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Webinar Recap: How to Start a Business in Singapore – A Founder’s Practical Guide

Webinar Recap: How to Start a Business in Singapore – A Founder’s Practical Guide
  • Author Nuria Molins

    Nuria Molins

    Author

    Nuria Molins is Osome’s Social Media Manager, curating content that helps Singaporean entrepreneurs stay ahead of trends, branding, and digital engagement. With a deep understanding of how businesses grow their voice online, Nuria turns social media insights into practical takeaways for small business owners navigating the digital space.

Missed out our recent webinar? Here's your all-in-one recap from the first session of our new series: "Founder Secrets They Don’t Tell You."

We broke down the key steps to incorporating in Singapore, from legal structures and tax advantages to founder visas and audit thresholds. Whether you're just starting out or exploring expansion into Singapore, HK or any parts of Asia, this is what you need to know.

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First, Why Do Founders Choose Singapore

Singapore consistently ranks as one of the world’s most business-friendly destinations. And it’s easy to see why:

  • Efficient Incorporation Process: Fully digital, fast, and streamlined
  • Attractive Tax System: Low corporate rates, with generous startup exemptions.
  • Regulatory Stability: Transparent legal frameworks that inspire investor confidence.
  • Skilled Workforce: Access to experienced professionals across industries.
  • Strategic Location: Positioned at the heart of Southeast Asia, with access to a 600+ million consumer market.

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A step-by-step checklist to get organised before incorporating your new business

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Understanding Singapore’s Business-Friendly Tax Landscape

Singapore’s tax system is a major draw for entrepreneurs. Here’s how it works:

Corporate Tax

  • Flat rate of 17%
  • Startup Tax Exemption (SUTE):

Ø First S$100,000 at 4.25%

Ø Next S$100,000 at 8.5%

Ø Applies for the first 3 years for qualifying startups

  • No capital gains or dividend taxes

Personal Income Tax

  • Progressive rates from 0% to 24%
  • Tax residency generally applies if you’re in Singapore for more than 183 days
  • Various reliefs available for families and dependents

Goods & Services Tax (GST)

  • 9% standard rate
  • Registration required if annual turnover exceeds S$1 million (unless sales are mainly overseas)

Setting Up as a Foreign Founder

Starting a business in Singapore as a non-resident or foreign entrepreneur is easier than you might think. You’ve got two main options:

1 EntrePass

For experienced founders with a strong track record or IP. Apply before incorporating your company.

2 Employment Pass (EP)

Set up your company first, then apply. You’ll need to:

  • Draw a minimum salary of S$6,000/month
  • Deposit 12 months’ salary into your business account

Expect a processing time of 3 to 6 months.

Choosing the Right Company Structure

The majority of foreign entrepreneurs choose to register Private Limited Company (Pte Ltd) and for a very good reason:

  • Limited Liability: Protects personal assets
  • Separate Legal Entity: Distinct from its shareholders
  • Scalable: Suitable for startups planning to grow. You start with 1 shareholder, and grow up to 50.

Basic requirements:

  1. 1 local director (Singaporean, PR, or EP holder)
  2. 1 company secretary
  3. Registered local address
  4. Minimum paid-up capital: S$1

Comprehensive company incorporation

Incorporate your company and get an Osome corporate secretary to ensure you comply with laws and regulations from the get-go.

Comprehensive company incorporation

Do You Need an Audit?

Good news! Most early-stage startups are exempt. An audit is only mandatory You’ll only need an audit if your company has:

  • Annual revenue above S$10 million
  • Assets exceeding S$10 million
  • More than 50 employees

Even if exempt, keeping clean financial records is non-negotiable, especially come tax season.

How Osome Helps

Running a business is complex. We make it simpler. 

  • Digital Incorporation: No paperwork, no waiting rooms
  • One-Stop Dashboard: Stay on top of tax deadlines, filings, and payroll
  • Real Support: Access our team of experts via live chat
  • Smart Integrations: Sync with platforms like Stripe, Shopify, Aspire and more
  • Unlimited Bookkeeping: Scalable support, whether you're starting out or growing fast
  • Mobile Access: Manage your business on the go
  • Secure Document Storage: Stay compliant and organised
Author Nuria Molins
Nuria MolinsAuthor

Nuria Molins is Osome’s Social Media Manager, curating content that helps Singaporean entrepreneurs stay ahead of trends, branding, and digital engagement. With a deep understanding of how businesses grow their voice online, Nuria turns social media insights into practical takeaways for small business owners navigating the digital space.

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