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Webinar Recap: How to Start a Business in Singapore – A Founder’s Practical Guide
- Published: 4 August 2025
- 4 min read
- Incorporation
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.
Get our free pre-incorporation checklist
A step-by-step checklist to get organised before incorporating your new business
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 local director (Singaporean, PR, or EP holder)
- 1 company secretary
- Registered local address
- 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.
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