Register a Singapore Company from South Korea

Singapore has long been recognized as one of the world’s most business-friendly destinations. For South Korean entrepreneurs and corporations looking to expand internationally, Singapore stands out as an ideal gateway into the ASEAN market and beyond. With its pro-business policies, competitive tax structure, and excellent connectivity, setting up a company in Singapore is an attractive move for those seeking stability, credibility, and growth opportunities in Asia.

This guide explains how South Korean business owners can register a Singapore company, the benefits of doing so, and the essential steps involved in the incorporation process.

Why Singapore Appeals to South Korean Entrepreneurs

1. Strategic LocationSingapore is perfectly positioned as a hub between East Asia and Southeast Asia. For South Korean companies looking to reach markets such as Indonesia, Malaysia, Vietnam, and Thailand, Singapore provides a strong base for regional operations.

2. Ease of Doing BusinessThe World Bank consistently ranks Singapore as one of the easiest places in the world to start and operate a business. Processes are streamlined, digitalized, and efficient — ideal for South Korean entrepreneurs familiar with modern systems.

3. Attractive Tax RegimeSingapore’s corporate tax rate is capped at 17%, with numerous tax incentives and exemptions available to startups and international companies. Additionally, there is no capital gains tax and no tax on foreign-sourced income (if conditions are met), offering tremendous savings for South Korean investors.

4. Political and Economic StabilitySingapore’s transparent governance, strong legal system, and stable political environment ensure a safe and predictable business climate — a major attraction for global entrepreneurs.

5. Reputation and CredibilityA Singapore-incorporated entity carries strong international credibility, helping South Korean businesses establish trust when dealing with clients, suppliers, or investors abroad.
   

Popular Types of Companies South Koreans Register in Singapore

The most common business structure for foreign entrepreneurs in Singapore is the Private Limited Company (Pte. Ltd.). It offers limited liability protection, strong corporate governance, and favorable tax treatment.

Other structures include:

• Branch Office: For South Korean companies expanding their existing entity into Singapore.

• Subsidiary Company: A Singapore company owned by the South Korean parent company.

• Representative Office: For market research or liaison activities (not allowed to generate revenue).

For most Korean investors, the Private Limited Company structure provides the best balance of flexibility, tax efficiency, and local reputation.

Requirements for South Korean Citizens Registering a Company

To register a Singapore company from South Korea, you will need to meet the following requirements:

1. At Least One Local DirectorEvery Singapore company must have at least one director who is a Singapore citizen, permanent resident, or Employment Pass holder. South Korean entrepreneurs can engage a nominee director service to meet this requirement.

2. Company SecretaryA qualified company secretary must be appointed within six months of incorporation.

3. ShareholdersA minimum of one and a maximum of 50 shareholders are allowed. 100% foreign ownership is permitted.

4. Paid-Up CapitalThe minimum paid-up capital is only SGD 1. This can be increased later if needed.

5. Registered Office AddressThe company must have a Singapore-based registered address. Virtual office services are commonly used by foreign companies.

6. Company Name ApprovalThe proposed company name must be approved by the Accounting and Corporate Regulatory Authority (ACRA) before incorporation.
   

Step-by-Step Guide to Registering a Singapore Company from South Korea

Step 1: Engage a Corporate Services Provider

Foreign individuals and entities cannot self-register directly with ACRA. You must engage a licensed Singapore corporate services firm to handle the process. They will help you with documentation, compliance, and nominee director arrangements.

Step 2: Choose a Company Name

Submit 1–3 preferred company names for approval. The name must be unique and not similar to existing businesses in Singapore. The approval process typically takes a few hours.

Step 3: Prepare Incorporation Documents

You will need to prepare:

• A copy of all directors’ and shareholders’ passports

• Proof of residential address (e.g., utility bill)

• Constitution of the company (previously known as Memorandum & Articles of Association)

• Details of the company’s business activities

Step 4: File for Incorporation

Once the documents are ready, your service provider will submit the application to ACRA. Approval usually comes within one working day if there are no complications.

Step 5: Open a Corporate Bank Account

After incorporation, you can open a corporate bank account in Singapore with major banks such as DBS, OCBC, or UOB. Many banks now allow remote account opening for foreign directors, including those based in South Korea.

Step 6: Obtain Necessary Licenses

Depending on your business activity (e.g., trading, import/export, education, or finance), you may need to apply for specific business licenses from the relevant Singapore authorities.

Step 7: Register for Taxes

If your annual revenue is expected to exceed SGD 1 million, your company must register for GST (Goods and Services Tax). Your corporate tax filing is managed annually through the Inland Revenue Authority of Singapore (IRAS).

Post-Incorporation Considerations

1. Annual ComplianceAll companies must file annual returns with ACRA and tax returns with IRAS. Working with a professional accounting and corporate secretarial firm ensures full compliance.

2. Hiring Foreign StaffIf you plan to relocate employees from South Korea, they will need to apply for Employment Passes or S Passes through the Ministry of Manpower (MOM).

3. Accounting and BookkeepingSingapore requires all companies to maintain accurate accounting records and, depending on size, conduct annual audits.

4. Business Bank Account MaintenanceKeep your corporate bank account active and ensure proper separation between business and personal finances.
   

Benefits of Registering in Singapore for South Korean Companies

1. Strong Trade LinksSingapore and South Korea share strong economic ties under the Korea-Singapore Free Trade Agreement (KSFTA), which promotes cross-border investments and reduces trade barriers.

2. Access to ASEAN MarketsBy registering in Singapore, Korean businesses can leverage the ASEAN Free Trade Area (AFTA) to expand across 10 neighboring countries with minimal tariffs.

3. Tax TreatiesSingapore has a Double Taxation Agreement (DTA) with South Korea, preventing companies from being taxed twice on the same income.

4. Talent Pool and Innovation EcosystemSingapore’s world-class infrastructure, skilled workforce, and innovation-friendly policies make it an excellent place for tech startups and R&D ventures from South Korea.

5. Government SupportVarious grants and incentives are available for new companies, particularly those engaging in innovation, sustainability, or internationalization.
   

Common Challenges and How to Overcome Them

1. Finding a Local DirectorSolution: Engage a reputable nominee director service through a licensed corporate services firm.

2. Cultural and Language BarriersSolution: Work with bilingual consultants or Korean-speaking service providers based in Singapore.

3. Bank Account Opening DelaysSolution: Prepare comprehensive business plans and KYC documentation to expedite approval.

4. Regulatory ComplianceSolution: Partner with a trusted accounting and secretarial firm to manage filings and deadlines.
   

Conclusion

For South Korean entrepreneurs, registering a company in Singapore offers a powerful combination of credibility, efficiency, and access to regional opportunities. With its strong legal system, low taxes, and strategic location, Singapore remains the top destination for Korean companies seeking to expand into the global market.

Whether you are launching a startup, expanding an existing business, or setting up a regional headquarters, the process is straightforward when guided by experienced incorporation specialists.

To find out more, visit https://www.shkoh.com.sg/incorporation-services