a private limited company (Pte Ltd) is the recommended choice due to its scaleability and flexibility.
Once you have decided on the structure, you will need to prepare documents for company registration. The main document is the Memorandum of Association, which outlines key details such as share capital amounts and equity distribution. It must be drafted in accordance with ACRA’s guidelines, so following a specific template is strongly advised.
You will also need to provide your local registered office address. This is the address that ACRA and other government agencies will use to contact you. It must be a physical address, so P.O. boxes cannot be used. You will also need to submit a Business Activity Classification Code, which is intended to describe the nature of your business activities.
Next, you will need to open your corporate bank account and apply for any relevant licences. Depending on your business’s revenue projection, you may also need to register for goods and services tax (GST). You can learn more about these requirements in our quick guide to Company Incorporation in Singapore. how to register a business in Singapore