Running a company in Singapore involves more than completing the incorporation process. Once your business is registered, you must put the right operational foundations in place to ensure smooth daily operations and long-term growth.
Singapore Business Guide
This overview explains the key areas business owners should focus on, including financial setup, workspace arrangements, staffing, intellectual property protection, and regulatory requirements.
Establishing Business Banking Facilities
After incorporation, companies must set up a corporate bank account to manage payments, expenses, and other financial transactions.
Banking Landscape in Singapore
Singapore is recognised globally for its strong and well-regulated banking sector. Businesses may choose from reputable local institutions such as DBS, OCBC, and UOB, as well as international banks including Standard Chartered, Citibank, Maybank, and others.
Some financial institutions impose initial account opening fees, which differ depending on the bank and account structure.
Due to international compliance standards, banks follow strict customer verification and due diligence procedures. These requirements are designed to prevent financial crimes and may affect both approval timelines and eligibility.
What Banks Typically Require?
Corporate bank accounts in Singapore often come with features such as online banking access, multi-currency capabilities, international transfers, and trade finance services.
In many cases, banks require directors and authorised signatories to attend an in-person meeting in Singapore during the account opening process. Certain banks may permit alternative arrangements, such as document signing at overseas branches or notarised submissions.
Common documentation requested includes:
- Company incorporation documents
- Business profile issued by ACRA
- Board resolution approving account opening
- Identification and address details of directors and shareholders
- Information relating to beneficial ownership
Banks may request additional documentation depending on the company’s structure and risk profile. Once due diligence is completed and requirements are satisfied, approval is typically granted.
Securing office premises
In addition to a bank account, your business will probably need office space to operate effectively. There are several types of office space options you might explore.
Selecting a Suitable Workspace
Depending on the nature and scale of your operations, your business may require a physical office or registered address. Singapore offers a wide range of workspace solutions to suit different needs.
Commercial Office Leasing
Leasing a conventional office remains a popular option for established businesses. Lease terms commonly range from two to three years, with longer commitments available for larger premises. Renewal options are usually offered upon expiry.
Most office units come with basic fittings. Tenants who wish to customise their space may do so subject to landlord approval. In some cases, landlords may offer a rent-free period to support renovation works.
Serviced Office Solutions
Serviced offices provide fully furnished workspaces that are available for immediate use. These offices are managed by professional operators and are often located in prime business districts.
Tenants benefit from shared facilities such as reception services, meeting rooms, utilities, and IT infrastructure. Rental fees usually include most operational costs, with additional charges applied only for optional services.
Virtual Office Arrangements
A virtual office allows businesses to maintain a professional presence without occupying physical premises. These arrangements typically include a registered business address, mail handling, telephone services, and access to meeting rooms when required.
This option is ideal for startups, overseas companies, and entrepreneurs who want a credible Singapore address while keeping overhead costs low.
Operating from a Home Office
Smaller businesses may qualify to operate from residential premises under Singapore’s Home Office Scheme. This applies to both public housing and private residences, subject to approval.
Business owners must be authorized occupants of the property, and restrictions apply to the number of non-resident workers. Registration with the relevant authority (HDB or URA) is required before operations can begin.
Employing Staff in Singapore
As operations expand, businesses may need to hire employees. Singapore encourages the employment of local professionals while also allowing companies to engage foreign talent when necessary.
Employment relationships are governed by written contracts, which must comply with Singapore’s labour laws.
Employment Act Overview
The Employment Act sets out the minimum standards for employment terms and protects both local and foreign employees, with specific exceptions such as domestic workers and public sector employees.
Where employees fall under the Act, employment contracts must meet or exceed the statutory requirements. For employees not covered, terms may be mutually agreed upon and clearly documented in writing.
Hiring Local Employees
Employers hiring Singapore citizens or Permanent Residents are required to contribute to the Central Provident Fund (CPF). Contributions are shared between employer and employee, with rates depending on age and residency status.
Employers are responsible for submitting CPF contributions by the required monthly deadline.
Hiring Foreign Employees
Foreign employees must hold a valid work pass before commencing employment. Different passes apply depending on job role, salary level, and qualifications. Some passes are subject to quotas or conditions.
Read our blog post about hiring employees to get further details.
We can assist with work pass applications and compliance requirements for foreign employees.
Trademark Protection in Singapore
Although trademark registration is not compulsory, registering your trademark provides legal ownership and exclusive rights. A registered trademark strengthens brand identity and helps prevent unauthorized use by third parties.
Trademark Registration Process
Trademark applications in Singapore are administered by the Intellectual Property Office of Singapore (IPOS). The process may take several months, depending on objections or opposition.
Key steps include:
- Identifying the correct classification of goods and services
- Conducting a trademark availability search
- Submitting an application and paying the applicable fees
- Examination by IPOS for compliance
- Publication for opposition
- Registration upon successful completion
Once registered, a trademark is valid for ten years and can be renewed indefinitely.
Trademark owners may also license their marks to other parties under formal agreements, which can optionally be recorded with IPOS.
Read more about the Trademark registration procedure in our blog post.
Business Licences and Regulatory Approvals
Certain industries require specific licences before operations can commence. These licences are issued by relevant government agencies based on the nature of the business activity.
Businesses can identify applicable licences through the GoBusiness Licensing portal.
We can assist you with your application, please contact us to discuss your needs.
