Starting a Singapore Company from Finland

Introduction: Why Finnish Entrepreneurs Are Expanding to Singapore

Finland is well known for its innovation, technology, and high-quality education system. Finnish entrepreneurs are among Europe’s most globally minded, and in recent years, many have looked toward Asia for new business opportunities. Singapore, with its vibrant economy, efficient governance, and strategic location, has become one of the most preferred destinations for Finnish investors seeking to enter the Asian market.

For Finnish companies — particularly those in technology, sustainability, logistics, and design — starting a company in Singapore offers unparalleled access to the ASEAN region and beyond. With low taxes, world-class infrastructure, and strong legal protection, Singapore provides an environment that fosters growth, innovation, and international trade.

This comprehensive guide explains why Singapore is an excellent destination for Finnish entrepreneurs, outlines the key benefits, and details how to incorporate a company step-by-step.

Why Singapore Appeals to Finnish Businesses

1. Strategic Gateway to Asia

Singapore’s geographic location makes it the perfect base for Finnish businesses to expand across Asia. The city-state is a key logistics and financial hub that connects major regional markets — including China, Indonesia, Malaysia, Thailand, and Vietnam — all within a short flight.

With a strong transport network and advanced digital infrastructure, Finnish exporters and service providers can manage regional operations seamlessly from Singapore.

2. Ease of Doing Business

Singapore is consistently ranked among the world’s easiest places to do business. Incorporation is fast and straightforward, and all processes are handled electronically via the Accounting and Corporate Regulatory Authority (ACRA).

The regulatory environment is transparent, predictable, and efficient — highly valued by Finnish companies used to operating in stable and well-governed economies.

3. Competitive Tax System

Singapore offers a flat corporate income tax rate of 17%, with no taxes on capital gains or dividends. Startups enjoy additional tax exemptions during their first three years.

Moreover, Finland and Singapore have a Double Taxation Agreement (DTA) that prevents businesses from paying tax twice on the same income, making cross-border operations more tax-efficient.

4. Political Stability and Legal Security

Singapore is one of the world’s most politically stable countries. It has a strong rule of law and an independent judiciary that ensures contract enforcement and investor protection. Finnish companies can operate confidently knowing that their intellectual property, contracts, and capital are safeguarded.

5. English as the Official Business Language

All official business and legal proceedings in Singapore are conducted in English, eliminating language barriers for Finnish entrepreneurs and making it easier to operate day-to-day.

6. Shared Values and Business Culture

Both Singapore and Finland value innovation, transparency, and sustainability. Finnish businesses in green technology, engineering, and education find Singapore’s ecosystem highly compatible with their goals.

Advantages of Incorporating a Singapore Company from Finland

1. 100% Foreign Ownership

Finnish entrepreneurs can own 100% of their Singapore company, allowing for complete control and flexibility over operations, decision-making, and profit distribution.

2. Strong International Reputation

A Singapore-incorporated company signals credibility and professionalism. Singapore’s reputation for compliance and high governance standards helps Finnish firms establish trust with Asian clients and partners.

3. World-Class Financial and Banking System

Singapore is home to major international banks such as HSBC, Standard Chartered, DBS, UOB, and Nordic banks like Nordea. Finnish companies can open multi-currency corporate bank accounts for global trade in EUR, USD, and SGD.

4. Access to Free Trade Agreements

Singapore has extensive trade agreements, including the EU–Singapore Free Trade Agreement (EUSFTA), which provides tariff-free access for most EU exports and protects intellectual property.

5. Government Support for Foreign Businesses

The Singapore government actively supports internationalization through funding and grants:

Startup SG Founder Grant – Seed funding for new startups.
Enterprise Development Grant (EDG) – Helps established businesses innovate and expand.
Market Readiness Assistance (MRA) Grant – Subsidizes overseas market expansion.

Step-by-Step Guide: How to Incorporate a Singapore Company from Finland

Step 1: Choose a Business Structure

The Private Limited Company (Pte. Ltd.) is the most common choice for foreign entrepreneurs. It offers limited liability, tax advantages, and a separate legal identity from its shareholders.

Step 2: Meet Legal Requirements

To incorporate a company in Singapore, you will need:

At least one shareholder (individual or corporate)
One local resident director (Singapore Citizen, Permanent Resident, or Employment Pass holder)
A company secretary (must be a Singapore resident)
A local registered office address (not a P.O. box)
Minimum paid-up capital of S$1

If the Finnish business owner does not have a local director, they can appoint a nominee director through a licensed corporate services provider.

Step 3: Reserve a Company Name

Submit your company name to ACRA through BizFile+. The name must be unique, not infringe on trademarks, and cannot contain restricted words. Once approved, the name is reserved for 120 days.

Step 4: Prepare Required Documents

For Finnish shareholders and directors, you’ll need:

Passport copies of all directors and shareholders
Proof of residential address (utility bill or bank statement)
Business activity description
Company Constitution (Articles of Association)

If the shareholder is a Finnish corporate entity, certified copies of incorporation documents and a board resolution authorizing the investment are also required.

Step 5: Register the Company

Once all documents are ready, your service provider can submit the registration through BizFile+. Incorporation is usually completed within one business day.

Step 6: Open a Corporate Bank Account

After incorporation, open a corporate bank account in Singapore. Banks like DBS, OCBC, UOB, and Nordea offer remote onboarding for verified foreign directors.

Step 7: Apply for a Work Visa (If Relocating)

If you intend to relocate to Singapore to manage your company, apply for an Employment Pass (EP) or EntrePass. These passes allow foreign entrepreneurs to live and operate legally in Singapore.

Post-Incorporation Compliance

After registering your company, you must comply with Singapore’s corporate regulations:

Appoint a company secretary within 6 months of incorporation.
Hold an Annual General Meeting (AGM) within 6 months after the financial year-end.
File annual returns with ACRA.
Maintain proper accounting records and financial statements.
Register for Goods and Services Tax (GST) if annual turnover exceeds S$1 million.

Most Finnish entrepreneurs engage a corporate services provider to handle accounting, payroll, and compliance tasks.

Tax Benefits for Finnish Entrepreneurs

Singapore’s pro-business tax system offers multiple advantages:

17% corporate tax rate
Startup tax exemptions for the first three years:
- 75% exemption on the first S$100,000 of income
- 50% exemption on the next S$100,000
No tax on capital gains or dividends
No withholding tax on dividends paid to foreign shareholders

The Singapore–Finland DTA ensures Finnish businesses are not taxed twice on income earned across borders, making Singapore an ideal jurisdiction for regional headquarters.

Popular Business Sectors for Finnish Companies in Singapore

Technology and Digital Innovation – Finnish tech firms in AI, IoT, cybersecurity, and gaming can thrive in Singapore’s Smart Nation ecosystem.
Renewable Energy and Green Technology – Finland’s leadership in clean energy complements Singapore’s sustainability goals under the Green Plan 2030.
Maritime and Logistics – Both nations have maritime expertise, and Singapore offers direct access to Asia’s major shipping routes.
Education and Training – Finnish education systems are globally respected, and Singapore’s learning culture welcomes education providers.
Design and Architecture – Scandinavian design principles resonate with Singapore’s demand for functional and sustainable aesthetics.
Healthcare and Biotech – Finnish medical innovation can integrate with Singapore’s advanced healthcare infrastructure.

Finland–Singapore Economic Relationship

Finland and Singapore have enjoyed warm diplomatic and economic ties since the 1970s. Finland views Singapore as its gateway to Southeast Asia, while Singapore values Finnish expertise in innovation and sustainability.

Through the EU–Singapore Free Trade Agreement (EUSFTA), Finnish businesses enjoy:

Tariff elimination for nearly all goods traded between the two markets.
Simplified customs procedures.
Enhanced intellectual property protections.
Improved access to government procurement contracts.

Organizations like Team Finland in Singapore and the Finnish Business Council Singapore (FBC) also provide invaluable networking and business support to Finnish companies entering the Singapore market.

Cultural Compatibility Between Finland and Singapore

Both countries share a culture of efficiency, reliability, and long-term partnerships. Singapore’s respect for punctuality, precision, and professional integrity aligns closely with Finnish values.

Moreover, Singapore’s international environment makes it easy for foreign entrepreneurs to integrate socially and professionally, supported by a large expatriate community and high-quality living standards.

Practical Tips for Finnish Entrepreneurs

Engage a Professional Corporate Services Provider – They will handle incorporation, nominee directorship, and ongoing compliance.
Leverage the DTA and EUSFTA – Take advantage of favorable tax and trade conditions.
Apply for Grants – Use Singapore’s EDG and MRA grants for expansion.
Set Up Multi-Currency Accounts – Simplify operations with EUR, SGD, and USD banking options.
Join Finnish Business Networks – Collaborate through FBC Singapore or Team Finland for local insights and partnerships.

Common Challenges and How to Overcome Them

While Singapore is extremely business-friendly, Finnish entrepreneurs may encounter:

Strict banking compliance (KYC/AML) requirements during account setup.
Higher living and rental costs compared to neighboring ASEAN countries.
Local tax and labor law nuances that differ from European norms.

These challenges can be easily managed by engaging experienced local advisors.

Why Singapore Is the Perfect Destination for Finnish Entrepreneurs

Singapore represents the best of both worlds — Asian opportunity and Nordic values. It combines efficiency, innovation, and trustworthiness with the dynamism of Asia’s booming markets.

By starting a Singapore company from Finland, entrepreneurs gain access to one of the world’s most business-friendly environments, a transparent legal system, and a thriving ecosystem that rewards innovation and growth.

Whether you are building a tech startup, expanding your consulting firm, or managing international trade, Singapore provides the platform for success.

If you are a Finnish entrepreneur ready to expand into Asia, consult a professional corporate services provider in Singapore today to handle your incorporation, accounting, and compliance — and take your first step toward establishing your presence in Asia’s most dynamic business hub.