Company formation in Singapore implies completing several steps. In the process of registering a company, one must consider the legal and accounting requirements imposed by Company Law and various accounting regulations for 2026.
Below, our accountants in Singapore explain the procedure of registering an enterprise in the city-state and the taxes you need to be aware of after incorporation.
| Quick Facts | |
|---|---|
| Types of companies available for registration | – sole trader; – partnership; – limited liability company (private and public). |
Taxation of sole traders | Sole traders are subject to the personal income tax ranging from 0 to 22.5% |
Taxes imposed to partnerships | Members of partnerships must pay the personal income tax if they are natural persons and the corporate tax if they are companies. |
| Taxation of corporate forms | Corporate tax of 17%; exemptions from the corporate tax are also available for certain types of income. |
| Taxation of holding companies | Holding companies are subject to different tax regimes in accordance with their use: investment based or financial based. |
| Corporate secretary requirements (if any) | Yes, private and public companies must appoint corporate secretaries. |
| Employment taxes | – income taxes; – social security contributions. |
| HR and payroll support (YES/NO) | Yes, we offer support in payroll in Singapore. |
| Support in applying for tax incentives (YES/NO) | Yes, we can assist in applying for tax benefits under various schemes enabled by the government. |
| Assistance in GST registration (YES/NO) | Yes, you can rely on us for support in GST registration and taxation in Singapore. |
| GST rates in Singapore | – 9% standard rate in 2024 |
| Access to double tax treaties | Yes, foreign companies can access approximately 100 double tax agreements. |
| Audit services (YES/NO) | Yes, we also have a team of auditors in Singapore. |
| Industry-oriented services available (YES/NO) | Our services are oriented to companies operating in industries that are subject to special tax regulations. |
| Other services | – tax filing services; – bookkeeping; – tax compliance; – support in filing for financing, etc. |
| Legal forms available for foreign companies | – branch, – subsidiary, – liaison office |
Definition of tax residence for companies | Tax residence refers to the place where the general management or business operations are completed. |
Tax registration requirement (YES/NO) | Yes, companies need to register with the Inland Revenue Authority (IRAS). |
| Local bank account required (YES/NO) | Yes, Singapore companies need local bank accounts. |
| Mandatory legal address | Yes |
| Taxation of subsidiary companies | Subsidiaries are treated as domestic entities, therefore will pay the corporate tax on their worldwide income. |
| Taxation of branch offices | Branches are non-domestic entities, therefore they will pay the corporate tax on the income generated in Singapore. |
| Taxation of liaison offices | The liaison office does not pay the corporate tax, as it cannot engage in economic activities. |
| Financial year in Singapore | The financial year is usually the same as the calendar year in Singapore, except for newly-registered businesses. |
| Withholding tax rates in Singapore | The standard withholding tax rate is 15%, however, other rates also apply (10% for royalties payments) in the case of non-resident companies. |
| Capital gains taxes | None |
| Assistance for small companies (YES/NO) | Yes, we offer support to small enterprises. |
| Tax planning solutions (YES/NO) | Yes |
| Support in filing tax returns (YES/NO) | Yes |
| XBRL filing services available (YES/NO) | Yes, we can offer support in filing tax returns under the XBRL system. |
| Company formation steps | – Trading name reservation, – documents drafting, – documents filing, – bank account opening, – tax registration. |
Registration timeframe (approx.) | Approx. 1 week. |
Special requirements for foreign investors in terms of share capital | No, foreign shareholders are not subject to specific share capital requirements. |
| Availability of corporate secretary services (YES/NO) | Yes |
| Availability of nominee services (Yes/NO) | Yes, shareholder and director nominee services are available in Singapore. |
| Tax representative appointment required (YES/NO) | Yes, for foreign companies making taxable supply of goods and/or services in Singapore. |
| Availability of fiscal representative services (YES/NO) | Yes. |
| Requirement to appoint an auditor | Yes, for companies with an annual turnover exceeding SGD 5 million and with more than 20 shareholders. |
| Possibility to create a startup company in Singapore (YES/NO) | Yes. |
| Special tax regulations for startups | Startup Tax Exemption Scheme and Partial Tax Exemption Scheme that provide for tax exemptions for the first years of activities. |
| Support in registering as an employer in Singapore | Yes, we offer such solutions for local companies. |
| Accounting standards to comply with | Singapore Financial Reporting Standards and Singapore Financial Reporting Standard for Small Entities |
| Support in corporate loan application (YES/NO) | Yes. |
| Support in opening a bank account | Yes. |
| Why choose our accountants in Singapore | Our accountants are accredited and offer personalized services to our clients. |
Table of Contents
What are the company registration steps in Singapore?
When dealing with company formation in Singapore, here is what you need to know:
- you first need to reserve a trading name;
- you must also have the incorporation papers drafted and notarized;
- you must also open a bank account with a Singapore bank;
- the documents must then be filed with ACRA (the Accounting and Corporate Regulatory Authority);
- you must obtain a tax identification number;
- you can also register the company for GST, however, this is not a requirement in the first stages of the incorporation procedure.
As part of our company incorporation packages, our accounting firm in Singapore can assist with the registration for taxation and obtaining a GST number.
What are the documents required to register a company in Singapore?
For the simple ones, namely sole trader and partnership, an application form, respectively a partnership deed is required. For corporate forms, the Articles of Association are the main papers that need to be created.
Here is also an infographic on this subject:
Do the same company formation requirements apply if I want to set up a branch or subsidiary in Singapore?
Yes, the only difference is that the shareholder will be the parent company. However, from an accounting point of view, other regulations may apply, depending on the country of origin of the parent enterprise.
What is the minimum capital required for company formation in Singapore, and how must it be divided?
The law imposes a minimum share capital of only 1 SGD; however, from an accounting point of view, the amount should be higher. It ought to cover the operational costs of the business. Also, a reserve should be ensured in case of unforeseen events.
With respect to the type of shares a Singapore company can issue, they can be ordinary, preference, with or without voting rights, in accordance with the needs of the shareholders.
Is it possible to issue shares in currencies other than the SGD?
Yes, it is possible, as long as the Articles of Association provide for this option and the company respects the law in this sense.
Is GST registration required right after the company formation procedures are completed?
No. GST registration becomes mandatory after reaching an annual turnover of SGD 1 million. However, voluntary registration with the help of our accountants in Singapore is also possible if you want to proceed with it.
What are the taxes to consider after company formation in Singapore?
Here are the main aspects to consider:
- for companies, the corporate tax is 17%; however, not all companies must pay it (our accountants can clarify this aspect for you);
- the personal income tax, which is levied on sole traders and members in partnerships, applies progressively at rates ranging from 0% to 22.5%;
- the GST, which was altered in 2024, had its rate raised to 9%.
We remind business owners that they must also comply with audit requirements before filing tax returns. For this purpose, our auditors in Singapore are at their service. They are accredited by the Institute of Internal Auditors.
What are the reporting standards Singapore companies must adhere to after formation?
The Singapore Financial Reporting Standards (SFRS) are the main standards under which accounts must be prepared.
Are there any accounting record-keeping requirements a company must respect?
Yes, accounting book records must be kept for a minimum period of 5 years.
Can I choose the financial year-end for my Singapore company?
Yes, you can. Generally speaking, many business owners choose the calendar year, with the financial year-end on 31st of December to simplify the tax filing periods.
Do all companies in Singapore have to file audited financial statements?
No, there are also exceptions to this rule, among which are private limited companies that meet at least 2 of the following conditions in 2 consecutive financial years:
- their annual revenue is a maximum of SGD 10 million;
- the total assets they own are valued at a maximum of SGD 10 million;
- they have a maximum of 50 employees.
Here is also a video on this subject:
Are Singapore companies required to hold an Annual General Meeting?
Yes, within 6 months from the end of the financial year.
When must annual accounts be filed in Singapore?
The annual accounts must be submitted within 1 month after the Annual General Meeting.
If you want to know moredetails about setting up a company in Hong Kong, we can put you in contact with our partners from OpenCompanyHongKong.com.
If you need support in company formation and accounting in Singapore, do not hesitate to contact us for a personalized experience.