Meet Singapore : The Business Architect Behind Global Founder Success

Many global entrepreneurs find setting up in Singapore complex, with strict rules – yet clear opportunities await. With the right approach, what first feels complex quickly becomes a straightforward step toward building a stable presence in Asia’s business hub.

Our previous post “Expand Protection & Opportunity : Why Hong Kong Businesses Consider Singapore for Incorporation” explored the key officers required when forming a private limited company in Singapore. To recap, the Accounting and Corporate Regulatory Authority (ACRA) requires every registered business to have at least one director who is a Singapore Citizen or Permanent Resident, and to appoint an independent auditor within three months of company setup.

The government also allows certain “small companies” to be exempted from annual audits if they meet specific size or revenue criteria. This gives startups and growing enterprises more flexibility to manage compliance costs and focus on scaling their operations.

This balance between strong governance and business efficiency is one reason Singapore remains a top destination for entrepreneurs worldwide. In this post, we’ll walk through the step-by-step process of setting up your company in Singapore so you can better understand how to start and manage your business with confidence.

• Get Your Unique Company Name ACRA Approved
• Ace Singapore Filing by Organising Your Officers Like a Pro
• What to Expect with SG Company Name Approval
• Design Your Shareholding Structure with Flexibility
• Build Your Venture on a Solid Legal Foundation
• Kickstart Your Singapore Venture with a Compliant Address
• Streamline Singapore Setup into a Growth-Ready Process

BizFile+ is the online filing system managed by the ACRA. It simplifies how businesses in Singapore register and maintain their company information.

While full services are available only to Singapore Citizens, Permanent Residents, and licensed Filing Agents, anyone can use BizFile+ to check a firm’s details or confirm if a proposed business name is available. This helps new entrepreneurs ensure their chosen name is unique before starting the registration process.

ACRA may reject names that closely resemble existing businesses, sound alike, or use similar word arrangements – especially if they could mislead customers. Names that are offensive or against public interest will also be declined.

Next, you’ll need to identify your company’s main business activities by selecting one or two Singapore Standard Industrial Classification (SSIC) codes that best describe your operations. 

Before setting up your company in Singapore, prepare the personal and contact details of all key officers – including directors, shareholders, and your company secretary. You’ll need their full names, identification numbers, residential addresses, phone numbers, and email addresses when filing the application. 

Having this information organised in advance ensures a smoother submission through BizFile+ and helps prevent delays during verification.

Reserving your business name is a crucial step before officially setting up your Singapore company. Once submitted through BizFile+, the Accounting and Corporate Regulatory Authority (ACRA) reviews the proposed name for uniqueness, clarity, and compliance with regulations.

Most names get approved within 15 minutes, but certain cases – like names that closely resemble existing businesses or contain sensitive words – may require additional review and take up to two weeks. Once approved, your reservation remains valid for 120 days, giving you ample time to complete your company setup.

This practice at an early stage of establishing your venture helps prevent delays during verification and ensures your Singapore business starts off on a smooth, compliant path.

Singapore’s shareholding rules are similar to Hong Kong’s. Each company must have at least one but not more than 50 shareholders who can be individuals or corporate entities.

The issued capital, which refers to the total amount paid for shares, must be declared during setup. The minimum requirement is at least $1 in any currency, and there is no paid-up capital threshold, giving founders flexibility in structuring their ownership.

Companies may issue various share classes, but the two most common are :

• Ordinary shares – Include voting rights and entitle holders to dividends based on profits.
• Preference shares – Offer priority in dividend payments and other rights defined in the company’s Constitution or resolutions.

This structure gives entrepreneurs the freedom to design shareholding arrangements that suit their business goals.

A company’s Constitution is its legal foundation – it defines how the business is structured, managed, and governed. This document outlines key details such as :

• The company’s core characteristics and governance framework.
• The internal rules that guide decision-making and daily operations.
• How the company’s operations will be carried out.
• The rights and responsibilities of directors, shareholders, and the company secretary.

When filing your company setup through BizFile+, every new entity in Singapore must submit a copy of its Constitution. This step not only fulfils a legal requirement in the Singapore business registration process but also helps maintain transparency and accountability as your company grows.

Every Singapore company is required to have a listed registered office address with ACRA. This serves as the designated point of contact where the government can send all official communications and correspondence.

The registered office must be accessible to the public and operational during normal business hours, ensuring that official communications are properly received. All statutory records and company registers should also be stored and maintained at this address.

It’s worth noting that your registered office doesn’t have to be your place of business. Many entrepreneurs now use professional corporate service providers for virtual office addresses – a rising trend in modern business. This option ensures compliance while keeping your operations flexible.

Expanding globally can be challenging, and setting up a company in Singapore often brings its own hurdles, from choosing a registered office to staying fully compliant with ACRA requirements.

AsiaBC makes this process seamless. With in-depth knowledge of business registration, an extensive network in banking, and expertise in accounting and tax planning, we provide entrepreneurs with practical, end-to-end solutions. This means faster incorporation, secure banking access, compliant operations, and a strong foundation to grow your business confidently.

Set your Singapore business up for success. Message AsiaBC on WhatsApp +852 9578 0528 or email business@asiabc.com.hk for practical support that keeps you compliant, efficient, and ready to scale.

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