How to Set Up a Company in Singapore: A Step-by-Step Guide
Setting up a company in Singapore is a strategic move for entrepreneurs and foreign investors, thanks to its business-friendly environment and robust legal framework. Whether you’re starting a law firm or an import/export company, here’s a comprehensive guide to take you through each step of the Singapore company registration process.
Step 1: Name Reservation
The first and one of the most crucial steps in setting up your company is reserving a suitable name.
Things to Consider When Reserving a Company Name:
Ensure it’s not identical or too similar to an existing company
It must not infringe any trademarks
It should not be obscene or vulgar
The name must not already be reserved
Name reservation is done through ACRA’s BizFile system, and we assist you in this process to secure your preferred name quickly.
Step 2: Register the Company
Once the name is approved and reserved, the next step is filing the incorporation forms with ACRA. If all documents are in order, the incorporation can be completed within a few hours.
Documents Needed:
Signed incorporation forms
Due diligence documents
Identification of directors and shareholders
Step 3: Post-Registration Formalities
After successful registration, we provide a complete set of essential corporate documents:
Company Business Profile
Company Registration Certificate & Number
Company Constitution
Share Certificates for shareholders
Step 4: Certificate of Incorporation
An official email from ACRA will serve as your company’s Certificate of Incorporation, confirming the successful registration of your business.
Step 5: Company Business Profile
Your business profile will include the following details:
Company name and UEN (Unique Entity Number)
Incorporation date
Registered office address
Principal business activities
Shareholder, Director, and Secretary information
Paid-up capital
Step 6: Opening a Corporate Bank Account
To open a corporate bank account in Singapore, you’ll need:
Share certificates
Company stamp/seal
We can assist you in opening your business bank account as soon as your company is incorporated.
Step 7: Business Licenses (If Required)
Certain industries require licenses to operate in Singapore. We help identify if your business activities fall under regulated categories and guide you through the application process.
Step 8: Goods & Services Tax (GST) Registration
If your company’s annual revenue is expected to exceed SGD 1 million, GST registration is mandatory. GST-registered companies must:
Charge 7% tax on goods and services
File and remit taxes to the Inland Revenue Authority of Singapore (IRAS)
Step 9: Annual Filing Requirements
After incorporation, your company must comply with statutory obligations under the Singapore Companies Act:
Appoint a resident company secretary within 6 months
Fix the company’s financial year-end (FYE)
Appoint auditors if:
Revenue > SGD 10 million
Assets > SGD 10 million
Employees > 50
Maintain accurate financial records
File Annual Return with ACRA and Annual Tax Return with IRAS
Notify the secretary of changes in company structure or beneficial ownership
Industry-Specific Incorporation Steps
For Import/Export Companies:
Register the Company and get a UEN
Activate a customs account
Check for Controlled Goods via the Customs Ruling Database
Apply for Inter-Bank GIRO for customs payments
Provide Security for specific types of transactions
Apply for Customs Import Permit
For Law Firms:
To register a new law practice (SLP, FLP, JLV, FLA, GP, or RO), follow the steps below:
Step 1: Login with SingPass to LSRA e-Services
Only eligible individuals (citizens, PRs, work pass holders) can use SingPass.
Step 2: Submit Application Form
Use LSRA e-Services
Signed by managing director/partner
Application fees must be paid online
Step 3: Wait for Approval
Processing can take 3 to 16 weeks
LSRA may request additional information
Step 4: Register Entity with ACRA
Applies to SLPs and FLPs
FLAs and GPs are not legal entities and don’t require ACRA registration
Step 5: Update UEN and Pay License Fee
Submit UEN and indemnity documents on LSRA portal
Pay applicable license/registration fee
Step 6: Receive License/Certificate
Once processed, you can download the license from your LSRA dashboard
You may also register foreign lawyers and regulated non-practitioners
Final Thoughts
Setting up a business in Singapore, whether for general commercial purposes or industry-specific ventures like legal or trading businesses, involves meticulous planning and compliance. At HC Consultancy, we simplify the entire journey — from name reservation to post-incorporation compliance — ensuring you start strong and stay compliant.
