Complete Guide to Singapore Company Registration: ACRA Process, Tax Benefits, and Bank Account Opening

Why register a Singapore company?

Singapore is one of the world's most popular jurisdictions for company registration, with key advantages including:

• ** Fast registration **: typically completed within 1-3 business days
• **Tax Incentive **: Corporate Income Tax at 17%; New companies enjoy tax exemption on the first 20 SGD.
• **Financial Freedom**: No foreign exchange controls; funds can enter and exit freely.
• **International Reputation**: Singapore-based companies enjoy a strong international reputation.
• **Location**: Situated at the heart of Southeast Asia, ideal for expanding into the Asia-Pacific market.

Singapore Company Registration Process

Step 1: Enter company name

Singapore company names must end with "Pte. Ltd.". They cannot duplicate existing registered companies or contain sensitive terms. Name approval is processed through ACRA's (Accounting and Corporate Regulatory Authority) online system.

Step 2: Prepare registration documents

• At least one shareholder (individual or company)
• At least one director (must be a Singapore resident)
• Company Secretary (must be a Singapore resident)
• Registered Address (must be a local Singapore address)
• Registered Capital (minimum 1 SGD, no upper limit)

Step 3: Submit Registration

Submit your registration application via ACRA's BizFile+ system. Tiger International offers full-service handling, including provision of a local director and registered address.

Step 4: Claim Registration Certificate

After registration, you'll receive:

• Certificate of Incorporation
• Articles of Incorporation
• Shareholder Register
• Register of Directors

Tax Benefits of Singapore Companies

Corporate Income Tax

• Standard tax rate: 17%
• New Company Tax Incentive: First SGD 20 million of taxable income is tax-exempt (for the first 3 years).
• Partial tax exemption: 20K–30K SGD taxable income exempt at 50%

Other Taxes

• Capital Gains Tax: 0%
• Dividend tax: 0%
• GST (Goods and Services Tax): 9% (Registration required for annual revenue exceeding 100k SGD)

Tax Treaty

Singapore has signed double taxation avoidance agreements with over 80 countries, effectively reducing tax burdens on cross-border business activities.

Open a bank account in Singapore

Major Banks

• **DBS (DBS Bank)**: Singapore's largest bank
• **OCBC **: Friendly to Chinese Enterprises
• **UOB (United Overseas Bank)**: Extensive Southeast Asian Network

Account Opening Requirements

• Singapore Company Registration Documents
• Director Identification
• Business Proof Documents
• Some banks require a minimum deposit balance.

Singapore Company Maintenance

• ** Annual Filing **: Submit the annual return to ACRA every year
• **Tax Filing**: Submit annual tax returns to IRAS (Singapore's Inland Revenue Authority)
• **Audit Requirement **: Small companies meeting the criteria are exempt from audit.
• ** Company Secretary **: Must continuously appoint a company secretary

FAQ