Open a company in Singapore

• A foreigner owns 100% of the shares of a Singapore company but is required to provide a resident director and a resident corporate secretary. Without these two individuals, registration is impossible.
• Registration with ACRA itself takes 1-3 business days and costs SGD 315 in government fees. The bottleneck in the process is not the registrar, but the bank: opening an account takes 2-6 weeks, and this is where most applications are rejected.
• A realistic first-year budget for a non-resident without a designated representative in Singapore is SGD 4,000-9,000, of which the largest item is the nominee director and their security deposit.
• The 17% corporate tax rate is rarely applied in its pure form: the startup exemption, partial exemption, and 40% rebate for the 2026 tax year reduce the effective tax burden for a young company to single digits.
• The double taxation agreement between Russia and Singapore has been suspended since August 8, 2023. Settlements with Russian counterparties and dividend payments to Russia should be calculated using the internal rates of the Russian Tax Code, not the agreement.
• A company effectively managed from Moscow risks losing its Singapore tax residency and falling under Russian CFC rules simultaneously. It makes sense to design the structure before filing the application, rather than after.

You can open a company in Singapore remotely and quickly: ACRA applications are processed within 1-3 business days, the minimum capital is 1 SGD, and foreigners can own all shares. There are three requirements, and they are indispensable: at least one director must be a permanent resident of Singapore, the corporate secretary must also be a resident, and non-residents can only submit documents through a licensed registered agent, as access to the BizFile portal is provided by Singpass, which is issued to citizens and residents. The rest is a matter of preparation and funding. Full terms and conditions are available on the Singapore company registration page.

What a Singapore company offers and what it doesn't offer

Singapore is sold as an Asian financial hub, and this is true, but the truth is incomplete. The jurisdiction provides reputational weight, which opens doors where a Caribbean company would be rejected at the first screening: payment providers, marketplaces, venture funds, large Asian distributors. In return, it requires discipline—reporting, accounting, and real substance. Those seeking anonymity and zero liabilities will find it inconvenient and expensive. For such needs, other options from the catalog of jurisdictions are better suited.

Why Singapore doesn't work as a classic offshore jurisdiction

The tax system here is territorial, not zero-tax. Profits earned in Singapore or transferred to Singapore from abroad are taxed at 17%. Capital gains and dividends to shareholders are not taxed, and this is a significant advantage for holding structures. However, the foreign income exemption is not granted automatically: Section 10L of the Income Tax Act has been in effect since January 1, 2024. Under this Act, income from the sale of foreign assets received in Singapore becomes taxable if the company lacks sufficient economic substance in the country. Staff, office space, expenses, and on-site decision-making are no longer window dressing, but rather a condition for the exemption.
The register of directors and shareholders is maintained by ACRA, and basic company information is available to anyone for a small fee. Beneficial ownership information is collected in a separate register of controlling persons; it is closed to the public but open to regulators and law enforcement. Singapore participates in the automatic exchange of financial information. In other words, confidentiality is provided here with respect to competitors and counterparties, but not with respect to states. Compared to classic jurisdictions like Belize or Seychelles, the logic is the exact opposite.

For whom does a jurisdiction pay off, and for whom is it more expensive than its benefits

Singapore makes sense when a business has a genuine focus on Asia: trade with Indonesia, Vietnam, and India, a regional headquarters, SaaS with an Asian client base, commodity trading, and holding over operating companies in the region. A network of over 90 double tax treaties operates here, offering savings on withholding taxes on payments from these countries.
Jurisdiction becomes an expensive window dressing when a company is needed only for invoicing European or Middle Eastern clients, and all work is performed from another country. In this configuration, you pay for a nominee director, secretary, address, and accounting services, but in return receive mandatory reporting and increased scrutiny from banks. Hong Kong, the UAE, or Estonia are more suitable for such scenarios—they offer a comparable reputation at a lower cost.

Requirements for a Private Limited Company

The primary form for foreign businesses is a Private Limited Company, abbreviated Pte. Ltd. This is a separate legal entity with limited liability for shareholders, similar to a Russian LLC, but adapted to English law. It can have up to 50 shareholders, regardless of residency; legal entities are permitted as members. ACRA's requirements are succinct, but each is reviewed at the outset and subsequently monitored throughout the company's life.

Resident Director and Corporate Secretary

At least one director must be ordinarily resident in Singapore: a citizen, permanent resident, or EntrePass holder. There can be as many directors as you like, and you can serve on the board yourself from abroad. There is no restriction on foreign directors, but there is a requirement to have at least one local director. The director must be an individual over 18 years of age, with no active bankruptcy or disqualification.
In practice, non-residents cover this requirement by appointing a nominee director from a corporate provider. This service costs SGD 1,800–4,000 per year and is almost always accompanied by a security deposit of SGD 2,000–10,000: the nominee is personally liable for any violations by the company and insures themselves. The relationship is formalized by an agreement that explicitly stipulates that the nominee has no involvement in management and no access to the bank account. This document should be reviewed carefully, as it determines how quickly you can replace the director if your relationship with the provider sours.
A corporate secretary is appointed within six months of registration, also from among the residents, and the company's sole director cannot hold this role simultaneously. The secretary maintains corporate registers, prepares minutes, and submits forms to ACRA. The service costs SGD 300–900 per year, and skimping on it is pointless: late filings are more expensive.

Shareholders, Capital, and the Register of Registrarable Controllers

One shareholder is sufficient, and they can also be a director. The minimum paid-up capital is SGD 1, but this amount appears insignificant to the bank and its counterparties. A reasonable guideline for an operating company is SGD 10,000–50,000 of authorized capital, from which a portion is paid. Shares can be divided into classes with different voting rights and dividend distribution procedures, which is convenient for structures with multiple partners and an option pool.
A separate, but often overlooked, obligation is the Register of Registrable Controllers. The company maintains a register of its controlling persons and transmits the information to the centralized ACRA register within 30 days of registration. If the structure has nominee directors or nominee shareholders, their nominee status and the details of the actual principal are also disclosed in a separate register. This is an internal discipline, violations of which are subject to fines, and it is not related to public disclosure—the information remains confidential. We explain how the nominee service works in more detail in the information section.

Name, Legal Address, and Activity Code

The name is checked for uniqueness and conflicts with registered trademarks, submitted through BizFile for 15 SGD, and reserved for 120 days. Words like "bank," "finance," "capital," "insurance," and "media" require approval from relevant regulators, which adds 14 to 60 days to the registration period. It's best to check trademarks in advance—a rejection at the reservation stage means a resubmission and a week's delay.
The legal address must be located in Singapore and accessible to visitors for at least three hours each business day. A mailbox is not suitable. A virtual office from a provider costs 110–420 SGD per year and covers the requirement, but does not create economic substance for Section 10L purposes—these are different things and should not be confused. The type of activity is coded according to the SSIC classifier, and the code chosen determines whether an industry license is required: financial services, payment services, and digital asset operations are regulated by MAS and require separate authorization, as we describe on the Singapore payment license page.

The Procedure: Step-by-Step

Registration is completely electronic. No apostilles on the incorporation documents, no notarization of the articles of association, no trip to Singapore. Almost all the work is spent on preparation—the submission itself takes minutes, and its outcome depends on how carefully the package is assembled.

Preparation of the package and entry check

The registered agent conducts its own identification procedure, which is more thorough than that of most European providers. You will need the passports of all directors, shareholders, and beneficiaries, proof of residential address no older than three months, a resume or LinkedIn profile, a description of the business, information about the source of funds, and the origin of capital. For a corporate shareholder, a full set of corporate documents and an ownership structure down to the ultimate individual are required.
The articles of association are prepared separately. The standard ACRA model form is suitable for a simple company with a single shareholder, but if there are partners, it is better to replace it with a custom document: the procedure for participant withdrawal, preemptive rights, quorum for significant decisions, and deadlock procedures. Rewriting the articles of association later is more expensive and time-consuming than drafting them in advance.

Submitting via BizFile and obtaining a UEN

The agent reserves the name and then submits an application for registration, specifying the capital, ownership structure, officers, and financial year end date. The directors, secretary, and shareholders receive email notifications and confirm their acceptance of the appointment—this must be done within 60 days, or the application will be cancelled.
Once approved, the company receives a Unique Entity Number, a single identifier that replaces all registration numbers and is indicated in invoices, contracts, and correspondence. No paper certificate is issued: the electronic Business Profile from the ACRA registry is the official confirmation of the company's existence, and it is accepted by banks and counterparties worldwide.

The financial year end date is a decision that affects everything

The financial year is selected during registration and determines the reporting calendar for the years ahead. The first financial period can last up to 18 months, and it's worth taking advantage of this: a company incorporated in the fall wisely sets the year-end date for December 31 of the following year, saving one full reporting cycle and audit costs.
All deadlines are calculated from this date: the annual shareholders' meeting is held within six months of the financial year-end, the annual report is filed with ACRA within seven months, and a preliminary income estimate is submitted to the tax office within three months. Shifting the date after incorporation is possible, but limited and requires ACRA approval under certain conditions, so it's best to decide immediately.
Expert opinion.

"Over the years, we've seen one recurring pattern: a client incorporates a Pte. Ltd., appoints a nominee director, but actually signs contracts, manages the account, and makes all decisions from Russia. From Singapore's perspective, such a company is not a tax resident, because residency is determined by the place of effective management, not the place of incorporation. This means that IRAS will not issue a tax residency certificate, and without it, neither double taxation treaties nor the foreign income exemption apply. From Russia's perspective, the same company is a controlled foreign company, and under certain circumstances, also a Russian tax resident under Article 246.2 of the Tax Code. This results in the worst-case scenario: expenses are incurred in Singapore, benefits are unavailable, and the risks are dual. Therefore, our first conversation with the client begins not with the tariff, but with the question of who will actually manage the company and from where".

How much does it really cost?

Government fees are transparent and unchanged over the years: 15 SGD for name reservation and 300 SGD for registration, for a total of 315 SGD. Then comes the portion of the budget that is usually shown as the "from" line in advertising proposals. You need to calculate the annual cost of ownership, not the entry price.

First year

For a non-resident without a resident director, the cost structure is as follows: a registered agent charges 500–1,500 SGD for filing and preparing documents, a nominee director charges 1,800–4,000 SGD per year plus a refundable deposit, a corporate secretary charges 300–900 SGD, a registered office costs 110–420 SGD, and accounting starts at 1,200 SGD per year for small turnover. The first year costs between SGD 4,000 and SGD 9,000 overall, depending on the complexity of the structure and the number of transactions.
A work permit is a separate requirement if you plan to relocate. The Employment Pass requires a minimum salary of SGD 5,600 per month for the non-financial sector and SGD 6,200 for the financial sector. The threshold increases with the candidate's age, reaching SGD 10,700 after age 45. Additionally, you must score 40 points on the COMPASS system, which evaluates not only the candidate but also the company's personnel. The thresholds will increase from January 1, 2027, so it's best to plan your relocation with a salary reserve. Alternative relocation routes are listed in the immigration section.

Annual Maintenance

Starting in the second year, expenses are reduced: the registration fee is no longer paid; the secretary, address, nominee, accounting department, and annual report filing costs SGD 60. The typical annual budget for a quiet company with moderate turnover is SGD 2,000–5,000 excluding a nominee director, and SGD 4,000+ with one.
An audit becomes mandatory if the company no longer meets the criteria for a small company: no more than SGD 10 million in revenue, no more than SGD 10 million in assets, and no more than 50 employees, of which any two of the three criteria are sufficient. An audit adds SGD 2,000 or more, so it's best to plan ahead for any increase in the threshold.

Taxes and Reporting

The tax burden for a young company in Singapore is almost never 17%. The system is built on sequential exemptions that are applied automatically upon filing a tax return, without any applications or approvals. Understanding this process is helpful even at the financial modeling stage.

Rate and incentives that reduce it

For the first three tax years, a new company receives a 75% exemption on the first SGD 100,000 of taxable income and a 50% exemption on the next SGD 100,000, provided it has no more than 20 shareholders, at least one of whom is an individual with a stake of at least 10%. Companies that do not fall under the start-up regime receive a partial exemption: 75% on the first SGD 10,000 and 50% on the next SGD 190,000. On top of this, a 40% rebate on the taxable amount is applied for the 2026 tax year, capped at SGD 30,000. Companies that had at least one local employee contributing to CPF last year receive a cash grant of SGD 1,500. For a company with a profit of SGD 200,000 in the first years of operation, the effective rate after all exemptions drops significantly below 10%.

GST, SGD 1 million threshold, and InvoiceNow

Goods and Services Tax (GST) is 9%. Registration is mandatory for taxable turnover exceeding SGD 1 million for the year or if there is a reasonable expectation to exceed this threshold within the next 12 months. Exports of goods and services provided to foreign customers are taxed at zero rates; for companies with foreign revenue, registration allows for a refund of input tax. From April 1, 2026, all new voluntary registrants are required to submit invoice data to the tax authorities via the InvoiceNow network, a national electronic invoicing system based on the Peppol standard. By 2031, this requirement will extend to all GST payers. This changes the approach to choosing an accounting platform: it must be accredited by IMDA, otherwise, voluntary registration will simply not be accepted.

Reporting Calendar

A company's reporting year consists of four mandatory deadlines. A preliminary assessment of taxable income is submitted within three months of the end of the financial year; for revenues of up to SGD 5 million and a nil assessment, this is exempt. An annual meeting of shareholders is held within six months; private companies may waive it with the consent of all shareholders. An annual report with financial statements is submitted to ACRA within seven months. A corporate income tax return (Form C-S, C-S Lite, or C) is due by November 30.
A late annual report is subject to a fine of SGD 300 for a delay of up to three months and SGD 600 for a longer delay. Systematic violations lead to disqualification of directors and removal of the company from the register, and for nominee directors, this is a personal risk—so providers respond to late filings harshly and quickly.

Bank Account and Compliance

Company registration and account opening are two different tasks, and the latter is more difficult. Singaporean banks operate using a strict risk-based approach: having a company doesn't grant the right to an account, and there are no reasons for refusal. A well-thought-out application greatly increases your chances.

What the bank actually checks

The bank looks not at the document package, but at the business logic. Who the clients are and in what countries, where the suppliers are from, how the beneficiary's experience in this industry is confirmed, whether there are active contracts, a website, corporate email, and traces of activity in open sources. The origin of the capital and the company's connection to Singapore are checked: the presence of Asian counterparties significantly improves the company's position.
For beneficiaries with a Russian passport or Russian tax residency, the requirements are further tightened, and the decision is made individually based on an internal risk assessment. A refusal at one bank does not necessarily mean a refusal at another, but each new attempt requires a re-submission of the same documents, rather than a re-submission of the same set. We provide dedicated support for this stage and inform you in advance about the most promising options—details are available in the banking services section.

Fintech as a viable alternative

Payment institutions like Airwallex, Wise Business, or Currenxie open accounts faster and remotely, offering multi-currency details and local accounts in key jurisdictions. For a trading company or SaaS business, this is sufficient at the start, and a full-fledged bank account can be opened later, once a transaction history has been established.
It's also important to understand the limitations: fintechs rarely offer credit lines, trade finance, or letters of credit, and their compliance policies can change faster than banks'. A viable approach is to simultaneously manage an account with the payment institution and submit an application to the bank, without delaying the latter. Accepting cards requires a separate processing solution tailored to the specific type of business.

What changes if the owner is a Russian tax resident

This section is usually missing from competitors' articles, although it is precisely this that determines the final economics of the project. A Singapore company doesn't exist in a vacuum: its Russian owner has a set of obligations in Russia, and the penalties for failure to comply are comparable to the cost of maintaining the company for several years.

Suspended Agreement

By Decree No. 585 of the President of the Russian Federation dated August 8, 2023, Articles 5–22 and 24 of the Double Taxation Agreement with Singapore were suspended. In practical terms, the reduced rates under the agreement do not apply. Dividends paid by a Russian company to a Singaporean company are subject to withholding tax at a rate of 15% instead of the contractual 5% or 10%, while interest and royalties are subject to the general rate for income of foreign organizations.
The Singaporean side has not suspended its agreement, but the unilateral nature of the situation does not help: tax offsets and preferential rates require a valid agreement on both sides. If the structure was built around the movement of funds between Russia and Singapore, its economics must be recalculated.

CFC, Notifications, and Currency Obligations

A Russian resident who has acquired a stake in a Singapore company must submit a notification of their participation in the foreign organization within three months of the date of the participation. Notifications of controlled foreign companies must be submitted by April 30th by individuals, and by March 20th by organizations of the year following the income recognition period. The fine for failure to submit a CFC notification is 500,000 rubles for each company.
CFC profits are not deductible for tax purposes unless they exceed 10 million rubles. A fixed-payment regime exists for large profits: for one CFC, the fixed profit amount is 27,990,000 rubles, and the tax is 5 million rubles per year, regardless of the actual result. Currency obligations apply separately: notification of the opening of a foreign account must be submitted to the tax authority within one month, and a cash flow report must be submitted annually by June 1st.

Offshore Zone Lists and the 2027 Horizon

Effective July 1, 2023, Singapore was included in the expanded list of offshore zones of the Russian Ministry of Finance, approved by Order No. 86n. At the same time, a special, abbreviated list from Order No. 35n, which does not include Singapore, will apply for the 2024–2026 tax periods. This abbreviated list is used to exempt CFC profits and for a number of income tax benefits.
The time limitation is crucial here: the special list is designed for periods up to and including 2026. If it is not extended, the general list, with all the attendant restrictions on benefits, will apply to Singaporean entities from 2027. Those building a holding company with a long-term horizon in mind should factor this scenario into their model now. Our Moscow consultants discuss these configurations during an initial meeting. You can schedule an appointment through the contact section, and you can easily view options with existing accounts in the ready-made solutions section.