A Singapore citizen or PR can incorporate a company through ACRA's BizFile+ system by: reserving a company name (S$15), preparing company details and officers, submitting the constitution and incorporation application (S$300), and ensuring at least one resident director is appointed. The official government fees total S$315, and most companies are registered within 1 to 3 days. Key requirements include a Singapore registered address, minimum S$1 paid-up capital, and a company secretary appointed within 6 months.
S$315 Total
1 to 3 business days
You can fulfill this
Key Takeaways for Local Founders
- No Nominee Director Needed: As a citizen or PR, you can act as the locally resident director, making setup simpler and cheaper than for foreign founders.
- Strict 6-Month Rule: You must appoint a company secretary within 6 months of incorporation. The sole director cannot act as the secretary.
- Bank Capital Reality: While ACRA allows S$1 minimum capital, most banks require S$1,000 to S$5,000 initial deposit to open a corporate account.
- Tax Advantages: New companies may qualify for the Start-Up Tax Exemption (SUTE), reducing effective tax rates to as low as 4.25% on the first S$100,000 of chargeable income.
Fast Facts: Singapore Company Incorporation
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Business Types Available for Singapore Citizens
Singapore citizens and permanent residents can choose from several business structures: sole proprietorship, partnership, limited liability partnership (LLP), or private limited company (Pte. Ltd.). Each has different costs, liability protection, and compliance requirements.
| Structure | Setup Cost | Liability | Complexity | Best For |
|---|---|---|---|---|
| Sole Proprietorship | S$0 to S$50 | Personal liability (unlimited) | Very simple | Freelancers, low-risk activities |
| Partnership | S$0 to S$100 | Partners liable (unlimited) | Simple | Multiple founders sharing risk |
| LLP | S$50 to S$200 | Limited (partners protected) | Moderate | Professional services |
| Private Limited (Pte. Ltd.) | S$315 | Limited (company liable, not you) | More complex | Growth-focused, investor-ready |
Why Many Local Founders Choose a Private Limited Company
Most Singapore citizens and PRs choose a private limited company because it offers limited liability, stronger business credibility, easier ownership structure, and cleaner separation between personal and business finances.
- Limited liability: A private limited company is a separate legal entity. The company's liabilities are separate from your personal assets.
- Stronger business credibility: Banks, vendors, grant programmes, and business partners are more comfortable dealing with a Pte. Ltd.
- Easier ownership structure: You can issue shares, bring in co-founders, and later add investors or transfer shares easily.
- Cleaner separation: A company structure makes it easier to separate business banking, bookkeeping, tax reporting, and shareholder ownership from your personal affairs.
What You Need Before You Start
Before incorporating, you must choose a company name, decide your business activity, and gather key details such as financial year end, registered office address, director and shareholder particulars, and your constitution.
- Company Name: Must be reserved via BizFile+ (S$15). If approved, it is reserved for 120 days. See our guide to selecting a company name.
- Business Activity: You must select the appropriate Singapore Standard Industrial Classification (SSIC) code.
- Registered Address: Must be a physical address in Singapore accessible to the public during office hours.
- Director Requirement: At least one director must be ordinarily resident in Singapore. As a citizen or PR, you can fulfill this role yourself.
- Paid-Up Capital: Minimum S$1, though banks may require higher initial deposits.
Step-by-Step: ACRA BizFile+ Company Registration Steps
Follow these steps to register your company through ACRA's BizFile+ system. For broader setup context, review our Singapore incorporation pillar page.
| Step | Action Required |
|---|---|
| 1. Reserve Name | Submit name application via BizFile+ (S$15). Referrals for restricted words may take up to 2 months. |
| 2. Log In | Access BizFile+ using your Singpass as an individual user. |
| 3. Enter Details | Input approved entity name, financial year end, registered office address, and company email. |
| 4. Add Officers | Add directors, shareholders, and controllers. Ensure all particulars match your NRIC or FIN exactly. |
| 5. Submit Constitution | Upload the company constitution (formerly Memorandum and Articles of Association). |
| 6. Review and Pay | Review details carefully. Pay the S$300 registration fee via credit card or internet banking. |
| 7. Endorsements | Appointed officers may be asked to endorse their appointments in BizFile+ within a stated time window. |
How Much Does It Cost?
The official ACRA fees total S$315. Additional costs include company secretary services, registered address (if needed), and accounting and tax compliance.
| Item | Typical Amount | Notes |
|---|---|---|
| Name application | S$15 | Official ACRA fee |
| Company registration | S$300 | Official ACRA fee |
| Minimum official total | S$315 | Excludes professional support |
| Company secretary (annual) | S$300 to S$800 | Ongoing support cost if outsourced |
| Registered address (annual) | S$200 to S$600 | Only if you do not use another suitable address |
| Estimated Year 1 total | S$1,800 to S$6,500 | With professional support and compliance |
Get Your Company Incorporated Correctly From Day One
Let our ACRA-registered team handle the paperwork. We review every detail, prevent costly mistakes, and have your company registered within days.
Startup Tax Exemptions for New Singapore Companies
New Singapore-incorporated companies may qualify for significant tax exemptions under the Start-Up Tax Exemption (SUTE) scheme.
- 75% exemption on the first S$100,000 of normal chargeable income (effective 4.25% tax rate).
- 50% exemption on the next S$100,000 of normal chargeable income (effective 8.5% tax rate).
- Available for the first 3 consecutive Years of Assessment.
For more details on tax benefits and how to claim them, see our Singapore tax benefits guide for new companies.
Opening a Corporate Bank Account: What Local Founders Need to Know
After incorporation, most companies need to open a corporate bank account to separate business and personal finances. Required documents typically include the Certificate of Incorporation, Business Profile, Company Constitution, Board Resolution, and NRIC copies of all directors and signatories.
Bank Account Reality Check
While ACRA allows a minimum paid-up capital of just S$1, most local and international banks in Singapore require a minimum initial deposit of S$1,000 to S$5,000 to open a corporate account. Plan your initial capital accordingly to avoid banking delays.
Common Compliance Mistakes Local Founders Make
Even experienced founders can make compliance errors that lead to penalties, strike-off, or personal liability.
A solo founder attempting to appoint themselves as both the sole director and the company secretary to save money will face immediate rejection. As stated in official ACRA guidelines: "A company must have at least one company secretary. The sole director of a company cannot also act as the company secretary." Always appoint a separate individual or a professional corporate secretarial firm.
- Delaying Company Secretary Appointment: ACRA requires a company secretary within 6 months of incorporation. Penalty up to S$5,000 for the company and every officer in default.
- Mixing Personal and Business Finances: Using your personal bank account for business transactions pierces the corporate veil, making you personally liable for company debts.
- Missing Annual Return Deadlines: Late filing penalties (S$300 to S$600), potential strike-off of the company, and personal liability for directors.
Frequently Asked Questions
Incorporating or restructuring a business in Singapore is a major legal and financial decision. We provide dedicated, personal service from our first conversation to your ongoing annual filings.
- • Your Peace of Mind Comes First: We do not just explain—we ensure you truly understand and are comfortable before proceeding.
- • Personalized & Honest Pricing: Once we understand your needs, we provide a clear, custom quote—no hidden fees or unnecessary extras.
- • Expert Advisory: Direct, one-on-one advisory from seasoned professionals with deep expertise in ACRA compliance.
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Note: Terra Advisory Services is a Registered Filing Agent under the ACRA Act. Under the Corporate Service Providers Act 2024, we are treated as a registered Corporate Service Provider (CSP) and meet all new compliance requirements.
Important Notice: While Terra Advisory Services Pte. Ltd. endeavours to keep the content accurate and current, Singapore government policies, regulations, fees, and procedures may change at any time without prior notice. For the most up-to-date and authoritative information, please refer directly to official government sources. For advice tailored to your specific circumstances, please contact Terra Advisory Services.
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Official sources used in this 2026 update: