How to Set Up a Private Limited Company in Singapore: Step-by-Step Guide
- Roger Pay
- 2 minutes ago
- 4 min read
Singapore Pte Ltd Setup Guide
How to Set Up a Private Limited Company in Singapore: Step-by-Step Guide
Quick Summary (Overview):
To set up a Private Limited Company (Pte Ltd) in Singapore, you need at least 1 shareholder, 1 resident director, 1 local company secretary, a physical Singapore registered address, and S$1in paid−upcapital. The process takes 1 to 3 business days via ACRA’s BizFile+ portal. Total mandatory ACRA fees are S$315 (S$15 name application + S$300 incorporation fee). Foreign entrepreneurs must engage a Registered Filing Agent (RFA) like Bestar Singapore.
What are the Requirements for Incorporating a Private Limited Company in Singapore?
Before registering your company with the Accounting and Corporate Regulatory Authority (ACRA), ensure you fulfill these core statutory requirements under the Singapore Companies Act:
Key Requirement | Minimum Criteria | Description & Compliance Notes |
|---|---|---|
Shareholders | 1 Shareholder | Maximum 50. Can be an individual or a corporate entity (100% foreign ownership allowed). |
Local Director | 1 Resident Director | Must be a Singapore Citizen, PR, or valid pass holder (e.g., EntrePass or EP with LOC). Must be at least 18 years old. |
Company Secretary | 1 Local Secretary | Must be a resident of Singapore appointed within 6 months of incorporation. Cannot be the sole director. |
Paid-Up Capital | S$1 minimum | Can be increased anytime after registration. Can be denominated in any major currency. |
Registered Address | 1 Physical Local Address | Must be a physical address in Singapore (not a P.O. Box) accessible to the public during business hours. |
Financial Year End (FYE) | 1 Selection | Determines when annual return filings and tax submissions are due (e.g., Dec 31, March 31). |
4 Steps to Set Up a Singapore Pte Ltd Company
Step 1: Reserve Your Company Name (Fee: S$15)
The first step is securing an available business name via the ACRA BizFile+ system.
Name Guidelines: The name must not be identical or deceptively similar to an existing entity, infringe on registered trademarks, or contain vulgarities.
Standard Industrial Classification (SSIC): You must select up to 2 primary business activity codes.
Approval Time: Usually instant. If your name requires regulatory oversight (e.g., words like "Bank", "Finance", "Legal"), referral approval takes 14 to 60 days.
Validity: Once approved, the name is reserved for 120 days.
Step 2: Prepare Your Incorporation Documents
You must gather personal identification and governance documents for all officers and shareholders:
For Singapore Residents: NRIC copy and Singpass login access.
For Foreign Individuals: Certified passport copy, foreign residential address proof (bank statement, utility bill), and contact details.
For Corporate Shareholders: Certificate of Incorporation, Memorandum & Articles of Association / Constitution, and Board Resolution authorising shareholding.
Company Constitution: You can adopt ACRA’s standard Model Constitution or submit a custom-drafted constitution.
Step 3: Lodge the Incorporation Application via ACRA (Fee: S$300)
Submit the complete application online via BizFile+.
Government Fees: S$300 incorporation fee (Total ACRA fee: S$315 including name reservation).
Foreigners Note: If you do not hold a Singpass, Singapore law mandates that you lodge your application through an ACRA Registered Filing Agent (RFA) like Bestar Singapore.
Step 4: Receive Your Certificate of Incorporation & UEN
Once approved (typically within 1 to 3 business days), ACRA issues official electronic documents via email:
Certificate Confirming Incorporation: Official digital certificate containing your registration details.
Unique Entity Number (UEN): The standard identification number used for all government transactions, banking, and tax filings.
Free Business Profile: A comprehensive profile details document.
Post-Incorporation Checklist
Once your company is registered, execute the following essential operations:
Open a Corporate Bank Account: Use your UEN, Business Profile, Constitution, and Board Resolution to set up accounts with top banks in Singapore (e.g., DBS, OCBC, UOB, HSBC).
Appoint a Company Secretary: Must be officially appointed within 6 months of incorporation.
Register for Taxes & GST: Apply for corporate tax incentives (e.g., Tax Exemption Scheme for New Start-Up Companies). Register for GST if your annual taxable turnover exceeds S$1 million.
Obtain Licenses and Permits: Certain industries (such as F&B, Travel, Employment Agencies, and Financial Services) require specific operational permits prior to commencing trade.
Frequently Asked Questions
How much does it cost to set up a Private Limited Company in Singapore?
The mandatory ACRA government fees total S$315 (S$15 for name registration + S$300 for incorporation fee). Additional costs may include corporate secretarial services, nominee director fees, or registered address services.
Can a foreigner set up a company in Singapore without living there?
Yes. Foreigners can own 100% of a Singapore Private Limited Company and reside overseas. However, the company must appoint at least one local resident director and lodge the setup through an ACRA Registered Filing Agent like Bestar.
How long does it take to incorporate a company in Singapore?
The registration process usually takes 1 to 3 business days once all signed documents are submitted. If the business name or activity requires external government agency review, it may take 14 to 60 days.
Seamless Incorporation with Bestar Singapore
Navigating statutory compliance, statutory secretarial obligations, nominee director arrangements, and corporate tax structuring requires local expertise.
Bestar Singapore provides end-to-end corporate services tailored for local entrepreneurs and international investors:
Official ACRA Registered Filing Agent Services
Resident Nominee Director Solutions
Professional Corporate Secretarial Services
Registered Address & Mail Handling
Corporate Accounting, Tax Filing, & Licensing Consultation
Ready to start your business in Singapore?
How to Set Up a Private Limited Company in Singapore: Step-by-Step Guide
Contact Bestar Singapore Today for a consultation on incorporation packages.
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