The application is processed within 1 working day after we have received all documents and payment. Note: On rare occasions, the incorporation process may take between 14 days to 2 months if the application needs to be referred to another agency/ACRA for approval or review.

No, it’s not needed. All signing of documentation can be done digitally.

Yes, 100% foreign shareholding is allowed in Singapore.

In Singapore, company incorporation aids in protecting a business owner's assets from legal and financial risks. Other values that are in line with Singapore can benefit from an incorporated company include:

a) Startup Tax Exemptions (75%) on the first $100,000 and (50%) on the next $100,000 net profit amounting to $125,000 Tax Exempted for the first 3 years.

b) Partial Tax Exemptions (75%) on first $10,000 and (50%) on next $190,000 of net profit amounting to $102,500 Tax Exempted (if startup tax exemption is not applicable)

c) Personal Assets of Directors or Shareholders will not be implicated.(Subject to the "system of lifting the corporate veil", Eg: Officer or Shareholders who committed fraud.)

Paid-up capital is the total amount of capital that has been funded by shareholders. In other words, it refers to the sum of money that a company has received from shareholders who have completely paid for their purchased shares. The minimum paid-up capital requirement for setting up a company in Singapore is S$1.00.

Generally, the minimum paid-up capital to incorporate a company is S$1.00. The paid-up capital can also be increased anytime later. However, a healthy paid-up capital means more liquidity for the business. There can be situations where the company will need to have a prescribed minimum paid-up capital.

For example:

a) The business of the company is in an industry where licenses are required.

b) Where the company requires to apply for a loan.

We recommend taking reference from the intended initial deposit amount. For example, if you are depositing $1000 during the initial bank account set up, you can indicate $1000 as the paid-up capital amount.

The issued share capital must be paid up immediately upon incorporation into the corporate bank accounts.

You can immediately start using the capital for your company’s expenses.

Foreigners are not allowed to set up the company by themselves, they must engage a registered filing agent (such as StarTeam) to set up your company

Simply fill up the incorporation form and make payment. It’s that simple. Our proprietary technology includes reputable and secure APIs such as Myinfo and Sumsub that can automatically extract vital personal information from you and populate the form for ultra-fast submission. Once the form is submitted, StarTeam is able to generate the legal documents within seconds for your E-Signing. Once the documents are E-Signed, we will proceed to incorporate the company on ACRA. StarTeam’s Technology is the fastest, most secure in the market.

There are no restrictions on the types of business activities in which a Singapore company can engage. Some business activities, such as running a travel agency, recruitment agency, financial services company, school or other special cases, require licences from an approving authority before you can commence business.

ACRA may randomly carry out a due diligence exercise, which may lead to a delay in the name approval process. In addition, the business activity could be subjected to control and regulation by other government authorities. Should you have a preferred date for the incorporation, we would recommend for the name reservation to be done earlier. Once the name is reserved, the process to incorporate a company is guaranteed.

We would usually recommend our clients to fix the Company’s FYE on the last day of the 11th month since incorporation to fully maximise the tax exemptions that new start-up companies are entitled to for the first 3 years. After the first 3 years, you can then choose to decide to change your FYE to any other FYE you prefer. If the tax exemption is not of interest to you, you are able to choose whichever FYE that best suits your company right off the bat.

No, they cannot operate or manage any businesses in Singapore.

A shareholder owns the company through the shares he holds whereas a director is in control of the day-to-day management of the business, and can exercise power over the company, subject to the provisions of the Singapore Companies’ Act and the Constitution of the company.

A shareholder can choose to appoint himself as a director but a director need not be a shareholder of the company.

Annual General Meeting

Unless exempted, your company is required to hold an Annual General Meeting (AGM). AGMs ensure that stakeholders of your company are kept updated about the company’s financial position and direction. It also provides a platform for stakeholders and company officers to communicate with each other at least once a year.

Annual Return

Private companies must file their annual return within 7 months after the financial year-end. Filing your company’s Annual Return on time helps to ensure proper and timely disclosure to all stakeholders. All companies including inactive and dormant companies are required to file Annual Returns. As long as your company’s status is “live”, you are required to file the Annual Return even if IRAS has exempted your company from filing its income tax return.

Corporate Tax

Companies must file Form C/Form C-S by the 30th of November every year unless IRAS has exempted the Company from filing its income tax return.

No. Unless you have a letter of consent from the Ministry of Manpower, you are not allowed to take up directorship or start a business as this will differ from the initial intention of your stay in Singapore.

• Directors’ Particulars (Can be extracted via Myinfo/Sumsub)
• Shareholders’ Particulars (Can be extracted via Myinfo/Sumsub)

Here are some banks which offer startup-friendly corporate bank accounts for your consideration:

• DBS
• OCBC

Kindly note that the bank account application needs to be initiated from your end as you will be the signatory of the bank account.

The bank will request a copy of the company’s business profile and constitution. They can be downloaded from your StarTeam Secretary-Platform.

CorpPass is the authorisation system for entities to manage digital service access of employees who need to perform corporate transactions.

You can proceed to register for a CorpPass Account 2 working days after the company is incorporated.

The Register of Registrable Controllers (RORC) is a statutory requirement in Singapore under the Companies Act. It is a register that companies incorporated in Singapore must maintain to record information about their registrable controllers.

Registrable controllers refer to individuals or corporate entities that have significant control or influence over a company. They typically include individuals who own or control a significant number of shares, individuals who have significant influence or control over the company's management, and corporate entities that exercise significant control or influence.

The purpose of the Register of Registrable Controllers is to enhance transparency and ensure that information about the ultimate beneficial owners and controllers of companies is readily available to relevant authorities and law enforcement agencies. It helps prevent the misuse of corporate entities for illegal activities such as money laundering, tax evasion, or other illicit purposes.

Companies are required to identify their registrable controllers, obtain and maintain accurate information about them, and update the register whenever there are changes. The register is not publicly accessible but must be made available for inspection by specified persons, such as law enforcement agencies, regulatory authorities, and company officers.

By maintaining the Register of Registrable Controllers, companies fulfill their obligations to provide transparency and accountability regarding their ownership and control structure. It is an important tool in promoting corporate governance and combating financial crimes.

Beneficial Owner refers to a natural person (whether acting alone or together) who is either:

• an individual who ultimately owns or controls the company, whether directly or indirectly through a chain of ownership; or
• an individual whom the company perform transactions for or on behalf of.

This includes an individual who exercises or has the right to exercise significant influence or control over the company, such as:

• an individual who has an interest in at least 25% of the shares in the company;
• an individual who has shares with at least 25% of total voting power in the company; or
• an individual who holds the right, directly or indirectly, to appoint or remove directors who hold a majority of the voting rights at directors’ meetings.

It is important to be aware that DP holders are not permitted to be business owners in Singapore. Therefore, you will need to apply for a Letter of Consent (LOC) once you have established the sole proprietorship/partnership. Please keep in mind that the approval of the LOC application is at the discretion of the Ministry of Manpower (MOM). In the rare event of a rejection, you would be required to dissolve the sole proprietorship/partnership.

In order to run a company with your Dependant Pass (DP), you need to be a company director with at least 30% shareholding in an ACRA-registered business to fulfil the criteria for Letter Of Consent Application to run the company.

The process and estimated timeline are stated below:

1. Incorporation- Within 1 working day.
2. Submit an online request to apply for an LOC - within 7 working days.
3. LOC Application - within 4 weeks for most cases.

Kindly note to be eligible for a renewal of the LOC, the company will also need to hire at least one local Singaporean citizen or permanent resident who:

• Earns at least S$1,400/ month; and
• Receives CPF contributions for at least 3 consecutive months.

Simply fill up the incorporation form and make payment. It’s that simple. Our proprietary technology includes reputable and secure APIs such as Myinfo and Sumsub that can automatically extract vital personal information from you and populate the form for ultra-fast submission. Once the form is submitted, StarTeam is able to generate the legal documents within seconds for your E-Signing. Once the documents are E-Signed, we will proceed to incorporate the company on ACRA. StarTeam’s Technology is the fastest, most secure in the market.

What is the biggest difference between a Pte Ltd and a Sole Proprietorship?

• Pte Ltd: It’s a separate legal entity. The company exists on its own, apart from you.
• Sole Proprietorship: You are the business — no legal separation between you and the company.

Who is liable for debts?

• Pte Ltd: Your liability is limited to the shares you hold. Your personal assets are protected.
• Sole Proprietorship: You have unlimited liability. If the business owes money, creditors can come after your personal assets.

What about taxes?

• Pte Ltd: Corporate tax rate starts at 17%, with attractive tax exemptions for startups in the first 3 years.
• Sole Proprietorship: Profits are taxed as personal income, which can go up to 22% in Singapore.

How does credibility differ?

• Pte Ltd: Generally seen as more professional and trustworthy. Investors, banks, and partners usually prefer dealing with companies.
• Sole Proprietorship: Quick to start, but less credible for bigger clients or fundraising.

Can I bring in partners or investors?

• Pte Ltd: Yes — just issue shares. Easy to onboard co-founders or investors.
• Sole Proprietorship: No. It’s tied to you personally, so you can’t bring in shareholders.

What about compliance and cost?

• Pte Ltd: Requires a corporate secretary, annual filings, and more paperwork. Costs more to maintain.
• Sole Proprietorship: Cheaper and simpler. Minimal filings. But you give up protection and long-term advantages.

Which is better for me?

• Pte Ltd: Choose Pte Ltd if you’re serious about growth, raising funds, limiting liability, and building credibility.
• Sole Proprietorship: Choose Sole Proprietorship if it’s just a side hustle, low risk, and you want something quick and low-cost.