GUIDE TO

SETTING UP
YOUR BUSINESS
IN SINGAPORE
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CONTENTS
04
Introduction

05
Steps to setting up your business in Singapore

Step 1: Choosing your business structure 05

How to decide which is best for you

Step 2: Registering your business 06

How to incorporate in Singapore

Step 3: Managing your business 09

How to get your operations up and running

Human resources 09

Recruitment 10

Legal, financial, and tax advisory services 12

Spaces to set up your operations 15

Utilities 18

19
Setting up your business in Singapore:
Overview of government agencies

22
Conclusion

23
Acknowledgements
 INTRODUCTION
Welcome to the Guide to Setting Up Your Business in Singapore!

Singapore, with its robust economy and strong talent pool, is a buzzing metropolis situated right in the
heart of Asia. We offer businesses the ideal landscape to invest with confidence.

Here are some reasons why you should set up your business here:

EASE OF DOING BUSINESS AND BEST BUSINESS ENVIRONMENT

Singapore is ranked the best country globally for economic opportunity, and the
first in Asia for growth.1 In the Economist Intelligence Unit’s 2022 projection, 2
Singapore yet again topped the ranks for the best business environment
worldwide for the next five years, and has held this position since 2013.

STRONG CONNECTIONS WITH THE REST OF ASIA

Singapore offers extensive connectivity and has strong business, cultural
and linguistic links to the emerging Southeast Asian market. In 2019, the total
combined GDP of 10 ASEAN countries was valued at US$3.2 trillion, making
ASEAN the fifth-largest economy in the world. The region is also well on track to
become the fourth largest by 2030.3

STABLE POLITICAL ENVIRONMENT

Singapore was ranked first under the Institutions pillar and the seventh most
innovative economy in the Global Innovative Index.4 Because of its political and
operational stability, Singapore has consistently been one of the top 10 most
innovative economics for the past 14 years.5

A GREAT PLACE TO LIVE

Singapore is also a great place to live. The city state was again named most
liveable location for overseas workers from East Asia as it ranked highly in
international schooling, infrastructure and housing.6

If you are keen to set up here, this guide can help you get your operations up and running in the
shortest time possible.
G U I D E TO S E T T I N G U P YO U R B U S I N E S S I N S I N GA P O R E

In the following pages, discover how to choose the right business structure, register your business
and meet your needs around talent, advisory services, and spaces and utilities.

You will also learn more about how the Singapore Economic Development Board (EDB) can provide
you with the right information and connections to partners – in both public and private spheres – to
enable your success.

A government agency under the Ministry of Trade and Industry, EDB is responsible for strategies
enhancing Singapore’s position as a global centre for business, innovation, and talent. It also works
closely with other local government agencies to ensure that companies here are supported by a
well-developed business environment and a globally competitive workforce.

Get ready to establish your presence in Singapore!

¹ CS Global Partners. (2022, January 13). World Citizenship Report. Retrieved from https://csglobalpartners.com/world-citizenship-report/
² The Economist Intelligence Unit. (2022, March 1). Business: Business Environment, Singapore, Rankings Overview. Retrieved from
https://country.eiu.com/article.aspx?articleid=2001974183&Country=Singapore&topic=Business&subtopic=Business+environment&subsubtopic=Rankings+overview
3
ASEAN Secretariat. (2022, July). ASEAN Development Outlook: Inclusive and Sustainable Development. Retrieved from https://asean.org/book/asean-development-outlook/
­ WIPO (2022, September 29). Global Innovation Index (GII) 2022. Retrieved from https://www.globalinnovationindex.org/Home
4

5 The Business Times. (2022, September 2022). Singapore loses Asia-Pac’s top spot on Global Innovation Index to Korea, still eighth globally.
Retrieved from https://www.businesstimes.com.sg/garage/singapore-loses-asia-pacs-top-spot-on-global-innovation-index-to-korea-still-eighth-globally
6
ECA International (2022, March 1). Location Ratings survey.
Retrieved from https://www.eca-international.com/news/march-2022/singapore-is-once-again-the-most-liveable-location

4
 STEPS TO SETTING UP YOUR
BUSINESS IN SINGAPORE
Step 1: What is the right business structure for you?
How to decide which is best for you

Business entities in Singapore are regulated by the Accounting and Corporate Regulatory Authority (ACRA). You can choose
to register your business entity as any of the structures below. For more information, check out ACRA’s how-to guides.

COMPARISON OF BUSINESS STRUCTURES IN SINGAPORE

Did you
know? SOLE LIMITED LIMITED LIABILITY
PROPRIETORSHIP PARTNERSHIP PARTNERSHIP (LP) PARTNERSHIP (LLP) COMPANY
Singapore is
ranked 1st globally
DEFINTION

for economic A business owned A business formed A partnership A partnership of A business entity
opportunity in by one person or one by at least two, or consisting of a at least 2 where registered under
company a maximum of 20 minimum of two the owners have the Companies Act,
the 2022 World partners partners, with at the flexibility of Chapter 50
Citizenship least one general operating as a
Report. partner and one partnership, while
limited partner having a separate
legal identity like
that of a private
limited company
OWNED BY

Owner has absolute Partners have Not a separate legal Partners have There are three
say in the running of unlimited liability, entity unlike LLP limited liability and types of companies:
the business but has and will be will not be held
unlimited liability personally liable for personally liable for 1. Exempt Private
the partnership’s any business debts Company
debts and losses incurred by the LLP 20 members
or less and no
corporation holds
beneficial interest
in the company’s
shares
2. Private Company
50 members or
less
3. Public Company
G U I D E TO S E T T I N G U P YO U R B U S I N E S S I N S I N GA P O R E

more than 50
members
LEGAL STATUS

Owner can sue or Partners can sue or The general partner Registration costs Members of a
be sued in his or her be sued in the firm’s will be responsible are lower than that of company are not
name name for the actions of a company, and there personally liable for
the LP and is liable are fewer formalities debts and losses of
for all its debts and and procedures to a company
obligations comply with

Owner can own Partners cannot The limited partner Partners need to Members can sue
property in his or her own property in the will not be liable keep accounting or be sued in the
name firm’s name for the LP’s debts records, profit and company’s name
and obligations loss accounts, and and own property in
beyond an agreed balance sheets that company’s name
contribution sufficiently explain
transaction and
financial position

5
 Step 2: Registering your business
How to incorporate in Singapore
Prepare the
following to
register your There are two ways you can register a business in Singapore:
business
with ACRA: 1. Register directly via BizFile+, ACRA’s online portal. You may log into BizFile+
using a SingPass or CorpPass account to submit your online transaction.
• Transaction number
of the approved name
application 2. Engage the services of a registered filing agent such as a law firm or a
• Personal details of
corporate service provider to submit an online application on your behalf.
the proposed owners
and authorised
representatives (if
SingPass
applicable)
SingPass, short for Singapore Personal Access, allows users to transact with over 60
• Business Activities
government agencies online easily and securely. Singapore citizens and permanent
• Business
residents, passholders (Employment Pass, EntrePass, S-Pass, Dependant Pass, Long
commencement date
Term Visit Pass Plus), and selected work permit holders are eligible for a SingPass. For
• Registerted office
more information on setting up a SingPass, you may visit this website.
address

CorpPass
CorpPass, short for Singapore Corporate Access, is a corporate digital identity for
businesses and other entities (such as non-profit organisations and associations)
to transact with government agencies online. For more information on setting up a
CorpPass, you may visit this website.

Applying for a Business Name

After deciding on a suitable business structure, you need to apply for a new business name before
you can register a business. Name application, which costs S$15, can be approved within a few
minutes from payment, if the name is available. However, it may take between 14 working days and
G U I D E TO S E T T I N G U P YO U R B U S I N E S S I N S I N GA P O R E

two months if the application needs to be referred to another agency for approval or review. An
approved business name will be reserved for 120 days from the date of approval.

Registration process
Once a name has been approved, you can proceed to register the business immediately. Generally,
the processing time takes about 15 minutes once the documents and information have been
successfully submitted.

6
 Here are the different costs associated with registering different business structures:

BUSINESS STRUCTURE REGISTRATION COST

Sole Proprietorship, Partnership, S$15 for name application fee

Limited Partnership S$100 for one-year registration or S$160
for three-year registration

Limited Liability Partnership S$15 for name application fee

S$100 for registration

Company, Foreign Company S$15 for name application fee

S$300 incorporation fee
S$1000 Transfer of Registration
(Re-domiciliation) fee

After registering your business, we recommend checking with the relevant industry
association to confirm if you require a licence for business operation. If you do, a useful
resource is GoBusiness Licensing, a one-stop portal set up by the Singapore Government
to simplify licence-related applications and payments. Use its search function to sort
through a database of over 100 business licences by keyword or business intent.
Companies can apply for a new licence, amend or cancel a licence, or renew a licence
through the platform.

It took us five minutes to register our company, and two days

to set up here. We used a 100 per cent online application
platform that allows us to upload documents and sign them
digitally without any physical paperwork.”
G U I D E TO S E T T I N G U P YO U R B U S I N E S S I N S I N GA P O R E

....
Jatin Khosla (left),
Co-Founder and CEO of startup Konigle
on the ease of setting up his business in Singapore

Click here to read more.

7
 Are there other options besides registration?

TRANSFER OF REGISTRATION/RE-DOMICILIATION
A foreign entity may apply to transfer its registration to Singapore
(re-domiciliation). In doing so, the foreign entity will become a Singapore
company and is required to comply with the Companies Act.

INCORPORATING A SUBSIDIARY LOCAL COMPANY

A foreign company may choose to be incorporated as a subsidiary in
Singapore, and be the sole shareholder of the shares of the subsidiary. The
subsidiary is a local company that will have to comply with the Companies Act.

SETTING UP A SINGAPORE BRANCH

A foreign company can choose to set up a branch in Singapore. Unlike a local
entity with its own legal personality and liabilities, a branch is an extension
of its head office incorporated overseas and must have a locally resident
authorised representative. As such, the liabilities of the branch office in
Singapore are extended to its parent company. A branch office is not eligible
for the same tax benefits or rebates offered to a local entity.

SETTING UP A REPRESENTATIVE OFFICE (RO)

A RO can be registered in Singapore as a temporary arrangement for
conducting market research and feasibility studies. The key benefit of a RO
is that it allows a foreign entity to assess Singapore’s business environment
before setting up business permanently in Singapore. As a RO cannot
generate income or solicit business, it will not have to pay taxes. A RO that
decides to continue its presence in Singapore should register as a legal
business entity with ACRA and if necessary, obtain the relevant licences to
G U I D E TO S E T T I N G U P YO U R B U S I N E S S I N S I N GA P O R E

perform any regulated activity.

To open a RO in manufacturing, international trading, wholesale, trade and

trade-related business sectors, approach Enterprise Singapore (ESG) to apply.

The Legal Services Regulatory Authority (LSRA) and the Monetary Authority
of Singapore (MAS) handle applications for legal and financial sector ROs
respectively.

8
 Step 3: Managing your business:
How to get your operations up and running

Now that you are ready to commence operations here, this section will help you sort out the nitty-gritty.

Human resources
In Singapore, you gain access to diverse talent across educational levels, technical experience, and
specialisations.

1ST
in Asia and 2nd in the world for talent competitiveness1

2ND
in Asia and 8th in the world as most attractive destination
for global talent2

1ST
in the world for government and financial system support3

The country’s workforce is multi-faceted and skilled with extensive experience in Asia. Your business
will benefit from talent with a clear understanding of the region’s different markets.

“I see Singapore as being the standout safe harbour country for inward
investment by companies wanting to expand into the wider Asian market,
using Singapore as their first point of entry and ‘jumping off’ point.”

Andrew McNeilies
Managing Director — APAC, Phaidon International
G U I D E TO S E T T I N G U P YO U R B U S I N E S S I N S I N GA P O R E

Click here to find out more hiring tips.

1
INSEAD. (2021). The Global Talent Competitiveness Index 2021: Talent Competitiveness in Times of COVID.
Retrieved from https://www.insead.edu/faculty-research/research/gtci
2
Boston Consulting Group. (2021, March 4). Singapore Moves Up to Top Ten in Work Destinations Globally, APAC Benefits from Positive Pandemic Response.
Retrieved from: https://www.bcg.com/press/4march2021-singapore-moves-up-top-ten-work-destinations-globally
3
Principal. (2022, September 21). The Global Financial Inclusion Index. Retrieved from https://www.principal.com/financial-inclusion/

9
 Recruitment
Building
or growing To recruit experienced professionals, businesses can advertise on local job portals, participate at
your team in career fairs and/or engage executive search firms.
Singapore?
Hiring local talent
Check out our Guide
to Hiring in Singapore The Singapore Government provides businesses with strong support to develop their local talent
and tap on these pipeline. Businesses can explore the following resources to access and develop the local talent pool:
recruitment portals.

Platforms providing Platforms to help employers

access to local talent develop local talent

MyCareersFuture enables employers to Workforce Singapore (WSG)’s programmes

post job vacancies and facilitates online job assist employers to transform their workforce
matching between local job seekers and to meet manpower needs.
employers.

Employment & Employability Institute offers Employers can tap on SkillsFuture Singapore
companies a repository of talent for their (SSG)’s initiatives to reskill and develop their
recruitment needs. local talent pool.

Hiring global talent

Singapore is a global hub for attracting and retaining the world’s best talent and remains committed
to providing robust support for your business to acquire and nurture talent.

All foreigners who intend to work in Singapore must obtain a valid pass, commonly known as a work
visa, before they start work. Employers must ensure that their employees hold a suitable and valid
pass throughout their employment.

Here is an overview of the work passes in Singapore:

G U I D E TO S E T T I N G U P YO U R B U S I N E S S I N S I N GA P O R E

Pass Who is it for? Resources

Overseas Networks & To be introduced in January 2023. • Eligibility crtiteria

Expertise Pass
(ONE Pass) For top talent in the fields of business, arts and culture,
sports, science and technology, and academia and
research. Pass holders also enjoy greater flexibility with
the ability to concurrently start, operate and work for
multiple companies in Singapore at any one time.

Employment Pass (EP) Foreign professionals, managers, and executives, with • Eligibility criteria
a minimum salary of S$5,000 a month. Candidates in • COMPASS Framework
the financial services sector would need to earn at least
S$5,500.

From 1 September 2022, changes to the eligibility

criteria will be progressively phased in. The Ministry Of
Manpower (MOM) will be raising the qualifying salary
and introducing a points-based Complementarity
Assessment (COMPASS) Framework.

To enable companies to be more responsive to business

needs, all EP applications will be processed or an
update will be provided within 10 business days.

10
 Tech.Pass Established tech entrepreneurs, leaders or technical • Eligibility criteria
experts with experience in established or fast-growing • How to apply
tech companies.

Able to concurrently start and operate one or more tech

companies and be employed by one or more Singapore
based companies at any one time.

If you meet the eligibility criteria, you should consider

applying for the new Overseas Network and Expertise
Pass, which will be effective from 1 January 2023.

Personalised Current EP holders earning at least S$12,000 a month or • Eligibility criteria

Employment Pass (PEP) overseas foreign professionals with a minimum salary
of at least S$18,000 a month (within the last 6 months).

From 1 September 2023, the fixed monthly salary

criteria for both existing EP holders and overseas
foreign professionals will be revised to $22,500;
benchmarked to the top 10% of EP holders.

EntrePass Eligible foreign entrepreneurs wanting to start and • Eligibility criteria

operate an innovative / tech startup in Singapore.

S Pass Mid-level skilled staff with a minimum salary of S$2,500 • Eligibility criteria
a month and relevant qualifications. More experienced • Foreign Worker Quota
candidates need higher salaries. Calculator
• Self-Assessment Tool

Work Permit Semi-skilled foreign workers from approved • Eligibility criteria

source countries. • Foreign Worker Quota
Calculator
G U I D E TO S E T T I N G U P YO U R B U S I N E S S I N S I N GA P O R E

For more details on the various work passes, please visit the Ministry of Manpower’s (MOM)
website. Top talent who meet eligibility criteria for Tech.Pass should apply for the new Overseas
Networks & Expertise Pass that will be issued from 1 Jan 2023. Please refer to the Tech.Pass
section of EDB’s website for full details.

You may also use MOM’s Employment Pass/S Pass Self-Assessment Tool (SAT) and the
Complementarity Assessment Framework (COMPASS) to check the elligbility of your candidates
before you apply.

Fair employment practices

All employers in Singapore must comply with laws and regulations on fair hiring and adopt good
Human Resource practices. Businesses should hire fairly based on merit, and not discriminate on
the basis of age, gender, nationality or race. Find out more about the Fair Consideration Framework
and Tripartite Guidelines on Fair Employment Practices.

11
 Need legal,
financial
assistance or
help with your
taxes?
Check out EDB’s
network of partners for:

• Legal Services

• Banking Services

• Taxation Advisory

Legal, financial and tax advisory services

It is easy to manage every aspect of your business in Singapore. You can count on a wide array
of firms offering legal, financial, and tax advisory services to support your operations here. Your
business interests will be well-supported and guarded by Singapore.

Legal services
You may require legal services to protect your business, whether it be through a patent application
to safeguard your innovative solutions or a non-disclosure agreement for confidentiality.

To address demand for legal services, there are more than 1,100 law practices in Singapore,
covering a range of practice areas including corporate and commercial law, and intellectual
property law. The Legal Services Regulatory Authority (LSRA) offers an integrated search function
listing all lawyers, individuals and law practice entities registered with the LSRA and/or the Supreme
Court of Singapore.

Financial services
G U I D E TO S E T T I N G U P YO U R B U S I N E S S I N S I N GA P O R E

As a new business, you will need a range of financial services. Singapore, a reputable financial and
regional trading centre in the Asia-Pacific, is home to more than 600 financial institutions that can
address all your financial needs. Visit the MAS website for more information on the finance
landscape here.

Most businesses start with opening a corporate bank account. In Singapore, you will be spoilt for
choice: established local banks operate alongside international brand names. Different banks offer
their own unique set of advantages. For instance, some banks offer a full suite of digital services,
while others boast an extensive network of branches throughout Asia, or the option to open a multi-
currency account. To choose the right bank for you, refer to MAS’ financial institutions directory for
a list of local and international banks operating in Singapore.

12
 As different banks require different documents to open a corporate bank account, verify the
documents needed either through their websites, or with a bank representative.

Some documents typically requested include:

ORIGINAL IDENTIFICATION DOCUMENTS OF ALL SIGNATORIES

For Singapore residents, this could be an identity card. For foreigners, a passport and
proof of residence suffice. It is important that all signatories to the account are present
when opening the account.

COMPANY’S CERTIFICATE OF INCORPORATION

This is a legal document related to the formation of a company. In Singapore, this is

generated electronically by ACRA and emailed to the officers of the company.

COMPANY’S ACCOUNTS AND SERVICES RESOLUTION

This is a resolution by the board of directors approving the opening of a corporate bank
G U I D E TO S E T T I N G U P YO U R B U S I N E S S I N S I N GA P O R E

account and specifying the signatories to the account. In practice, companies can draft
their own resolution or use the pre-approved form provided by the bank.

COMPANY’S CONSTITUTION

This legal document outlines the company’s structure, key characteristics and how its
operations will be carried out. ACRA offers a sample version for reference.

13
 Tax advisory services
Companies in Singapore are required to pay a corporate income tax, fixed at a competitive rate of
17 per cent. The same rate applies equally to tax resident and non-tax resident companies, and
both Singapore-incorporated subsidiaries as well as branches of foreign companies. There are also
various tax relief schemes that companies may enjoy.

For example, all companies can enjoy partial tax exemption on normal chargeable income of up
to S$200,000. For qualifying newly-incorporated companies, for each of its first three consecutive
years of assessment upon incorporation, it can enjoy 75 per cent tax exemption on the first
S$100,000 of normal chargeable income and and a further 50 per cent exemption on the next
S$100,000 of normal chargeable income.

A tax advisory firm can help you navigate Singapore’s corporate tax framework.

For more information on the corporate income tax rebates and tax exemption schemes, visit the
Inland Revenue Authority of Singapore (IRAS) website.

Goods and Services Tax

Businesses with an annual taxable turnover of more than S$1 million must register for Goods and
G U I D E TO S E T T I N G U P YO U R B U S I N E S S I N S I N GA P O R E

Services Tax (GST). Once registered, these businesses must charge GST to its customers at the
prevailing GST rate. The GST collected must be paid to IRAS. These businesses can also claim the
GST incurred on business purchases and expenses, if they meet the conditions for doing so.

For more information, you may visit IRAS’ webpages on how GST works and whether you need to
register for GST. You may also use IRAS’ GST Registration Calculator for assistance in monitoring
the GST registration liability of your business.

14
 Spaces to set up your operations

Whether you are looking to set up a corporate office, research and development (R&D) centre, or an
industrial plant, choices abound in Singapore’s diverse business environment.

Corporate Offices
Businesses that prefer a premium office space can pick from Grade A high-rise offices that are
mainly located in Singapore’s central business district (CBD). The CBD is Singapore’s core financial
and commercial hub, which includes the Downtown Core, Marina South, and Raffles Place, is a
panoply of skyscrapers where some of the most prestigious companies have their offices. Besides
the abundance of public transportation options concentrated there, the CBD is only a 20-minute
drive from Singapore’s Changi Airport.

Co-Working and Serviced Offices

G U I D E TO S E T T I N G U P YO U R B U S I N E S S I N S I N GA P O R E

The burgeoning co-working space scene is also an option to consider if you are just starting out,
require less space or prefer a flexible working environment. In Singapore, companies can pick from
a suite of local and international providers that offer workspace solutions ranging from hot desks
to virtual offices and full-floor serviced offices.

15
 Business Parks
Outside of the CBD in the suburban areas of Singapore, companies can explore business parks. These
are more affordable alternatives where companies can be co-located with other industry stakeholders.

For example, one-north is a

200-hectare development
housing key growth sectors
including biomedical services,
info-communications technology
as well as physical sciences and
engineering industries. It consists
of eight precincts including
Biopolis, Singapore’s premier
research hubs for biomedical
services, and assembling
laboratories of world-renowned
research institutions and multinational companies such as Procter & Gamble, GlaxoSmithKline,
Seagate, and Autodesk.

For companies looking for a base that will support their advanced manufacturing efforts, there
is the 600-hectare Jurong Innovation District (JID). The district houses various nodes of the
manufacturing landscape from learning and research to production and serves as a living lab for
businesses to test-bed new innovations. Industry 4.0 leaders and advanced manufacturers such as
Siemens, Bosch Rexroth, Shimano and Hyundai are part of the growing ecosystem there.

Companies keen to take advantage of Singapore’s Smart Nation initiative can consider the Punggol
Digital District that will open from 2024. The country’s first smart district, it will house a business
park dedicated to growth industries of the digital economy including cybersecurity and the Internet
of Things. Businesses can tap on the district-wide smart infrastructure including an open digital
platform and digital twin model.
G U I D E TO S E T T I N G U P YO U R B U S I N E S S I N S I N GA P O R E

Currently, major emerging tech players like Boston Dynamics, Delta Electronics Int’l (Singapore),
Wanxiang Blockchain, and Group-IB have offices in the Punggol Digital District.

16
 Specialised Industrial Parks
Other than business parks, there are specialised industrial parks as well that provide industrial
Did you know? space for specific trades such as offshore and marine, aerospace, and medical technology. These
Vacant state properties parks are specially designed to offer more suitable alternatives compared to traditional industrial
not earmarked for estates, as certain trades are unable to co-locate in mixed-use industrial buildings due to specific
immediate development needs such as sterile premises and storage of dangerous goods.1
may also be rented
through the Singapore
In support of Singapore’s growing agri-food technology sector, the upcoming Agri-Food Innovation
Land Authority (SLA)
and its agents. Park will bring together R&D, prototyping, and high-tech operations like vertical farming and
aquaculture hatcheries.
If you intend to develop
your own commercial
or office building, you Companies can rent or lease industrial properties held by the government through JTC Corporation (JTC),
can bid for state land subject to certain criteria being met. For more information, refer to JTC’s website for available properties.
released through the
Government Land Sales
(GLS) programme
announced every 6
months.

Click here to find your ideal business space in Singapore.

G U I D E TO S E T T I N G U P YO U R B U S I N E S S I N S I N GA P O R E

Catherine Ng and Pearl Lok, The Business Times. (2017, September 28). Shaping business parks, mixed-use clusters for Industry 4.0. Retrieved from
1

https://www.businesstimes.com.sg/hub-projects/property-2017-sept-issue/shaping-business-parks-mixed-use-clusters-for-industry-40

17
 Utilities

Did you know?

NEWater, Singapore’s
brand of ultra-clean, Once you have found the ideal location to set
high-grade reclaimed up your physical workplace, the next thing to
water produced using
settle is the three basic yet essential utilities:
advanced membrane
technologies, is ideal
water, electricity, and gas.
for industrial use.

NEWater has passed

more than 150,000
scientific tests and is Water
well within the World PUB, Singapore’s national water agency, manages Singapore’s water supply, water catchment and
Health Organisation used water in an integrated way. Its handbook outlines key procedures for the application of water
(WHO) guidelines for
supply. More information on procedures for the design and installation of water service installations
drinking water.
within a customer’s premises can also be found on PUB’s website.

Electricity
Consumers have the following electricity purchase options:
• SP Group at the regulated tariff rate;
• An electricity retailer licensed by the Energy Market Authority (EMA), with price plans to choose
from; or
• Wholesale electricity market at half-hourly prices through SP Group

You may find more information about Singapore’s electricity market on EMA’s website.

Gas
The gas system in Singapore consists of two separate gas pipeline networks – the town gas
pipeline network and the natural gas pipeline network. These networks are owned and managed by
the gas transporter PowerGas Ltd.
G U I D E TO S E T T I N G U P YO U R B U S I N E S S I N S I N GA P O R E

Town gas, used mainly for cooking and water heating by domestic and commercial customers, is
manufactured and retailed by City Energy.

Natural gas, from which around 95 per cent of Singapore’s electricity is generated, is imported into
Singapore from Malaysia and Indonesia via offshore pipelines, as well as through the Singapore
LNG Corporation’s Liquefied Natural Gas terminal. You can obtain natural gas by contacting a gas
importer. Please refer to EMA’s website for a list of licensed natural gas importers. All applications
for connection to the town gas and natural gas pipeline networks can be made through a Shipper
or Retailer.

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 SETTING UP YOUR BUSINESS IN SINGAPORE:
OVERVIEW OF GOVERNMENT AGENCIES
1. Accounting and Corporate Regulatory Authority (ACRA)
ACRA is Singapore’s national regulator of business entities, public accountants and corporate
service providers. Companies can approach ACRA to register their business entities or to find
business information of the entities that are registered with ACRA.

Find out more here.

2. Energy Market Authority (EMA)

EMA is a statutory board under the Ministry of Trade and Industry (MTI) responsible for ensuring
a reliable and secure energy supplya, promoting effective competition in the energy market and
developing a dynamic energy sector in Singapore.

Find out more here.

3. Enterprise Singapore (ESG)

ESG is the government agency championing enterprise development. They work with committed
majority Singapore-owned companies to build capabilities, innovate, and internationalise. They
also support the growth of Singapore as a hub for global trading and startups.

Find out more here.

4. Inland Revenue Authority of Singapore (IRAS)

IRAS is a statutory board under the Ministry of Finance and is the main tax administrator to the
Government of Singapore.
G U I D E TO S E T T I N G U P YO U R B U S I N E S S I N S I N GA P O R E

Find out more here.

19
 Need help with
5. JTC Corporation (JTC)
finding the
JTC Corporation is a statutory board under the Ministry of Trade and Industry (MTI) that
right talent?
spearheads the planning and development of industrial infrastructure to support and catalyse the
Check out EDB’s growth of industries and enterprises in Singapore. JTC oversees the development of over 8,000
network of partners
hectares of industrial land and 6 million square metres of ready-built facilities.
for recruitment and HR
solutions here.
Find out more here.

6. Monetary Authority of Singapore (MAS)

MAS is Singapore’s central bank and financial regulatory authority. Companies can connect with
the MAS to find out about the statutes in Singapore pertaining to money, banking, insurance,
securities, and the financial sector in general, as well as currency issuance.

Find out more here.

7. Ministry of Law (MinLaw)

MinLaw is responsible for Singapore’s legal framework and legal sector. Companies can approach
MinLaw to find out about policies relating to the development, promotion and regulation of
Singapore’s legal sector, as well as issues pertaining to land policy and administration, as well as
the intellectual property sector.

Find out more here.

8. Ministry of Manpower (MOM)

MOM is a ministry of the Government of Singapore. Its mission is to develop a productive
G U I D E TO S E T T I N G U P YO U R B U S I N E S S I N S I N GA P O R E

workforce and progressive workplaces, for Singaporeans to have better jobs and a secure
retirement.

Find out more here.

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 9. PUB, Singapore’s National Water Agency
PUB is a statutory board under the Ministry of Sustainability and the Environment (MSE). It is the
national water agency, and manages Singapore’s water supply, water catchment, and used water in an
integrated way. The agency ensures a diversified and sustainable supply of water for Singapore with
the Four National Taps (local catchment water, imported water, NEWater, desalinated water).

Find out more here.

10. Singapore Land Authority (SLA)

SLA is a statutory board under the Ministry of Law that oversees the optimisation of land resources for
the economic and social development of Singapore.

Find out more here.

G U I D E TO S E T T I N G U P YO U R B U S I N E S S I N S I N GA P O R E

21
 CONCLUSION

We hope this guide has illustrated why you

should set up your business in Singapore!

An economic powerhouse Business-friendly environment World-class talent

Here are some additional resources curated by EDB:

• If you are looking for partners to facilitate your setup in Singapore,

you can connect with EDB’s curated network of partners through the
Connections Concierge.
For connecting
with partners and • Check out the Events Calendar for upcoming events and networking
customers opportunities that are happening around you.

• Thinking of relocating to Singapore? Use our Cost of Living Calculator

to estimate how much it will cost for you and your family to live here.
For costs
relating to
living in
Singapore
G U I D E TO S E T T I N G U P YO U R B U S I N E S S I N S I N GA P O R E

• Read our Guide to Living in Singapore to get a snapshot of living

expenses in Singapore and find out about the country’s healthcare
system, getting around, and more.

• Learn more about why Singapore’s tech ecosystem attracts both

tech giants and fast-growing startups through our Singapore’s Tech
Ecosystem guide.
For business
• Download our Guide to Hiring Your Dream Tech Team in Singapore
insights
to find out how to hire global tech talent here through different
recruitment channels.

Subscribe to our monthly Global Insights newsletter.

Follow us on LinkedIn, Facebook and Instagram!

Connect with EDB

22
 ACKNOWLEDGEMENTS

We would also like to thank the following agencies for their valuable inputs to this guide book:

• Accounting and Corporate Regulatory Authority (ACRA)

• Energy Market Authority (EMA)
• Enterprise Singapore (ESG)
• Inland Revenue Authority of Singapore (IRAS)
• JTC Corporation (JTC)
• Legal Services Regulatory Authority (LSRA)
• Monetary Authority of Singapore (MAS)
• Ministry of Law (MinLaw)
• Ministry of Manpower (MOM)
• Ministry of Trade and Industry (MTI)
• PUB, Singapore’s National Water Agency
• Singapore Land Authority (SLA)
G U I D E TO S E T T I N G U P YO U R B U S I N E S S I N S I N GA P O R E

23
CONTACT US

Singapore Economic Development Board

250 North Bridge Road
#28-00 Raffles City Tower
Singapore 179101

You may submit questions or comments via client_services@edb.gov.sg,

or sign up here to receive the latest updates on the Southeast Asian business landscape.

All information is accurate as of October 2022