Setting Up a Business in Singapore: The Ultimate 2026 Guide

Singapore Business Setup Guide

Setting Up a Business in Singapore: The Ultimate 2026 Guide | Bestar

Setting Up a Business in Singapore: The Ultimate 2026 Guide

Singapore remains the premier global hub for entrepreneurs due to its strategic location, pro-business tax environment, and robust legal framework. Whether you are a local founder or an international investor, navigating the setup process is streamlined but requires precision.

Step 1: Choose Your Business Structure

Selecting the right legal entity is the foundation of your venture. It affects your personal liability, tax obligations, and ability to raise capital.

• Private Limited Company (Pte Ltd): The most common choice. It is a separate legal entity where shareholders are not personally liable for debts.

  
  

• Sole Proprietorship: Best for individual owners with low-risk businesses. Note: You have unlimited personal liability.

  
  

• Limited Liability Partnership (LLP): Ideal for professional firms (e.g., lawyers or accountants) where partners want to combine expertise while limiting individual liability.

Pro Tip: Foreigners looking to relocate usually opt for a Private Limited Company as it provides the most professional image for visa applications.

Step 2: Register Your Business (ACRA)

In Singapore, all businesses must be registered with the Accounting and Corporate Regulatory Authority (ACRA) via the BizFile+ portal.

1. Approve Your Company Name: Must be unique and free of prohibited words.

   
   

2. Appoint Key Personnel: You need at least one director who is "ordinarily resident" in Singapore.

   
   

3. Share Capital: You can start with as little as $1 in paid-up capital.

   
   

4. Registered Address: A physical Singapore address (P.O. boxes are not allowed).

Step 3: Address Key Business Needs

Once registered, you aren’t quite ready to trade. You must tick these operational boxes:

• Corporate Bank Account: Most major banks (DBS, OCBC, UOB) offer specialized SME accounts.

  
  

• Business Licenses: Depending on your industry (F&B, Education, Employment Agencies), you may need specific permits from government bodies.

  
  

• Goods and Services Tax (GST): You must register for GST if your annual taxable turnover exceeds $1 million.

Step 4: Incentives & Schemes

The Singapore government offers aggressive support for startups and SMEs to foster innovation.

Scheme Name	Benefit
Startup SG Tech	Provides early-stage funding for proprietary technology.
Enterprise Development Grant (EDG)	Covers up to 50% of costs for projects that upgrade or transform your business.
Tax Exemption for Startups	Significant tax breaks on the first $200,000 of chargeable income for the first 3 years.

Step 5: Visas & Work Passes

If you are a foreign entrepreneur moving to Singapore to run your business, you generally have two main paths:

• EntrePass: Designed for serial entrepreneurs, high-caliber innovators, or experienced investors with venture backing.

  
  

• Employment Pass (EP): The standard route for working professionals or owners of a newly incorporated Pte Ltd. This is subject to the COMPASS (Complementarity Assessment Framework) points system.

Summary Checklist

• [ ] Finalize business structure.

• [ ] Reserve name and register via BizFile+.

• [ ] Open a corporate bank account.

• [ ] Apply for necessary licenses and work passes.

• [ ] Check eligibility for government grants.

Ready to launch? Singapore’s ecosystem is built for speed—most companies can be incorporated in less than 24 hours once documentation is ready.

How Bestar Singapore Can Help You Set Up a Business in Singapore (2026 Guide)

Setting Up a Business in Singapore: The Ultimate 2026 Guide

Expanding into the Singapore market requires more than just administrative filing; it requires a strategic partner who understands the local regulatory landscape. As a specialized accounting firm focusing on SMEs and startups, Bestar Singapore provides a seamless, end-to-end incorporation experience.

Here is how our expertise guides you through every stage of the setup process.

Step 1: Expert Guidance on Business Structure

Choosing between a Private Limited Company, Sole Proprietorship, or LLP is a critical decision that impacts your tax efficiency and liability.

• Tailored Advice: Bestar assesses your business model to recommend the most scalable structure.

  
  

• Future-Proofing: We ensure your structure is optimized for future M&A activities or capital raising.

Step 2: Seamless ACRA Registration

The registration process with the Accounting and Corporate Regulatory Authority (ACRA) must be precise to avoid delays.

• Name Reservation: We handle the application to ensure your preferred company name meets ACRA guidelines.

  
  

• Corporate Secretarial Services: Under Singapore law, every company must appoint a qualified Company Secretary within 6 months of incorporation. Bestar provides professional secretarial services to manage your statutory filings and compliance.

  
  

• Registered Office Address: We provide a prestigious business address in Singapore to meet legal requirements.

Step 3: Addressing Key Business Needs

Beyond the paperwork, a business needs a functional foundation. Bestar bridges the gap between registration and operation.

• Banking Support: We facilitate introductions to major banks for your corporate account opening

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• Bookkeeping & Accounting: Our team sets up your Chart of Accounts with absolute consistency, ensuring you are audit-ready from Day 1.

  
  

• GST Advisory: We evaluate your projected turnover and manage your GST registration when necessary, ensuring you remain compliant with IRAS (Inland Revenue Authority of Singapore).

Step 4: Maximizing Incentives & Schemes

Singapore offers a wealth of grants, but navigating them can be complex. Bestar identifies the "low-hanging fruit" for your specific industry.

• Tax Optimization: We help you leverage the Tax Exemption Scheme for New Start-Ups, which provides significant relief on your first $200,000 of chargeable income

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• Grant Advisory: Our consultants identify relevant Enterprise Singapore (ESG) grants, such as the EDG, to help fund your digital transformation and regional expansion.

Step 5: Navigating Visas & Work Passes

For international entrepreneurs, securing the right to live and work in Singapore is the final piece of the puzzle.

• Employment Pass (EP) & EntrePass: We guide you through the COMPASS points-based system to ensure your application is robust.

  
  

• HR Support: From drafting Employee Handbooks to managing payroll, Bestar ensures your human resources framework meets Singapore’s Employment Act standards.

Why Choose Bestar Singapore?

At Bestar, we don’t just process forms; we build partnerships. We specialize in providing cost-effective, tailored solutions specifically designed for the needs of SMEs and startups.

By integrating artificial intelligence and digital transformation into our professional services, we provide you with a modern, efficient, and forward-thinking foundation for your Singaporean venture.

Ready to Start?

Contact Bestar Singapore today to schedule a consultation and turn your business vision into a registered reality.