You have decided to run your business through a Singapore company. Five steps take you from idea to a company which files on time. Costs and dates are current as at October 2026.
Step 1: Test your numbers first
Before you pay any fee, list your monthly fixed costs, such as rent, salaries and software. Estimate your monthly sales. Divide your fixed costs by the profit on each sale to find your break-even volume. Then write a cash forecast for the first twelve months. Decide in advance how much of your own money goes in before you stop and review.
Step 2: Pick the structure and line up your officers
A private limited company is a separate legal entity. Shareholders are not liable for company debts, and the company pays tax at corporate rates. A sole proprietorship or partnership costs less to start, so compare all four structures before you decide. You need:
– At least one director, aged 18 or older and ordinarily resident in Singapore.
– A company secretary, appointed within 6 months of registration. A sole director cannot also be the secretary.
– Up to 50 shareholders.
A foreigner who plans to work in the company needs a work pass. New Employment Pass applications need a qualifying salary of at least S$5,600 a month, rising to S$6,000 from 1 January 2027.
Step 3: Incorporate on Bizfile
Apply on ACRA’s Bizfile with your Singpass. The fee is S$300 plus a S$15 name application, so S$315 in total. Each officer has 60 days to endorse the application. A new company keeps a register of registrable controllers from the day of incorporation.
Step 4: Open the bank account and start the books
Each bank sets its own list of documents, so ask before you apply. Once the account is open, pay all company costs from this account and bank all company sales into the same account. Keep invoices and receipts together. IRAS requires tax records for at least 5 years, and electronic copies are acceptable.
Step 5: Plan for tax and GST
The corporate tax rate is 17%. A qualifying new company gets the start-up exemption for each of its first 3 years of assessment. Under this, 75% of the first S$100,000 of chargeable income and 50% of the next S$100,000 are exempt, a total of S$125,000. The company must be incorporated in Singapore, be tax resident, and have no more than 20 shareholders. Investment holding and property development companies do not qualify.
Example: your first-year chargeable income is S$200,000. S$125,000 is exempt, S$75,000 is taxable, and tax at 17% is S$12,750.
GST registration is compulsory only when your taxable turnover is above S$1 million in the 12 months to a calendar year end. You then apply within 30 days of the year end. Voluntary registration earlier locks you in for at least 2 years and requires GIRO and an e-learning course, so decide with your numbers in hand.
Your first-year calendar
Take a company with a 31 December 2026 year end.
– 31 March 2027: Estimated Chargeable Income due, 3 months after year end. No filing is needed if revenue is S$5 million or less and the estimate is nil.
– 30 June 2027: Annual general meeting due, 6 months after year end. A private company skips the meeting with a written resolution of all members.
– 31 July 2027: ACRA annual return due, 7 months after year end. The fee is S$60.
– 30 November 2027: Income tax return for Year of Assessment 2027 due.
Diarise these dates on incorporation day. Late ACRA filing costs a lodgment fee of S$300, or S$600 when the delay is longer than 3 months.
Send your latest profit figure or your question by WhatsApp to +65 9876 3553 or by email to henry@cschow.com.sg.
Henry Chow
Public Accountant, C S Chow & Co