How to start a business in Singapore

If you’re looking to trade internationally between the UK and Asia you may be considering starting a small business in Singapore. Singapore is an attractive spot for UK businesses thanks to its transparent and business friendly policies, and its perfect location as a gateway to the rest of Asia.

In this guide we’ll walk through what to know when starting a business in Singapore as a foreigner. This includes entity types, the steps for registering a business and any fees involved.

We’ll also touch on Wise Business as the ideal solution for international businesses to hold and exchange SGD and GBP with low fees and the mid-market exchange rate¹. You’ll also get Singapore account details for receiving payments from clients, PSPs and marketplaces with no extra charge. More on that later.

Get Paid in multiple currencies including SGD

What type of corporate entities are there in Singapore?

Business registration in Singapore is overseen by ACRA (Accounting and Corporate Regulatory Authority)². There are three main business types used to register Singapore businesses:

• Sole proprietor or Partnership
• Partnership - including General, Limited and Limited Liability Partnership
• Company - including Private Limited Company, Public Limited by Shares and Public Limited by Guarantee

In addition to this there are a few other business entity types such as a registered office which may be suited to some specific company needs. In this guide we’ll walk through the most common options, with a look at how they work and who they may suit³.

How Singapore-based business Pangolia uses Wise Business account

Sole trader or sole proprietor¹

A sole proprietorship is quick and easy to set up, and suited to an individual who is unlikely to employ others. Your personal and business finances are not viewed as separate, which means your personal debt and taxes, and those of your business, are treated as one entity. If your business owes money or falls into debt, you can be personally liable for this.

Partnership¹

A General Partnership arrangement is made between at least two people (with a maximum of 20 people). The business is not a separate entity to the partners, so if the company has financial problems the partners can be liable for repaying any debt.

You can also open a Limited Partnership. This is where there’s one general partner who’s responsible for the liability of the company, but there may also be limited partners who aren't personally liable beyond their agreed contribution to the business.
Alternatively, there’s a Limited Liability Partnership. This means that the business is a separate entity to the individual partners, and is taxed separately.

This limits the liability of the partners, so they would not be responsible for repaying company debt if the business ran into financial problems - but this entity type can be more costly to set up and run compared to other partnerships.

Company¹

In Singapore, you can open a Private Limited Company, or a Public Company limited by either shares or guarantee.

A Private Limited Company has limited liability, making it a common choice. There must be at least one registered director and one shareholder - usually a private company would have 50 or fewer members, and a public company can be larger.

A public company limited by shares will be listed on the stock exchange, while one limited by guarantee is a good option for non-profits as there’s limited liability for members.

Registered Office and Representative¹

If you already have a UK registered business and aren’t sure when, or how, to expand to Singapore, you also have the option of setting up a representative office in the country. This isn’t a permanent arrangement, but rather a way to allow you to assess the opportunities in Singapore with a temporary approval from ACRA.

Starting a Business in Singapore - Step-by-step

The process for starting a business in Singapore from the UK or as a British citizen will depend a bit on your personal situation and whether or not you’re already in Singapore.

If you’re in Singapore you may want to apply for an EntrePass from the Singapore Ministry of Manpower (MOM) before or after you register your business, or if you’re on a Dependent’s Pass you may be able to start registering a business with a letter of consent (LOC) from MOM instead.

To apply for an EntrePass you’ll need to provide²:

• Your passport
• Employment testimonials or resume
• Your ACRA registration if your business is already registered
• Your business plan and documents outlining the business type and its activities (for existing ventures)
• Proof of your status as an entrepreneur, innovator or investor

You’ll also need to register your business with ACRA. This is easiest if you have your EntrePass already as you’ll be able to use the digital identity service Singpass to make the process easier. If you don’t have Singpass you need to have a local agent support you with your ACRA filing.

Once you’re registered with Singpass, you can go straight to ACRA's BizFile online service to register your new business. Enter all details and upload all documents as requested, and pay any required registration fees.

The cost of starting a business in Singapore is pretty low. You can expect to pay between $100 SGD and $300 SGD in registration fees, depending on your business type.³ There are also fees related to applying for an EntrePass, if your company is eligible for it.

Things to Know Before Getting Started

Before you start on the admin and processes required to launch a new business in Singapore, here are a few key things you need to know:

• Before registering your business, you’ll need to apply for and reserve your business name. You can also use BizFile for this.
• If you have a Foreign Identity Number (FIN), you’ll need to seek consent from either the Ministry of Manpower or the Immigration & Checkpoints Authority in order to register a business.
• Foreigners without an EntrePass will need to use a corporate service provider to register the business with BizFile - you won’t be able to do it online yourself.

Registering your Business in Singapore

The company registration process in Singapore is fairly simple and shouldn't take too much time. The entire legal process is done online, and once you have submitted the forms and made payment, your company details should be confirmed within only about 15 minutes.³

Legal Obligations and Responsibilities

Starting a business is a serious thing and you’ll need to be very clear on the obligations and responsibilities that come with your new Singapore entity. It’s a good idea to take legal advice to make sure you fully understand what’s required of you, to stay on the right side of the law and make sure your business is a success.

One thing to look at is whether or not you need to register for GST (Goods and Services Tax - like VAT in the UK). You are obliged to register if your taxable turnover exceeds 1 million SGD a year, or is expected to do so in the coming 12 months.⁴

It’s also worth applying for Corppass which is the gateway to manage company interactions with government agencies - and needed to register for GST. Beyond this, there may be other things you need to consider such as licences or permissions to trade, which can vary depending on your sector and company type. It’s worth getting personalised professional advice to make sure you’ve done everything needed before you start to trade.

Manage your international company's finances with Wise Business

If you trade internationally, Wise Business can help you cut the costs of currency exchange with mid-market rates and low fees.

Open a Wise Business account and you can manage your company’s finances in 40+ currencies all in one place, including SGD, GBP, USD and all other major currencies. You’ll be able to pay suppliers and staff in SGD, as well as receiving payments in multiple currencies.

Wise payments are fast and secure (even for large amounts). Best of all, you’ll only pay low, transparent fees and always get the mid-market exchange rate.

With Wise Business, you’ll also benefit from the following features:

• Issue business debit and expense cards for you and your team
• Cashback on eligible card spending
• Generate invoices and payment links to receive money easily from customers
• Access accounting integrations, batch payments and a powerful API
• Wise Interest - which lets you earn returns on balances held in GBP, USD and EUR. Investments can fluctuate, and your capital is at risk. The Variable rate is based on the performance of the Fund over a 7-day period ending on 9/26/2025. The Fund has achieved an average annual return of 2.76% over a 5-year rolling period exclusive of fees. Interest is offered by Wise Assets UK Ltd, a subsidiary of Wise Payments Ltd. Wise Assets UK Ltd is authorised and regulated by the Financial Conduct Authority with registration number 839689. When facilitating access to Wise investment products, Wise Payments Ltd acts as an Introducer Appointed Representative of Wise Assets UK Ltd. Please be aware that we do not offer investment advice, and you may be liable for taxes on any earnings. If you're uncertain, we urge you to seek professional advice. To find out more about the Funds, visit our website.

It’s quick and easy to open a Wise Business account in Singapore, with a fully digital application, verification and on-boarding process. Check out the requirements here.

Singapore is a booming economy in its own right as well as being a gateway to the broader region. It’s a perfect place for UK businesses to get a foothold before expanding further. If you’re thinking of taking your company global, check out Wise Business for easy ways to manage your money across currencies with low fees, great rates and no hassle.

Sources used in this article:

Sources last checked on date: 14-Sep-2025

Disclaimer: The UK Wise Business pricing structure is changing with effect from 26/11/2025 date. Receiving money, direct debits and getting paid features are not available with the Essential Plan which you can open for free. Pay a one-time set up fee of £50 to unlock Advanced features including account details to receive payments in 22+ currencies or 8+ currencies for non-swift payments. You’ll also get access to our invoice generating tool, payment links, QuickPay QR codes and the ability to set up direct debits all within one account. Please check our website for the latest pricing information.