Market Expansion Checklist: Singapore

Singapore is more than a gateway to Southeast Asia. It’s a launchpad for international businesses seeking stable infrastructure, low corruption, and pro-business policies. But expanding into Singapore successfully requires more than registering a company and booking a flight.

This checklist walks you through what matters most. From company setup to anti money laundering compliance and workforce strategy, every section helps you take a step toward real, profitable growth.

GTM Accounting Solutions for Business Launch

• Getting your legal structure right is the first milestone. 

  • Private limited company 

    • Limited liability

    • A separate legal entity

    • Full foreign ownership

    • Flexible enough to scale

    • Formal enough to establish trust with customers and investors

• Appoint at least one resident director.

• Acquire and maintain a Singapore-registered address. 

• Appoint a qualified company secretary within six months of incorporation. 

• Open a corporate bank account.

  • Prepare clear documentation as the process often involves rigorous checks.

  • Expect a compliance process that can take several weeks.

Engaging GTM accounting solutions ensures these foundational steps are not just compliant, but optimized. They handle bookkeeping, company secretarial services, and regulatory filings so you can focus on business development. GTM accounting solutions also protect you from missed deadlines and costly administrative mistakes.

RFA Guidelines and Compliance Requirements

Each company incorporated in Singapore is required to have a Registered Filing Agent (RFA) in the position of Company Secretary. The role of the company secretary is to advise the company of its obligations under the Companies Act and to liaise with Accounting and Corporate Regulatory  Authority (ACRA) on matters relating to the company like the appointment or resignation of a director.

So who can or cannot be an RFA? They must be a fit and proper person and meet all requirements set out in the Corporate Service Providers Regulations 2025. Some examples are:

• An advocate and solicitor of the Supreme Court of Singapore

• A public accountant registered under the Accountants Act 2004

• A member of the Institute of Singapore Chartered Accountants (ISCA) who either holds registration as a Chartered Accountant under Part 6B of the Accounting and Corporate Regulatory Authority (ACRA) Act, or has maintained associate membership with ISCA for a minimum period of two years

• A member of the Association of International Accountants (Singapore Branch)

• A member of the Institute of Company Accountants, Singapore (ICAS)

• An associate member or fellow of the Chartered Secretaries Institute of Singapore (CSIS)

• A corporate secretarial agent (i.e. a person who is carrying on the business of providing corporate secretarial services for one or more companies and has been doing so for at least 3 years in the preceding 5 years; and has been a secretary of a company for at least 3 years in the preceding 5 years)

An RFA may be liable for a maximum fine of $100,000 if convicted of failing to comply with the requirements:

• To ensure that a person is fit and proper before arranging for that person to act as a nominee director of a company.

• To perform customer due diligence measures for detecting or preventing money laundering, proliferation financing and terrorism financing and to keep prescribed records in specified circumstances.

If ACRA’s investigations show a breach of duties and responsibilities, and after a show cause process has been administered, ACRA can take any of the following actions:

• Cancel or suspend the registration of the RFA;

• Restrict the RFA’s use of the electronic transaction system;

• Require the RFA to pay a financial penalty not exceeding $25,000 for each breach, within a specified period; or

• Issue a censure to the RFA.

Familiarity with Tax Requirements and Penalties

Foreign businesses often underestimate the complexity of local requirements, especially when dealing with Goods and Services Tax (GST) registration, which becomes mandatory once your past 12-month taxable turnover has exceeded SGD 1 million at the end of any calendar quarter. You are required to apply for GST registration within 30 days.

Market expansion accountants can help with getting ahead of this process early to avoid late penalties. Any business that fails to register for GST is still required to pay GST on all their past transactions from the date the business became liable for GST registration. GST is payable even if the amount was not collected from customers. In addition, failure to register for GST is an offence and businesses may be required to pay 10% of GST due as a penalty, and fined up to $10,000.

Market Expansion Accountants Can Reduce Friction

Expanding into Singapore is a strategic decision. Don’t treat it as just paperwork. It’s an entry into one of the most dynamic economies in the region. It’s also a test of your operational maturity.

Market expansion accountants are critical allies here. They go beyond number crunching. They evaluate your readiness, design expansion timelines, and set up structures that scale. Their insights help you prepare for quarterly reporting, statutory compliance, and future audits.

Singapore requires businesses to:

• File estimated chargeable income (ECI) within three months of their financial year end (FYE).

• Submit annual returns to ACRA. 

These filings reflect your credibility as a foreign investor. Local expertise ensures accuracy and timeliness.

In Singapore, your reputation matters. Financial transparency, consistent reporting, and ethical operations are not optional. They’re expected. Contact us on WhatsApp today at +65 84683751 or by completing our Get In Touch form. For your complete end to end accounting solution, at highly competitive rates. With our cross border expansion solutions we can also help your business grow and expand seamlessly into Singapore’s thriving economy.