Setting up your business in Singapore

April 9, 2025

1. Launchpad to fast-growing markets

Home to 700 million consumers, Southeast Asia is a US$4 trillion economy with a forecasted growth of 4.6% by 2030 (as compared to 2.7% globally), which will make it the fourth-largest economy in the world.
With 27 implemented Free Trade Agreements signed over the years, Singapore offers easy access to 85% of global GDP and benefits like tariff concessions, preferential access to certain sectors, faster entry into markets, and intellectual property protection.
Singapore is a strategic gateway to the region’s markets, being only three to four hours away from any Southeast Asian country and less than six hours away from any Asia- Pacific country.

2. Ease of doing business

Our business regulations and processes are transparent and streamlined, so you can start your business quickly and conveniently.
Our pro-business policies make us an ideal business partner to foster growth.
Singapore placed #1 in the Business Environment Rankings 2024, maintaining its rank as the best business environment for 15 consecutive years.
Southeast Asia’s projected growth for 2025 is 4.7%

3. Strong, stable economic fundamentals

A trusted partner for businesses, Singapore is ranked #1 worldwide on 11 Global Innovation Indicators, leading in operational stability for businesses, government effectiveness, ICT access, logistics performance, venture capital received, high-tech manufacturing, and GitHub commits

4. A great place to live

You and your family can live here with the confidence that your personal safety is always in good hands.
Singapore offers a high standard of living, world-class healthcare, top-notch education, a wide variety of options for commuting, and a vibrant city life.

💡 Thinking of expanding your business in Singapore? Let Astria Consulting guide you through the entire process!

Steps to setting up your business in Singapore

Step 1: Deciding on a suitable business Structure
Step 2: Registering your business
Step 3: Managing your business

Step 1: Deciding on a suitable business structure

Business entities in Singapore are regulated by the Accounting and Corporate Regulatory Authority (ACRA). You can choose to register your business entity as any of the structures below:

	Sole Proprietorship	Partnership	Limited Partnership (LP)	Limited Liability Partnership (LLP)	Company	Variable Capital Company (VCC)
Definition	A business owned by one person or one company	A business formed by at least two, or a maximum of 20 partners	A partnership consisting of a minimum of two partners, with at least one general partner and one limited partner	A partnership of at least two where the owners have the flexibility of operating as a partnership, while having a separate legal identity like that of a private limited company	A business entity registered under the Companies Act, Chapter 50	A legal vehicle for collective investment schemes (CIS)
Owned by	Owner has absolute say in the running of the business but has unlimited liability	Partners have unlimited liability, and will be personally liable for the partnership’s debts and losses	Not a separate legal entity, unlike an LLP	Partners have limited liability and will not be held personally liable for any business debts incurred by the LLP	Exempt Private Company — 20 members or less and no corporation holds beneficial interest in the company’s shares Private Company — 50 members or less Public Company — more than 50 members	A VCC can be set up as a single standalone/non-umbrella fund, or as an umbrella fund with one or more sub-funds, each without legal personality and having segregated assets and liabilities from the other
Legal status	Owner can sue or be sued in his or her name Owner can own property in his or her name	Partners can sue or be sued in the firm’s name Partners cannot own property in the firm’s name	The general partner will be responsible for the actions of the LP and is liable for all its debts and obligations The limited partner will not be liable for the LP’s debts or obligations beyond an agreed contribution	Registration costs are lower than that of a company, and there are fewer formalities and procedures to comply with Partners need to keep accounting records, profit and loss accounts, and balance sheets that sufficiently explain transactions and financial positions	Members of a company are not personally liable for debts or losses of a company Members can sue or be sued in the company’s name and own property in the company’s name	A VCC has a separate legal personality from the directors A VCC must be managed by a Permissible Fund Manager regulated by the Monetary Authority of Singapore (MAS)

Registering your business

There are 2 ways to incorporate in Singapore:

Register directly via Bizfile+ (ACRA’s online portal)

You need to log into Bizfile+ using a Singpass or CorpPass account to submit your online transaction.

Engage the services of a registered filing agent

At Astria, we are a registered filing agent that can help to submit the online application on your behalf.

Some tips for registering your business:

Transaction number of the approved name application
Personal details of the proposed owners and authorised representatives (if applicable)
Business activities
Business commencement date
Registered office address

Step 2A: Applying for a business name

You have to register a business name via BizFile+ before you can register your business. The name application costs S$15 and can be approved in minutes upon payment if the name is available.

If the application has to be referred to another agency for approval or review, approval may take from 14 working days to two months. After the name has been approved, it will be reserved for 120 days from the date of approval.

Step 2B: Proceeding with registration

Registration process

Once the name has been approved, you can immediately proceed to register the business. Generally, the processing time takes about 15 minutes after the documents and information have been successfully submitted.

Here are the various set-up costs associated with registering different business structures:

Business Structure	Registration Cost
Sole Proprietorship, Partnership, Limited Partnership	S$115 (S$15 name application fee and S$100 registration fee) for 1-year registration S$175 (S$15 name application fee and S$160 registration fee) for 3-year registration
Limited Liability Partnership	S$115 (S$15 name application fee and S$100 registration fee) for 1-year registration
Company Exempt Private Company – 20 members or less and no corporation holds beneficial interest in the company’s shares Private Company – 50 members or less Public Company – can have more than 50 members	S$315 (S$15 name application fee and S$300 incorporation fee)

Business Structure

Registration Cost

Sole Proprietorship, Partnership, Limited Partnership

S$115 (S$15 name application fee and S$100 registration fee) for 1-year registration
S$175 (S$15 name application fee and S$160 registration fee) for 3-year registration

Limited Liability Partnership

S$115 (S$15 name application fee and S$100 registration fee) for 1-year registration

Company

Exempt Private Company – 20 members or less and no corporation holds beneficial interest in the company’s shares
Private Company – 50 members or less
Public Company – can have more than 50 members

S$315 (S$15 name application fee and S$300 incorporation fee)

Business licences

After your business has been registered, we recommend checking with the relevant industry association to determine whether you require a licence for business operation.

At Astria Consulting, we are familiar with the GoBusiness Licensing, a one-stop portal set up by the Singapore Government to simplify licence-related applications and payments and we can help you navigate the entire process.

What are the other options besides registration?

	Transfer of registration/ re-domiciliation	Subsidiary Company	Branch Office	Representative Office
What?	Transfer registration from original jurisdiction to Singapore	Private limited company whose majority shareholder can be a local or foreign entity A separate legal entity from its parent company Most common and preferred form of business for small to medium sized foreign entities looking to establish in Singapore	Treated as an extension of the foreign entity incorporated in Singapore Not a separate legal entity	Temporary administrative arrangement for conducting market research and feasibility studies Should not be a long-term solution and set up a legal business entity subsequently Specific rules may apply for certain industries, e.g., legal/financial
Why?	No need to establish a new legal company Preserve the foreign entity’s corporate history Does not affect the foreign entity’s duties, liabilities, assets, or rights	Eligible for local tax benefits and tax treaties between Singapore and other jurisdictions Protect parent company’s assets and limit its liabilities	Leverage on foreign company’s brand to commence business in Singapore	Allows the foreign business to assess Singapore’s business environment before deciding to invest No need to pay taxes as no business activities can be conducted
How?	Speak to us today and we will share what is the ideal structure for your business needs!

Step 3: Managing your business

Now that you are ready to commence operations in Singapore, you would need to hire talent here. In Singapore, you would gain access to diverse talent across educational backgrounds, technical expertise and specializations.

Conclusion

Incorporating a company in Singapore as a foreigner is a straightforward process if you follow the correct steps. By choosing the right business structure, registering with ACRA, obtaining the necessary licenses, and ensuring tax compliance, you can successfully establish and grow your business in Singapore.

At Astria Consulting, we provide end-to-end business setup solutions, including:

Company Incorporation, Company Secretary and Nominee Services
Accounting & Tax
HR & Payroll
Family Office & Fund Administration
Business Advisory
Training & Others

Get Started with Astria Consulting Today!
Email: salesteam@astriaconsulting.com
Phone: +65 8684-8843
Website: www.astriaconsulting.com
Let us help you establish your business in Singapore with ease!

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