Procedures for opening a Singapore company to trade goods and services (2025)

Singapore's regulatory processes are simple and transparent, making it easy for businesses to comply with annual requirements such as financial reporting, tax filing, and maintaining licenses.

In particular, the parent company in Singapore can manage its regional subsidiaries more efficiently thanks to standardized reporting, consolidation, and tax payment processes. This reduces errors, avoids duplication, and optimizes governance, transferring capital and finance properly and quickly, creating conditions for sustainable development.

• Singapore is a major transport hub, with Changi Airport a world-class facility and the Port of Singapore standing as a second globally in cargo throughput.
• Singapore's central location in Southeast Asia provides easy access to major markets in the region.

• Singapore consistently ranks highly for ease of doing business, thanks to its efficient bureaucracy, transparent legal system and business-friendly policies.
• Procedures for setting up a company in Singapore fast.

• Singapore applies the level Corporate income tax competition is 17% on taxable income.
• Foreign-sourced dividends and capital gains are not taxed, making it an attractive location for businesses looking to reinvest profits.

• Singapore has numerous free trade agreements with countries around the world, including the US, EU and China.
• These agreements reduce or eliminate tariffs on goods traded between Singapore and partner countries.

Singapore is known for its pro-business approach, skilled workforce, strong intellectual property protection and stable political and economic environment.

• Singapore has a diverse and highly skilled workforce, making it easy for you to find qualified employees for your business.
• The country also offers a variety of resources and support services for businesses, including financial institutions, law firms, and logistics providers.

Documents required: 

• Application Form: This form will provide detailed information about the company, including company name, address, type of company, members, charter capital, etc.
• ID cards or passports of members: These documents need to be translated and notarized if not in English.
• Business registration address: You need to have one. Legal registered address in Singapore. It can be an office address or the address of a company that provides virtual address services.

Important notes when registering with ACRA:

• Company Name: The company name must be unique, not duplicated with registered companies and must comply with the regulations of the Accounting and Corporate Regulatory Authority of Singapore (Accounting and Corporate Regulatory Authority (“ACRA”)).
• Type of company: You need to choose the type of company that suits your business. Common types include: Private Limited Company, Public Company, etc.
• Capital: Although the minimum capital is only SGD 1, you should carefully consider the amount of capital required to start a business.
• Company Secretary: The company must have at least one Singapore resident company secretary. The company secretary is responsible for ensuring that the company complies with legal regulations.

You need to open a bank account in Singapore to conduct your company's financial transactions.

• Choose a bank: Choose a bank that suits your business needs.
• Prepare documents: Prepare necessary documents including business registration certificate, passports of directors, company charter.

Reference information: Choosing the right international bank for your business.

• Conditions apply: If the company's annual turnover exceeds a certain SGD 1 million, the Business will be required to register for GST.
• Application Documents: Prepare documents as required by the Inland Revenue Authority of Singapore (IRAS).

All importers and exporters must register an account with Singapore Customs.

All importers and exporters are required to activate their accounts with Singapore Customs before they can import/export goods into/out of Singapore.

Account activation is processed within 1-2 business days after application and you will be issued a Customs clearance certificate that is valid for the duration of your company's operations.

All import and export goods require a license through the TradeNet® system. Controlled goods such as tobacco, pharmaceuticals, and high technology will require additional special licenses.

For import/export of all items For the import of all goods (including controlled and non-controlled items) into Singapore, you need to obtain an import permit through TradeNet® before the goods are brought into Singapore.

For the export of all goods (including controlled and non-controlled items) out of Singapore, you are required to obtain an export permit through TradeNet®.

• Before goods are exported out of Singapore if the goods are controlled or transported by rail or road.
• Within 3 days of export if your goods are non-controlled or shipped by sea or air.
• Before exporting, imported goods are classified as temporary import-re-export goods.
• Before exporting goods subject to temporary export.

For the import/export of controlled goods

The import/export of certain items is subject to the control of the Control Authority and is known as controlled goods.

To import/export controlled goods you must have a permit, in addition to your Import and Export permits. You can apply for a permit to the relevant control authorities via the TradeNet® systems or your freight forwarder or freight agent for processing and approval.

For example, controlled goods include tobacco and tobacco products, drugs, petrochemicals, animals and food products.

For the import of high-tech goods

Certain high-tech items are subject to export controls by the exporting country and the Singapore importer may be required to provide an Import Certificate and Delivery Confirmation (ICDV) from the exporter.

Importers can apply for an ICDV from Singapore Customs. Items certified by an ICDV must be imported directly into Singapore, and not diverted to other countries.

For export, transshipment, transit of strategic goods

If you plan to export, transship or transit strategic goods, you must obtain a TradeNet Strategic Goods Control (SGC) permit.

Strategic goods are regulated by the Strategic Goods Act. This Act covers all goods and technology that are intended or could be used for weapons of mass destruction.

For local goods export

Certainly, buyers can ask Singapore exporters to provide a Certificate of Origin (CO), to prove that your goods are made in Singapore. Certificates of origin include two types:

• Regular Certificate of Origin – to show your customers that the exported products are wholly sourced, produced or manufactured in Singapore.
• Preferential Certificate of Origin - a document that can help improve the competitiveness of your exports by allowing your customers to enjoy tariff preferences when importing your products under one of the Preferential Schemes or Free Trade Agreements.

You can apply for a CO through TradeNet® or through a freight forwarder or shipping agent.

• You can store taxable goods in a licensed warehouse so that GST and duty payable on the goods will be deferred until the goods are removed from the premises and placed in the domestic market for consumption.
• You can store non-taxable goods in a GST-free warehouse so that GST payable on the goods will be deferred until the goods are removed from the premises and placed in the domestic market for consumption.

Immigration and Checkpoints Authority (ICA) officers conduct checks on vehicles, goods and people entering the country, and refer trade and clearance matters to Singapore Customs for follow-up. Clearance procedures depend on the type of goods and mode of transport.

For dutiable and controlled goods, you must obtain a Clearance Certificate from Customs or the Control Bureau, as appropriate, prior to export.

The Customs Clearance Permits will have to be presented to Immigration and Checkpoints Authority (ICA) officers at the exit checkpoints. The customs stamps placed on the goods, if any, will be verified by ICA officers at the exit checkpoints before releasing the goods.

For non-taxable and uncontrolled export goods by air or sea, trading companies can declare the goods to customs through the first checkpoint, and declare the customs clearance license within three days from the date of export.

In case the export of such goods is carried out by road, traders must present a customs clearance permit at the time of export clearance.

For imported goods, you should present the Customs Clearance Permit (Import Permit) (or Import Authorisation) with supporting documents (such as invoice, packing list, bill of lading, etc.) to ICA officers at the immigration checkpoint to release the goods.

For goods imported for domestic consumption, duties and/or GST must be paid before the goods are allowed entry.

The procedures for releasing containerized cargo are different from those for regular cargo. There are two types of containerized cargo.

• Full container load (FCL) - a full container containing only one consignee's goods or goods from one shipper.
• Less than full container load (LCL) - a container containing goods from more than one consignee or goods from more than one shipper.

Prior to releasing containers out of the FTZ or Free Trade Zone, relevant customs clearance is a prerequisite (FTZs are areas in Singapore where payment of duties and taxes are deferred until the goods arrive in Singapore).

Full Container Load (FCL) containers are not normally stuck in FTZs. Containers requiring customs inspection will be sealed at the exit gate of the respective FTZ.

Once the sealed containers have been shipped out of the FTZ, the consignee or their transport agent should arrange with Singapore Customs for the supervision of the unblocked containers. 

Customs seals placed on containers at the time of import should not be broken without supervision or written permission from Singapore Customs.

Containers that do not require customs inspection will be facilitated by SNR (i.e. sealing is not required) and released by ICA officers without being sealed.

Unsealed containers may be removed at any time without Singapore Customs supervision.

LCL Containers Procedure LCL Containers are not stuck in the FTZ and are cleared through the FTZ exit gates as regular cargo. No customs supervision is required for containers in the FTZ.

There is no minimum capital requirement, but businesses typically register capital of SGD 1 or more.

Depending on the industry, the company may need a business license or a specialized license, such as: F&B, import-export, etc.

Yes, the current corporate income tax rate is 17%, with many exemptions and reductions.

The process can be completed within 1-2 business days if the documents are complete.

Yes, companies can hire services to assist with accounting, tax filing, and regulatory compliance.