ACRA Incorporation of Company in Singapore: Step-by-Step Guide

Singapore is one of the best places in the world to start and grow a business, especially for foreign investors. Known for its strong economy, low taxes, and business-friendly policies, Singapore attracts companies from all over the world looking to expand into Asia.

To legally operate a business in Singapore, you must register your company with the Accounting and Corporate Regulatory Authority (ACRA), which oversees business registration and ensures that all companies comply with Singapore’s corporate laws.

If you’re a foreign business owner or investor, this guide will help you understand the key steps in the ACRA incorporation of company in Singapore. 

Key Takeaways

• Singapore offers a business-friendly environment, low taxes, strong legal framework, and easy access to Asian markets.
• Businesses must decide on the company structure, appoint a local director, secure a registered address, and meet regulatory requirements.
• The BizFile+ portal allows businesses to submit company registration, with approvals typically within 1-2 days if all documents are in order.
• To avoid penalties, companies must meet ACRA and IRAS compliance requirements, including annual filings, corporate tax payments, and regulatory fees.

7 Key Reasons to Incorporate a Company in Singapore

Incorporating a company in Singapore offers numerous advantages for foreign businesses and investors, with the Model Constitution (No_Follow) providing a standard governance framework under the Companies Act (No_Follow). Here’s why Singapore is one of the top destinations for business incorporation:

1. Strategic Location in Asia

ASEAN Briefing (No_Follow) reported that Singapore is gateway to Asia, offering easy access to major markets like China, India, and Southeast Asia. Its world-class airport and seaports make it an ideal hub for international trade and business expansion.

2. Business-Friendly Policies and Low Corporate Tax

Singapore is known for its pro-business environment, with a corporate tax rate of just 17%, one of the lowest in the region. The government also offers various tax incentives and exemptions, making it easier for businesses to maximize profits.

For more information about these incentives, you can refer to the Inland Revenue Authority of Singapore (IRAS) website .

3. Strong Legal and Regulatory Framework

Singapore has a transparent and well-regulated business environment, which provides legal protection for investors. The country ranks high in corporate governance rules and intellectual property (IP) protection, ensuring business activities operate securely and fairly.

4. Ease of Doing Business and Fast Registration Process

Singapore consistently ranks as one of the easiest places to do business due to its efficient and fully digital business registration system. The ACRA incorporation of company process can be completed within one to two days, allowing businesses to start operations quickly.

5. Access to a Skilled Workforce

Singapore has a highly skilled and multilingual workforce, making hiring talent easier for foreign businesses. The government also offers employment passes (EP)  and work visas for foreign professionals and business owners.

6. Attractive Government Incentives and Funding

The Singapore government actively supports businesses through grants, subsidies, and funding schemes such as:

• Startup SG – Support for startups in various industries.
• Productivity Solutions Grant (PSG)– Assistance for SMEs adopting technology.
• Global Trader Program (GTP)  – Tax incentives for international trading companies.

7. Political Stability and Strong Economy

Singapore is one of the most politically stable countries in the world, with a robust economy and strong financial sector. This stability provides confidence to investors and businesses looking for long-term growth.

9 Things to Consider Before Setting Up a Company in Singapore

Before incorporating a business in Singapore, foreign entrepreneurs must understand the key requirements and legal obligations. The following table outlines the important factors to consider:

 

Factor	Details
Business Structure	Choose the appropriate company type: Private Limited Company (Pte Ltd) – Most common and preferred for foreign businesses. Sole Proprietorship – Owned by a single individual, not ideal for foreigners registering business. Branch Office – A foreign company’s extension, not a separate legal entity.
Registered Address	Every company must have a physical office address in Singapore (P.O. Box addresses are not allowed). Virtual office services are available for businesses without a physical location.
Company Directors	At least one director must be a Singapore resident (Citizen, PR, or Employment Pass holder). Foreigners can appoint a Nominee Director if they do not have a local resident director.
Corporate Secretary	A qualified company secretary must be appointed within six months of incorporation to handle regulatory filings.
Paid-Up Capital	The minimum paid-up capital required to register a business is SGD 1. However, higher capital may be needed depending on business needs and industry requirements.
Work Visa & Relocation	Foreign owners who plan to run their business in Singapore need a valid work visa with endorsement of appointments such as: Employment Pass (EP) – For company directors and professionals. EntrePass – For entrepreneurs starting an innovative business.
Business Licenses & Permits	Some industries require additional approvals before operations can begin.
Tax Obligations	Singapore has a corporate tax rate of 17%, with exemptions available for new startups. Companies with annual revenue above SGD 1 million must register for Goods and Services Tax (GST).
Bank Account Opening	Businesses must open a corporate bank account with a Singapore bank for transactions.

 

Thinking of setting up a company in Singapore? Read our full article to understand more about ACRA requirements before incorporating your business.

 

How to Register Your Business at ACRA with Grof’s Professional Support

Registering a company in Singapore is a fast and straightforward process, thanks to the Accounting and Corporate Regulatory Authority (ACRA). Most businesses can be incorporated within 1 to 2 days if all documents are in order.

 

Here’s a step-by-step guide to the incorporation process for foreign businesses registering their company in Singapore, explaining how Grof can assist them with each stage of this journey.

Step	Action	Details	How Grof Can Help
Company Name Application	Submit for ACRA approval via BizFile+ (No_Follow).	Must be unique and not infringe trademarks. Approval within hours unless additional review is needed.	Name availability check and submission for fast approval.
Prepare Required Documents	Gather essential company details.	Directors & Shareholders – At least one Singapore resident director required. Registered Address – Must be a physical address in Singapore. Corporate Secretary – Must be appointed within 6 months. Paid-Up Share Capital – Minimum SGD 1.	Nominee Director Services for compliance. Registered Office Address & Virtual Office Solutions. Corporate Secretarial Services to handle documentation.
Submit Registration via BizFile+	Registered filing agent submits the application.	Company Registration Fees – SGD 15 (name approval) + SGD 300 (incorporation). Receive ACRA Certificate confirming incorporation of company & Unique Entity Number (UEN).	Full incorporation of company in Singapore including submission and legal compliance.
Post-Registration Steps	Ensure compliance before starting operations.	Open a Corporate Bank Account. Apply for Business Licenses (if applicable). Register for GST (if annual revenue > SGD 1 million). Obtain Work Passes (if foreign directors relocate to Singapore).	Bank Account Opening Assistance with major Singapore banks. Business Licensing Support for regulated industries. Work Visa & Employment Pass Applications.

Expanding Horizons – Helping a Foreign Business Incorporate in Singapore

A Malaysia-based logistics company sought to establish a branch in Singapore to tap into the global trade network. However, the company faced challenges understanding Singapore’s corporate regulations and needed a local partner to streamline the incorporation process.

Solution

Grof provided end-to-end incorporation services, assisting with company registration, nominee directorship, bank account opening, and compliance advisory. We also ensured the business structure aligned with Singapore’s tax incentives and regulatory framework.

Result

The company was incorporated smoothly, allowing the client to establish a strong foothold in Singapore. With Grof’s continued support in corporate compliance and governance, the business has successfully expanded its operations and partnerships in the region.

Note: Actual company name is not revealed to comply with trademark and privacy concerns.

Small & medium enterprises and foreign entrepreneurs can easily start their business in Singapore with ACRA’s BizFile+ portal. The fully digital process makes registration quick and hassle-free. Discover how to start and take advantage of Singapore’s business-friendly environment today.

ACRA Incorporation of Company Fee and Ongoing Compliance in Singapore

After register company in Singapore, businesses must meet ongoing compliance requirements set by ACRA and the Inland Revenue Authority of Singapore (IRAS). 

Non-compliance can result in penalties, fines, or even company deregistration. Below is a breakdown of the key requirements and associated costs for incorporation fees.

 

Compliance Requirement	Details	Estimated Cost (SGD)	Frequency
Annual Corporate Secretary Fee	Ensures compliance with ACRA regulations, including filing requirements.	300 – 600	Yearly
Registered Address Service	A local address is mandatory for all Singapore companies.	200 – 500	Yearly
Nominee Director Service (if needed)	Required if foreign owners do not have a local director.	2,000 – 3,500	Yearly
Annual Returns Filing with ACRA	Filing of company details and financial status via BizFile+.	60 (ACRA fee) + 300 – 500 (service provider fee)	Yearly
Financial Statements & Tax Filing	Submission of audited/non-audited financial year end statements and corporate tax filing.	800 – 2,500	Yearly
Bookkeeping & Accounting Services	Maintaining financial records as required by IRAS.	800 – 3,000 (depends on transaction volume)	Monthly/Yearly
Audit (if applicable)	Required for companies with annual revenue exceeding SGD 10 million.	2,000 – 5,000	Yearly
GST Registration & Filing (if applicable)	Businesses earning above SGD 1 million annually must register for GST.	300 – 1,200	Quarterly/Yearly

 

Wondering about the costs of incorporating and managing your business in Singapore? Explore Grof’s transparent pricing for company registration, compliance, and corporate services.

Conclusion

Incorporating a company in Singapore offers numerous benefits for foreign entrepreneurs and SMEs, including a business-friendly environment, low taxes, strong legal protection, and easy market access. Understanding the registration process, compliance requirements, and ongoing costs is crucial for long-term success.

By leveraging ACRA’s BizFile+ portal, businesses can quickly and efficiently register a company in Singapore. Ongoing compliance, such as annual filing requirements, tax obligations, and regulatory requirements, must be met to avoid penalties.

At Grof, we provide comprehensive corporate services, including company incorporation, nominee director services, and business licensing, as well as accounting and bookkeeping, tax compliance, and regulatory support. Our expertise ensures your business stays fully compliant, allowing you to focus on growth and expansion.

Ready to start your business in Singapore? Let Grof, a trusted corporate services company, handle your incorporation and compliance needs seamlessly. Contact Grof today for expert guidance.