Singapore has long established itself as one of the world’s most attractive destinations for entrepreneurs, investors, and families seeking stability, opportunity, and a high quality of life. For foreign business owners looking to expand into Asia, relocating to Singapore while setting up a company is not just a strategic business move—it is also a lifestyle upgrade.
However, moving your family and business to Singapore requires careful planning. From legal requirements to education, housing, and tax considerations, understanding the full landscape is essential for a smooth transition.
In this comprehensive guide, we explore the most important things you need to look out for when setting up a company and relocating your family to Singapore.
1. Choosing the Right Business Structure
The first step in your journey is deciding on the most suitable business structure.
In Singapore, the most common setup for foreign entrepreneurs is a Private Limited Company (Pte Ltd). This structure offers:
- Limited liability protection
- Scalability for future growth
- Credibility with banks and partners
- Eligibility for tax incentives
Other options include:
- Representative Office (for market research only)
- Branch Office (extension of a foreign company)
- Sole Proprietorship (less common for foreigners)
For long-term relocation and family planning, a Pte Ltd company is almost always the best choice, as it aligns with visa eligibility and tax benefits.
2. Understanding Employment Pass (EP) Requirements
To live and work in Singapore, you will need an Employment Pass (EP).
Key considerations include:
- Minimum qualifying salary (typically SGD 5,000+, higher for older applicants)
- Relevant qualifications and experience
- A credible business plan if you are a shareholder-director
Singapore authorities assess not just the individual but also the company’s viability. This means your business must demonstrate:
- Real commercial activity
- Sustainable revenue model
- Local hiring potential
If your EP is approved, you can then bring your family over under dependent passes.
3. Bringing Your Family: Dependant’s Pass (DP) and Long-Term Visit Pass (LTVP)
One of Singapore’s biggest advantages is its family-friendly immigration framework.
Dependant’s Pass (DP)
Available for:
- Legally married spouse
- Children under 21
Long-Term Visit Pass (LTVP)
Available for:
- Common-law spouse
- Stepchildren
- Parents (subject to conditions)
Important considerations:
- Your EP salary must typically be at least SGD 6,000 to bring dependants
- Healthcare and schooling must be planned in advance
- Renewals are tied to your EP status
Singapore makes it relatively straightforward for families to relocate together, but proper structuring is key.
4. Corporate Banking and Financial Setup
Opening a corporate bank account is a crucial step—and often one of the most scrutinised.
Banks in Singapore will evaluate:
- Nature of your business
- Source of funds
- Business model and projected transactions
- Background of shareholders and directors
Top banks include:
- DBS
- OCBC
- UOB
You should be prepared to:
- Travel to Singapore for account opening (in most cases)
- Provide detailed documentation
- Demonstrate substance in your business
Having a well-prepared incorporation and compliance setup significantly improves approval chances.
5. Tax Advantages and Planning
Singapore’s tax system is one of its strongest draws.
Corporate Tax Benefits
- Flat corporate tax rate of 17%
- Partial tax exemptions for startups
- No capital gains tax
- No dividend tax
Personal Tax Benefits
- Progressive tax rates capped at 24%
- No inheritance tax
- No wealth tax
Double Tax Treaties
Singapore has extensive agreements to avoid double taxation, making it ideal for regional operations.
For families and entrepreneurs, this means efficient wealth preservation and accumulation, especially compared to high-tax jurisdictions.
6. Cost of Living Considerations
Singapore offers an exceptional quality of life—but it comes at a cost.
Key Expenses:
Housing
- Condo rental: SGD 3,000 – SGD 10,000+ per month
- Prime districts significantly higher
Education
- International schools: SGD 20,000 – SGD 50,000 annually per child
Daily Living
- Groceries, dining, and transport are relatively affordable
- Private healthcare can be expensive without insurance
Budgeting properly is essential before making the move.
7. Choosing the Right Location to Live
Where you live in Singapore can significantly impact your lifestyle.
Popular Areas for Families:
- Orchard / River Valley – central, convenient
- Bukit Timah – near top schools
- East Coast – family-friendly, more space
- Holland Village – expat community vibe
Factors to consider:
- Proximity to schools
- Commute time
- Access to amenities
- Rental costs
Singapore is small, but choosing the right neighbourhood makes a big difference in your daily life.
8. Education Options for Your Children
Singapore is globally recognised for its education system.
Options include:
International Schools
- British, American, IB curriculum
- Easier entry for foreign children
Local Schools
- Highly competitive
- Lower cost but harder for foreigners to enter
Popular international schools include:
- UWC
- Tanglin Trust School
- Dulwich College
Plan early, as waiting lists can be long.
9. Healthcare System and Insurance
Singapore’s healthcare system is one of the best in the world.
Options:
- Public hospitals (subsidised for citizens/PRs)
- Private hospitals (higher cost, shorter wait times)
For foreigners:
- Private insurance is essential
- Employer coverage may not include dependants
Top private hospitals include:
- Mount Elizabeth
- Gleneagles
- Parkway East
Ensuring proper coverage for your family is critical.
10. Compliance and Regulatory Requirements
Running a company in Singapore comes with ongoing obligations:
- Annual filing with ACRA
- Corporate tax filing with IRAS
- Maintaining proper accounting records
- Appointing a company secretary
- Having a local director
Failure to comply can result in penalties or even company strike-off.
Engaging a reliable corporate services firm ensures smooth operations and peace of mind.
11. Hiring Local Employees
Singapore encourages companies to hire locally.
Considerations include:
- Fair Consideration Framework (FCF)
- CPF contributions for Singaporean employees
- Competitive salary benchmarks
Hiring locals strengthens your company’s credibility and improves your chances of visa approvals.
12. Cultural and Lifestyle Adjustment
Singapore is one of the easiest countries for foreigners to adapt to.
Key Advantages:
- English-speaking environment
- Safe and clean city
- Efficient public transport
- Diverse food and culture
However, some adjustments include:
- Strict laws and regulations
- High cost of private cars
- Fast-paced work culture
Overall, Singapore offers a highly balanced lifestyle for families.
13. Long-Term Residency and PR Considerations
Many entrepreneurs aim to secure Permanent Residency (PR) over time.
Factors influencing PR approval:
- Length of stay
- Economic contribution
- Family integration
- Local employment creation
While PR is not guaranteed, building a strong business and integrating into society improves your chances significantly.
14. Exit Strategy and Wealth Planning
Singapore is also an excellent base for long-term wealth planning.
Key advantages include:
- No estate duty
- Strong banking system
- Access to global investment opportunities
Entrepreneurs often use Singapore as a hub to:
- Expand regionally
- Hold assets
- Plan succession
This makes it not just a business destination—but a wealth management hub.
15. Choosing the Right Corporate Services Partner
Finally, one of the most critical decisions is selecting the right partner to guide you through the process.
A good corporate services firm will help with:
- Company incorporation
- Employment Pass application
- Accounting and tax compliance
- Corporate secretarial services
- Ongoing advisory
Choosing an experienced, responsive, and trustworthy partner can make the difference between a smooth transition and a stressful experience.
Conclusion
Setting up a company and relocating your family to Singapore is a powerful move that combines business growth with an exceptional quality of life. However, success lies in careful planning and execution.
From choosing the right business structure and securing visas to managing education, housing, and compliance, every step plays a crucial role in your journey.
Singapore rewards those who approach it strategically—with stability, growth opportunities, and a world-class environment for both business and family life.
If done correctly, relocating to Singapore is not just a move—it is a long-term investment in your future, your family, and your global ambitions.