How New Zealand Business Owners Can Set Up a Company in Singapore

Expanding your business from New Zealand to Singapore can open doors to new markets, lower tax rates, and a thriving regional business hub. While Singapore is well known for its ease of doing business, incorporating a company there still requires a clear understanding of legal, tax, and operational requirements.

This step-by-step guide is designed to help New Zealand business owners navigate the process of setting up a company in Singapore smoothly and efficiently.

1. Define Your Business Goals and Market Entry Strategy

Before starting the incorporation process, clarify your objectives:

• Purpose – Is your Singapore company for regional expansion, trading, investment holding, or market testing?

• Presence – Will you relocate or operate from New Zealand with local partners handling daily operations?

• Industry Focus – Determine if your industry requires additional licensing (e.g., finance, food services, education).

A clear strategy ensures you choose the right structure and avoid costly changes later.

2. Choose the Right Business Structure

The most common structures for New Zealand business owners are:

1. Private Limited Company (Pte. Ltd.) – Offers liability protection, tax benefits, and credibility. This is the most popular option for long-term operations.

2. Branch Office – Treated as an extension of your New Zealand company, but liability remains with the parent company.

3. Representative Office – Suitable for market research and feasibility studies, but cannot engage in profit-making activities.

Tip: Most New Zealand entrepreneurs choose a Pte. Ltd. for its flexibility and strong business image.

3. Understand the Incorporation Requirements

Singapore’s Accounting and Corporate Regulatory Authority (ACRA) sets out basic requirements for registering a company:

• At least one local director – A Singapore citizen, permanent resident, or Employment Pass holder.

• Minimum of one shareholder – Can be an individual or a corporate entity; 100% foreign ownership is allowed.

• Registered Singapore address – A physical address (no P.O. boxes) for official correspondence.

• Company secretary – Must be appointed within six months of incorporation.

• Paid-up capital – Minimum of SGD 1 (though many opt for higher to boost credibility).

If you’re based in New Zealand, you will need a nominee director or hire a corporate service provider to meet the local director requirement.

4. Reserve Your Company Name

You’ll need to choose and reserve your company name via ACRA’s online portal:

• Ensure it is unique and not identical to an existing entity.

• Avoid restricted or offensive words.

• Certain sectors require pre-approval from relevant authorities before name approval.

Once approved, your chosen name is reserved for 120 days.

5. Prepare the Required Documents

To incorporate your Singapore company, you must submit:

• Company Constitution – Formerly the Memorandum & Articles of Association.

• Particulars of Shareholders, Directors, and Company Secretary.

• Registered Address.

• Description of Business Activities – Using Singapore Standard Industrial Classification (SSIC) codes.

• Identification Documents – Passports and proof of residential addresses for foreign directors/shareholders.

A corporate service provider in Singapore can assist with document preparation and submission.

6. File for Incorporation

Once the documents are ready, file them with ACRA. The process is quick—approval can often be granted within 1–2 working days unless additional regulatory clearance is required.

Upon successful registration, you’ll receive:

• Certificate of Incorporation (digital version)

• Business Profile (official company details)

• Unique Entity Number (UEN) for all government and tax matters.
  

7. Open a Corporate Bank Account

A Singapore bank account is essential for smooth operations. Requirements include:

• Certified copies of incorporation documents.

• Identification of directors and authorised signatories.

• Business plan or proof of intended activities.

• Sometimes an in-person meeting is required.

Popular banking options include DBS, OCBC, UOB, and international banks like HSBC and Standard Chartered.

8. Secure the Right Work Pass or Visa

If you plan to relocate to Singapore to manage your business:

• Employment Pass (EP) – For professionals and executives; requires a job offer from your Singapore company and meeting salary thresholds.

• EntrePass – For entrepreneurs starting innovative or venture-backed businesses.

• Dependent Pass – For eligible family members.

If you remain in New Zealand, appoint a local director to fulfil statutory requirements.

9. Register for Taxes and GST

Singapore’s Inland Revenue Authority (IRAS) handles tax matters:

• Corporate Tax – Flat 17%, with start-up exemptions for the first three years.

• Goods and Services Tax (GST) – Currently 9%, mandatory if turnover exceeds SGD 1 million annually.

• Double Taxation Agreement (DTA) – Between Singapore and New Zealand, ensuring profits aren’t taxed twice.

Engage a tax advisor familiar with cross-border taxation to maximise benefits.

10. Apply for Industry-Specific Licences

Depending on your business, you may require sector-specific approvals:

• F&B – Singapore Food Agency (SFA) licensing.

• Finance – Monetary Authority of Singapore (MAS) licensing.

• Education – Ministry of Education (MOE) registration.

• Import/Export – Singapore Customs permits.

Applying early prevents operational delays.

11. Set Up Operations

After incorporation:

• Hire Talent – Tap into Singapore’s skilled workforce or transfer New Zealand employees via work passes.

• Find Office Space – Choose between co-working hubs, serviced offices, or leased commercial units.

• Build Local Networks – Join business groups like the New Zealand Chamber of Commerce Singapore (NZCham) for connections and market insights.
  

12. Tap into Government Support

Singapore offers grants and incentives for new businesses:

• Enterprise Development Grant (EDG) – Funds up to 50%–70% of qualifying project costs.

• Market Readiness Assistance (MRA) Grant – Covers up to 70% of eligible market expansion costs.

• Startup SG – Funding and mentorship for innovative ventures.

These schemes can significantly reduce expansion costs for New Zealand businesses.

13. Maintain Compliance

Singapore companies must follow ongoing compliance requirements:

• Annual General Meeting (AGM) – Unless exempted.

• Annual Return Filing – With ACRA within 7 months of financial year-end.

• Tax Filing – Submit Estimated Chargeable Income (ECI) within 3 months of financial year-end and annual corporate tax return.

• Bookkeeping – Maintain accurate accounting records per Singapore Financial Reporting Standards (SFRS).

Using a corporate secretary and accountant helps ensure year-round compliance.

Conclusion

Setting up a company in Singapore is a straightforward process compared to many other jurisdictions, but success depends on careful planning and proper execution. For New Zealand business owners, the key steps involve choosing the right structure, meeting incorporation requirements, opening a corporate bank account, and securing the right work passes.

With the right strategy and local support, your Singapore entity can serve as a profitable hub for ASEAN expansion, global investment opportunities, and long-term business growth.