How to Incorporate a Company in Singapore: Guide for US Founders

Singapore is more than just a financial hub in Southeast Asia — it’s a launchpad for global business expansion. For American entrepreneurs, company formation in Singapore provides direct access to fast-growing markets, favourable tax policies and a pro-business government committed to innovation and efficiency.

Whether you're a startup founder, digital nomad or an established company eyeing the Asia-Pacific region, the first step to forming a company in Singapore is to understand every detail of incorporation. This guide breaks down the process, compliance requirements and benefits, so you can move forward with clarity and confidence.

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Why Incorporate a Company in Singapore?

Singapore has built a reputation as one of the most business-friendly jurisdictions in the world, consistently ranking near the top of the World Bank’s Ease of Doing Business index for more than a decade.¹ The regulatory framework is designed to welcome foreign investment, and unlike some markets in Asia, the country imposes virtually no restrictions on overseas ownership. Foreign entrepreneurs, including U.S. citizens, are permitted to hold 100% of the equity in most types of companies.²

The tax environment is another significant draw. Singapore applies a flat corporate income tax rate of 17%, but most startups pay far less in their early years thanks to the government’s partial tax exemption scheme.³ New qualifying companies can receive an exemption on up to 75% of their first SGD 100,000 of chargeable income and a further 50% on the next SGD 100,000 for the first three years. This offers a substantial advantage compared to jurisdictions where progressive corporate tax rates can exceed 25% to 30%.

The legal environment also supports foreign investors. Singapore’s judicial system is based on English common law, known for its predictability and efficiency. The country ranks highly in the World Justice Project Rule of Law Index for factors such as regulatory enforcement and absence of corruption.⁴ For businesses in technology, finance, and creative industries, the Intellectual Property Office of Singapore offers robust protection for patents, trademarks and copyrights, aligning with international agreements such as the TRIPS Agreement.⁵

For U.S. entrepreneurs, the ease of communication and compliance in Singapore is a practical advantage. English is the official language for legislation, court proceedings and corporate documentation, reducing the risk of translation errors and helping ensure regulatory compliance. When compared to jurisdictions with opaque tax regimes, weak rule of law or heavy bureaucratic procedures, Singapore stands out as a transparent, efficient and strategically located base for company registration and regional expansion.

Legal Requirements for Company Formation in Singapore

The Accounting and Corporate Regulatory Authority (ACRA) oversees company registration and compliance in Singapore. ACRA’s BizFile+ portal handles all business filings, although most foreign entrepreneurs use a corporate service provider to streamline the process.^6,7

To legally incorporate a Private Limited Company (Pte Ltd), the most common structure for foreign-owned businesses, you’ll need to meet the following requirements:

• One Singapore-resident director: This can be a citizen, Permanent Resident (PR) or EntrePass/Employment Pass holder
• A qualified company secretary: Must be appointed within six months of incorporation and reside in Singapore
• Paid-up capital of at least SGD 1: No maximum or authorized capital required
• A local registered address: P.O. boxes are not allowed
• At least one shareholder: Individual or corporate entity, local or foreign

While U.S. founders can serve as shareholders and directors, most engage a corporate service provider to supply a nominee director, fulfill secretarial duties and provide a local address.

How to Incorporate a Company in Singapore: Step-by-Step

The process of company formation in Singapore is highly streamlined compared to many other jurisdictions, but U.S. entrepreneurs should still follow each step carefully to ensure compliance with both Singaporean and American regulations. While you can technically file directly with the Accounting and Corporate Regulatory Authority via its BizFile+ portal, most foreign founders engage a licensed corporate service provider to handle the process, particularly when a local director or registered address is required.

Step 1: Reserve Your Company Name

Your business name must be approved before incorporation can proceed. Submit it to ACRA for clearance through BizFile+. The proposed name must be unique, cannot infringe existing trademarks and must comply with naming rules (for example, certain words like “bank” or “university” require additional licensing). If approved, the name is reserved for 120 days. U.S. founders should also check that the name is available as a domain and does not conflict with any U.S. trademarks if they plan to operate globally.

Step 2: Prepare Incorporation Documents

This stage involves gathering all the required paperwork. The key document is the company constitution (similar to corporate bylaws in the U.S.), which outlines the rules for governance and shareholder rights. You will also need identification and address details for all directors and shareholders, signed consent-to-act forms for each appointee, and details of your registered office in Singapore. A corporate service provider can draft and standardize these documents, ensuring they meet both ACRA requirements and any specific terms you wish to include for shareholder agreements.

Step 3: File for Incorporation

Once the name and documents are ready, your corporate service provider submits them to ACRA via BizFile+. This submission includes all shareholder and director details, the company’s registered address, and the business activities (classified under the Singapore Standard Industrial Classification code). Most applications are processed within one to three business days. However, if the application is referred to another government agency for review, which is common for regulated industries, it may take longer.

Step 4: Receive Certificate of Incorporation

Upon approval, ACRA issues a digital Certificate of Incorporation and an electronic business profile. These serve as your official proof of company registration and are required for many post-incorporation activities, including opening a corporate bank account. Both documents are stored in your BizFile+ account, and soft copies are accepted for most purposes in Singapore.

Step 5: Open a Corporate Bank Account

Banking is often the most time-consuming step for foreign founders. Traditional Singapore banks usually require in-person verification for at least one director, though some fintech platforms and alternative banking solutions allow remote onboarding. Be prepared to present the Certificate of Incorporation, business profile, constitution, and identification documents for all directors and significant shareholders. Some banks may also request a business plan or proof of intended operations in Singapore. U.S. founders should also ensure they are aware of the Foreign Account Tax Compliance Act (FATCA) reporting obligations for foreign-held accounts.⁸

Step 6: Meet Compliance Obligations

Incorporation is only the beginning. A Singapore company must appoint a qualified company secretary within six months, maintain proper accounting records, and prepare annual financial statements. It must hold an Annual General Meeting (AGM) unless exempt, file an annual return with ACRA, and submit annual corporate tax filings to the Inland Revenue Authority of Singapore (IRAS).⁹ Many U.S. owners outsource these ongoing compliance tasks to their corporate service provider to avoid penalties and ensure timely filings.

Costs of Company Formation and Maintenance

The official government fees for company formation in Singapore are relatively low by global standards. The Accounting and Corporate Regulatory Authority charges SGD 15 for a company name reservation and SGD 300 for the actual incorporation filing.¹⁰ These fees are fixed and apply whether you file directly or through an intermediary.

While it is technically possible for a foreigner to incorporate directly with ACRA, most overseas entrepreneurs work through a licensed corporate service provider (also known as a registered filing agent). This is largely because Singapore law requires at least one locally resident director, and service providers can supply a nominee director to meet this requirement. Comprehensive incorporation packages, which typically include name reservation, constitution drafting, registered address, company secretary appointment and nominee directorship, can cost up to $3,000.¹¹

After incorporation, ongoing compliance costs must be factored into the budget. These can include:

• Annual filing and secretarial services: The cost varies a lot depending on whether the company prefers to hire an in-house secretary or to outsource the role¹²
• Bookkeeping and tax reporting: In Singapore, accounting services for small businesses typically cost between $70 and $1,100 per month, with the right provider offering scalable, transparent pricing, industry expertise, and technology-driven efficiency that go beyond basic bookkeeping¹³
• Registered office address: A legal requirement for all companies (ACRA requirement), with annual fees starting from $85, depending on whether it’s a basic mail-forwarding address or a serviced office¹⁴
• Nominee director services: If no director resides in Singapore, expect to pay around $2,000 annually for a professional nominee director from a reputable service provider¹⁵

Taking these costs together, most foreign-owned Singapore companies should budget between USD 3,000 and 5,000 per year for a fully managed operation that remains in good standing with ACRA and IRAS. This figure assumes the use of a corporate service provider for both incorporation and ongoing compliance.

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Tax and Regulatory Benefits for U.S. Founders

Balancing requirements from the IRAS and the U.S. Internal Revenue Service (IRS) requires careful planning, especially for American founders who remain liable for U.S. federal taxes on worldwide income.

Singapore operates on a territorial basis of taxation, meaning that only income earned in Singapore, or certain foreign-sourced income remitted into the country, is subject to tax. The corporate income tax rate is a flat 17%, but start-ups can access generous exemptions. Under the Start-Up Tax Exemption Scheme, qualifying companies may enjoy a 75% exemption on the first SGD 100,000 of chargeable income and a 50% exemption on the next SGD 100,000 for their first three consecutive years of assessment.

Although there is no U.S.-Singapore tax treaty, double taxation can often be mitigated through Foreign Tax Credits and the Foreign Earned Income Exclusion (FEIE) available to qualifying U.S. taxpayers (IRS). U.S. citizens and green card holders must still file Form 1040 annually, along with additional forms such as Form 2555 (to claim the FEIE), Form 8938 (to report foreign financial assets under FATCA), and the FBAR (FinCEN Form 114) if their non-U.S. bank accounts exceed USD 10,000 in aggregate at any point during the year.

For many U.S. entrepreneurs, the ability to optimize their overall tax position is a key reason to establish a presence in Singapore. The regulatory environment adds further advantages. Singapore ranks among the most transparent and efficient jurisdictions globally, with straightforward corporate compliance requirements under the ACRA.

Breakdown of taxes in Singapore

Corporate tax rate	17% flat, but start-ups have generous exemptions
Capital gains tax	N/A
Tax on Dividends	N/A
Individual tax	0% to 24% for residents (in the country for at least 183 days), 22% for non-residents16

Challenges and Considerations for U.S. Entrepreneurs

Despite its advantages, company formation in Singapore comes with a few considerations:

• Nominee director requirement: Unless you relocate to Singapore, you’ll need to appoint a local resident director
• Banking requirements: Many banks still require in-person identity verification, although alternatives are emerging
• U.S. compliance burden: Foreign company ownership adds IRS reporting complexity, particularly if your Singapore company earns active income or holds significant assets
• Operational costs: While setup is affordable, Singapore’s ongoing costs (office space, staff, professional services) can be high relative to neighboring countries

Despite these factors, the benefits often outweigh the challenges for companies aiming to establish credibility and reach across Asia.

Final Thoughts

Company formation in Singapore offers U.S. business owners a clear path to expanding internationally while benefiting from an efficient regulatory environment, low taxes and unmatched regional access. When managed properly, incorporating in Singapore enhances operational flexibility, investor appeal and long-term growth potential.

To move forward with confidence, partner with a trusted corporate service provider and consult both local and U.S. legal and tax advisors. With the right structure in place, you’re on a great path to develop your business in Asia and beyond.

Frequently Asked Questions

What Is the Corporate Regulatory Authority in Singapore?

The Accounting and Corporate Regulatory Authority is Singapore’s official body responsible for company registration, compliance enforcement, and maintaining the business registry. All applications for company formation in Singapore must be submitted through ACRA’s BizFile+ portal.

Can U.S. Citizens Incorporate a Company in Singapore Without Living There?

Yes. Foreigners, including U.S. citizens, can own 100% of a Singapore company without being physically present. However, the company must appoint at least one local director who is a Singapore resident. Many foreign founders use a nominee director service provided by a licensed corporate service provider.

How Long Does It Take to Incorporate a Company in Singapore?

If all documentation is in order, company registration can typically be completed within one to three business days. Delays may occur if the name requires manual review or if additional documentation is requested by the authorities.

Do I Need a Local Bank Account for My Singapore Company?

Yes, most Singapore companies open a local corporate bank account to manage business operations and comply with regulatory expectations. Major banks often require an in-person meeting, although some digital alternatives and fintech platforms now offer remote account setup with the help of a corporate service provider.

What Are the Annual Compliance Requirements After Incorporation?

After company formation in Singapore, businesses must comply with ongoing obligations such as:

• Appointing a qualified company secretary
• Holding an annual general meeting (AGM)
• Filing annual returns with ACRA
• Maintaining accounting records and preparing financial statements
• Filing corporate income tax returns with the Inland Revenue Authority of Singapore (IRAS)

How Much Does It Cost to Incorporate a Company in Singapore?

The basic government fee is SGD 315 (approx. USD 230). However, most foreign founders work through a corporate service provider, which can bring the total cost to USD 1,800 to 3,000 depending on the services included (e.g., nominee director, registered address, secretarial services).

Will I Still Pay U.S. Taxes if I Own a Singapore Company?

Yes. U.S. citizens and residents are subject to U.S. worldwide income tax. Even if your company is incorporated overseas, you may need to file additional forms such as FBAR, FATCA reports, and possibly Form 5471 for foreign corporations. A cross-border tax advisor can help you structure your business and reporting properly.

Is It Possible to Incorporate Remotely Without Traveling to Singapore?

Yes. The entire process of company formation in Singapore can be completed remotely through a corporate service provider. However, some banks may still require in-person verification for opening a corporate bank account, depending on the provider and risk profile.

Which Business Structure Is Best for Foreign Founders?

Most U.S. entrepreneurs choose a Private Limited Company structure due to its limited liability, legal flexibility, and strong reputation. It also qualifies for tax exemptions and is scalable for growth.

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Sources:

1. Doing Business Rankings – World Bank (Archive)
2. Company Registration in Singapore – Ultimate Guide for Foreigners – InCorp
3. Corporate Income Tax Rate, Rebates, and Exemption Schemes – IRAS
4. Rule of Law Index – Singapore – World Justice Project
5. Intellectual Property Office of Singapore (IPOS)
6. Accounting and Corporate Regulatory Authority (ACRA)
7. BizFile+ Singapore
8. FATCA Overview and Developments – IRAS
9. Annual General Meetings Guide – ACRA
10. Company-Related Fees – ACRA
11. Osome Singapore Incorporation Pricing
12. Corporate Secretary in Singapore – Statrys
13. Cost of Accounting Services in Singapore – Counto
14. Registered Address Services – JJE
15. Nominee Director Services – Atlas Accounting
16. US Tax Preparation in Singapore – Taxes for Expats