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Singapore Company Incorporation FAQs

Frequently Asked Questions about Singapore Company Formation

TOP FAQs

  • What visa does the director of a Singapore company need to work in Singapore?

    Usually the newly incorporated Singapore company acts as the employer and applies for the director's own Employment Pass. If the founder has raised investment or has a track record as an entrepreneur, EntrePass can also be considered.

    To work in Singapore, even a managing director or director needs an Employment Pass. The Employment Pass is applied for online by the employer or an appointed employment agent, and approval depends on MOM's review.

    • If a Korean head office is setting up a subsidiary: when a head office employee is seconded, the Singapore subsidiary applies for the Employment Pass, and intra-corporate transferees may be exempt from the COMPASS assessment.
    • If you are an individual founder: after incorporation, the company applies for the director's own Employment Pass, and the review considers salary as well as education, work experience and the business.
    • If your spouse holds an Employment Pass and you hold a DP: you can consider running the business with a separate permission (LOC).

    Lee Kim Alliance provides an Employment Pass application service.

    As of November 2026, source: MOM

  • What is the process for incorporating a Singapore company?

    The usual order is submitting company information and documents, paying the fees, signing the incorporation documents electronically and registering with ACRA. Once signing is complete, registration is completed within 1-2 business days.

    1. Confirm the company name, business activities, directors and shareholders, and share capital, and submit documents
    2. Pay the incorporation fees
    3. Sign the incorporation resolutions and other documents electronically
    4. Register with ACRA and receive the company registration number (UEN)
    5. After incorporation, open a bank account, apply for an Employment Pass and start company secretary services

    If the company name or business activity is subject to review by another authority, registration may be delayed.

    You can find step-by-step guidance on the Lee Kim Alliance How it works page and apply through the online application form (for-profit company).

    As of November 2026, source: ACRA

  • Can I set up a Singapore company while living in Korea?

    Yes. You can set up a Singapore company even if you live in Korea. However, at least one of the directors must be locally resident in Singapore, so you first need to decide how you will have a local resident director.

    A local resident is a person who meets ACRA's residency requirement, such as a Singapore citizen, permanent resident or Employment Pass holder. There is no residency requirement for shareholders.

    • If the founder plans to move to Singapore: If you obtain an Employment Pass after incorporation, you can become the local resident director. Whether a visa is issued depends on the outcome of the assessment.
    • If you have an acquaintance or employee in Singapore who is a citizen or permanent resident: That person can be appointed as the local resident director.
    • If neither is possible: You can use a nominee director service and replace the nominee director later.

    Lee Kim Alliance provides a nominee director service.

    As of November 2026, source: ACRA

  • How long does it take to set up a company in Singapore?

    Usually, once the required documents are ready and signed, registration of a Singapore company is completed within 1-2 business days. It may take longer if the company name or business activity requires review by another agency.

    ACRA approves most registrations right after payment, and if review by another government agency is required, it may take up to 15 business days.

    • Individual founders: Only passport and proof of address are needed, so document preparation tends to be quick.
    • If a Korean parent company is setting up a subsidiary: More time is needed to prepare documents, such as notarising the appointment letter for the representative.
    • Industries such as finance, education and real estate: Registration may be delayed by review from the relevant authorities.

    You can check each step on the Lee Kim Alliance How it workspage.

    As of November 2026, source: ACRA

  • Can a non-resident also use a nominee director service?

    Yes. If all directors live overseas, you can meet the local director requirement by appointing a nominee director through a corporate service provider (CSP) registered with ACRA.

    From 9 June 2025, a person who acts as a nominee director by way of business can only be appointed after a registered CSP has confirmed that they are fit and proper. The company must file with ACRA the fact that the director is a nominee director and the details of the nominator, and a nominee director has the same legal duties as the other directors.

    For this reason, customer due diligence procedures such as identifying the beneficial owners, and signing the nominee agreement, are required before the service begins.

    As an ACRA registered Filing Agent (FA20122902), Lee Kim Alliance provides a nominee director service.

    As of November 2026, source: ACRA

  • What documents are needed to open a Singapore corporate bank account?

    The basic documents are usually the company documents (BizFile, constitution), passport copies of directors, shareholders and authorised signatories, English proof of address dated within the last 3 months, and an English business profile.

    All documents must be in English, and documents not in English must be translated and notarised. The bank may ask for additional documents such as business contracts and information on major customers or suppliers.

    • If a Korean head office is setting up a subsidiary: the Korean company's business registration certificate and shareholder register (translated and notarised) are also required, and the bank usually asks for the identification of individual shareholders holding 25% or more.
    • If you are an individual founder: the application proceeds with the passports and proof of address of the directors and shareholders themselves.

    Lee Kim Alliance provides a corporate bank account opening support service.

  • What is the minimum paid-up capital required to set up a Singapore company?

    S$1. A Singapore private limited company (Pte. Ltd.) can be set up with paid-up capital of S$1 and one share, and the capital can be denominated in currencies other than Singapore dollars, such as US dollars.

    However, it is advisable to set the actual capital taking into account the size of the business, initial operating funds, corporate bank account opening and any plans to apply for an Employment Pass. Banks and MOM also look at the substance of the company's business, and the outcome depends on their assessment.

    Capital can also be increased after incorporation by issuing new shares.

    Lee Kim Alliance reviews a capital structure that suits your business plan as part of its company incorporation service.

    As of November 2026

  • Can a foreigner own 100% of a Singapore company?

    Yes. Singapore does not restrict the nationality or residence of shareholders, so an individual living in Korea or a Korean parent company can hold 100% of a Singapore company.

    However, separately from the shareholders, at least one of the directors must be locally resident in Singapore.

    • Regulated industries such as finance: Regardless of the shareholding structure, you should first check the licensing requirements of the relevant authorities.

    Lee Kim Alliance provides a nominee director service.

    As of November 2026, source: ACRA

  • What are the requirements for setting up a company in Singapore?

    With at least one director (at least one of whom is locally resident), one shareholder, capital of S$1, a Singapore registered address and a company secretary, even foreigners can set up a Singapore private limited company (Pte. Ltd.).

    • Directors: At least one, and at least one of them must meet the local residency requirement, for example as a Singapore citizen, permanent resident or Employment Pass holder.
    • Shareholders: 1 to 50, and both individuals and corporate entities are allowed. There are no nationality or residency restrictions, so 100% foreign ownership is also possible.
    • Capital: A minimum of S$1, with at least one share issued.
    • Registered address: An address in Singapore is required.
    • Company secretary: A locally resident individual must be appointed within 6 months of the date of incorporation.

    You can check the items to prepare in the incorporation checklist, and Lee Kim Alliance provides a company incorporation service.

    As of November 2026, source: ACRA

  • Is a local director required to set up a company in Singapore?

    Yes. Every company set up in Singapore must have at least one director who is ordinarily resident in Singapore (local resident director). The other directors may live overseas, for example in Korea.

    The local resident director can be a Singapore citizen, permanent resident or work pass holder who meets the local residency requirement. The local resident director has the same legal duties as the other directors.

    • If a Korean parent company is setting up a subsidiary: The employee or executive to be seconded can obtain an Employment Pass under the subsidiary and become the local resident director, or the company can use a nominee director service until the visa is issued.
    • Individual founders (living overseas): The usual approach is to set up the company with a nominee director service and then, if needed, replace the nominee director after the founder obtains an Employment Pass.
    • Singapore residents (PR and work pass holders): First check the type and conditions of your pass to see whether you can be the local resident director yourself.

    Lee Kim Alliance provides a nominee director service.

    As of November 2026, source: ACRA

Post-Incorporation

Does a company have to pay any taxes when it hires employees in Singapore?

Yes. In general, when a company employs Singapore citizens and permanent residents (PR), it pays CPF employer contributions. Foreign employees are not covered by CPF, but there is a tax clearance procedure when they leave the company or depart Singapore.

  • Singapore citizens and permanent residents: Employer and employee contributions are paid together at rates set according to wages and other factors, and the rates may vary depending on the employee's age, status and so on.
  • Foreign employees (Employment Pass holders, etc.): Generally not subject to CPF contributions.
  • Submitting employee income records: Employees file their own income tax, and the company submits employees' employment income to IRAS through Form IR8A or the Auto-Inclusion Scheme (AIS).
  • If a non-citizen employee leaves the company: The company applies to IRAS for tax clearance (Form IR21), which must be submitted at least one month before the last day of employment. The company may need to withhold amounts payable until the clearance is completed.

Tax treatment can differ depending on the company's revenue, shareholder structure and transactions, so please consult an accounting professional before applying it.

The Lee Kim Alliance accounting team provides accounting and tax consultation.

As of November 2026, source: CPF Board, IRAS

Can the company name, address, directors or shareholders be changed after incorporating a Singapore company?

Yes, even after incorporation you can change the company name, registered address, directors and company secretary, and shareholder and share information. Most changes must be reported to ACRA via Bizfile within 14 days of the change.

  • Company name: apply for and obtain approval of the new name, then change it by special resolution of the shareholders.
  • Registered address and business activities: report within 14 days of the change.
  • Directors, company secretary and auditors: report within 14 days of appointment or resignation. There must always be at least one locally resident director.
  • Shareholders, share transfers and new share issues: update within 14 days; changes in shareholders take effect on the date they are filed with ACRA.

After a change, please also notify your bank, IRAS and business partners, and update your invoice and contract templates. Late filing may result in fines for the company and its officers.

Through its company secretary service, Lee Kim Alliance prepares resolutions and files changes on your behalf.

As of November 2026, source: ACRA, ACRA

To close a Singapore company, should I use strike off or winding up?

Generally, a company that has stopped operating and has no assets or liabilities is closed by strike off, while a company with debts to pay or assets to dispose of is closed by winding up. Strike off is simpler and costs less.

A strike off application can be made only if all of the following requirements are met.

  • The company has ceased business or has not started business since incorporation
  • No outstanding amounts or unresolved matters with government agencies
  • No registered charges
  • No ongoing litigation or regulatory proceedings in Singapore or overseas
  • No assets or liabilities, and no possibility of future claims
  • All directors or a majority of directors agree to the strike off

Before applying, corporate income tax must be filed and paid, and any remaining tax credit must be cleared. For applications made on or after 20 October 2026, it takes at least 2 months from ACRA approval until the company is struck off.

Lee Kim Alliance provides a winding up and strike off service.

As of November 2026, source: ACRA, ACRA

What is Singapore Corppass and is it required?

Yes, Corppass is the corporate login account a company uses to access Singapore government online services such as ACRA Bizfile and IRAS, and it is required to carry out Bizfile transactions in the company's name.

  • When to apply: apply after ACRA registration is complete and the UEN (company registration number) has been issued.
  • Administrator (Admin): the administrator creates user accounts and assigns access to e-services (Bizfile, IRAS, etc.).
  • Checking access: even with an administrator account, a 'not authorised' error appears if Bizfile access has not been assigned.
  • Change of user: when the responsible employee leaves, please update the administrator and access rights immediately.

Even if a company secretary provider files on behalf of the company, it is best to designate a Corppass administrator so that the company can use government services directly.

Through its company secretary service, Lee Kim Alliance guides you on Corppass setup and access changes.

As of November 2026, source: ACRA

What filings must a Singapore company make every year after incorporation?

Every year a company usually prepares financial statements, holds an AGM, files an Annual Return with ACRA and files corporate income tax with IRAS (ECI, Form C-S/C). The schedule is based on the financial year end (FYE).

  • Financial statements: prepared for each financial year; whether an audit is required depends on factors such as the size of the company.
  • AGM: a non-listed company generally holds it within 6 months after the FYE. The AGM can be dispensed with if the financial statements are sent to all shareholders within 5 months after the FYE.
  • Annual Return: a non-listed company files it with ACRA within 7 months after the FYE, and companies required to do so file their financial statements in XBRL format at the same time.
  • ECI (Estimated Chargeable Income) filing: filed with IRAS within 3 months after the FYE. Filing may be waived if annual revenue is S$5,000,000 or less and the ECI is nil.
  • Corporate income tax filing (Form C-S/C-S (Lite)/C): filed with IRAS by 30 November every year. In some cases the deadline is extended, such as when Form C-S is filed through accounting software.

Even if the company has no operations or is dormant, the Annual Return and corporate income tax filing obligations generally remain. GST-registered companies must also file GST returns separately.

Tax treatment can differ depending on the company's revenue, shareholder structure and transactions, so please consult an accounting professional before applying it.

The Lee Kim Alliance accounting team provides accounting and tax consultations.

As of November 2026, source: ACRA, ACRA, IRAS, IRAS

What happens if Singapore corporate income tax is filed late?

Generally, IRAS may issue an estimated assessment based on past income and impose a composition amount. If the return remains unfiled, court proceedings and fines may apply to the company and its directors.

  • Filing deadline: the corporate income tax return (Form C-S/C-S (Lite)/C) is due by 30 November every year.
  • Estimated assessment (estimated Notice of Assessment): the estimated tax must be paid within 1 month of the notice date. To object, the corporate income tax return, financial statements and tax computation must be submitted together for the estimated assessment to be revised.
  • Composition: depending on past filing history, up to S$5,000 per offence may be imposed.
  • Court penalties: on conviction, the company may be fined up to S$5,000 per offence, and a director may be fined up to S$10,000, imprisoned for up to 12 months, or both.
  • Not filed for 2 years or more: a penalty of twice the assessed tax may be added.

Dormant companies and companies with no revenue are generally still required to file unless they have been granted a filing waiver by IRAS.

Tax treatment can differ depending on the company's revenue, shareholder structure and transactions, so please consult an accounting professional before applying it.

The Lee Kim Alliance accounting team provides accounting and tax consultations.

As of November 2026, source: IRAS

Must Singapore company financial statements be filed in XBRL?

Yes, companies incorporated in Singapore generally file their financial statements in XBRL format with the Annual Return. However, depending on the company's size and circumstances, it may use the simplified format (Simplified XBRL) or be exempt from filing.

  • Simplified XBRL: generally applies to small non-listed companies whose revenue and total assets for the current year are both S$500,000 or less.
  • Full XBRL: other companies incorporated in Singapore
  • Filing exemption (solvent EPC): a company that meets both the exempt private company (EPC) and solvency requirements may be exempt from filing financial statements, and declares its solvency when filing the Annual Return.
  • Dormant company: if all Companies Act requirements are met, it may be exempt from preparing and filing financial statements.

Which format applies is determined each year based on the figures in the financial statements, so please check after the year-end closing is completed.

Tax treatment can differ depending on the company's revenue, shareholder structure and transactions, so please consult an accounting professional before applying it.

The Lee Kim Alliance accounting team provides accounting and tax consultations.

As of November 2026, source: ACRA

Can a Singapore company change its financial year end (FYE)?

Yes, the end date of the current or immediately preceding financial year can generally be changed via Bizfile. However, ACRA approval is required if the new financial year exceeds 18 months or if the FYE is changed again within 5 years of a previous change.

  • When it cannot be changed: if the deadline for holding the AGM, filing the Annual Return or sending the financial statements has already been missed
  • When ACRA approval is required: if the new financial year exceeds 18 months, or if the FYE is changed again within 5 years after a change made on or after 31 August 2018

Changing the FYE may also change the schedule for the AGM, Annual Return, ECI and corporate income tax filing.

Tax treatment can differ depending on the company's revenue, shareholder structure and transactions, so please consult an accounting professional before applying it.

The Lee Kim Alliance accounting team provides accounting and tax consultations.

As of November 2026, source: ACRA

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