Starting a Singapore Company from Norway

Introduction: Why Norwegian Entrepreneurs Are Expanding to Singapore

Norway is known for its global outlook, innovative industries, and economic stability. From oil and gas to renewable energy, shipping, and technology, Norwegian companies have a strong international presence. In recent years, more Norwegian entrepreneurs have turned their attention to Singapore — Asia’s top business and financial hub — as a strategic base for expansion.

With its pro-business government, low taxes, political stability, and unmatched access to the Asia-Pacific region, Singapore offers Norwegian businesses the ideal platform to scale globally. Whether you are a startup founder, exporter, or investor, starting a Singapore company from Norway gives you the tools to grow your brand and access new markets across ASEAN and beyond.

This detailed guide explains the benefits, procedures, and advantages of setting up a company in Singapore for Norwegian entrepreneurs.

Why Singapore Appeals to Norwegian Businesses

1. Strategic Gateway to Asia

Singapore is positioned at the crossroads of global trade routes and serves as a gateway to the 10-member ASEAN market, home to over 650 million consumers. It’s also a convenient hub for trade with China, Japan, South Korea, India, and Australia.

For Norwegian exporters — especially in energy, maritime, or technology — Singapore’s advanced logistics infrastructure provides an ideal base to distribute products and services throughout Asia.

2. Transparent and Business-Friendly Environment

Singapore is consistently ranked among the easiest countries in the world to do business. Incorporation is fast, straightforward, and managed entirely online through the Accounting and Corporate Regulatory Authority (ACRA).

Norwegian entrepreneurs will appreciate the country’s efficient bureaucracy, clear regulations, and strong legal protection, which minimize business risks.

3. Competitive Tax System

Singapore’s corporate tax rate is capped at 17%, one of the lowest globally. New companies enjoy partial tax exemptions and there are no taxes on capital gains or dividends.

Additionally, Singapore and Norway have signed a Double Taxation Agreement (DTA) to prevent income from being taxed twice — ensuring smoother cross-border operations and improved tax efficiency.

4. Political and Economic Stability

Both Norway and Singapore are known for strong governance and economic predictability. Singapore’s consistent policies, low corruption levels, and reliable judiciary make it one of the most secure investment destinations in the world.

5. English as the Working Language

All corporate, legal, and administrative processes in Singapore are conducted in English. This makes it simple for Norwegian entrepreneurs to communicate, negotiate contracts, and manage operations without linguistic barriers.

6. Strong Bilateral Relations

Norway and Singapore share a long-standing relationship built on trade, maritime cooperation, and innovation. The Norwegian Business Association Singapore (NBAS) plays a key role in connecting Norwegian firms with partners, government agencies, and investors in Singapore.

Advantages of Incorporating a Singapore Company from Norway

1. 100% Foreign Ownership

Singapore allows full foreign ownership of private limited companies, meaning Norwegian investors can retain complete control of their business operations.

2. Global Credibility

A Singapore-incorporated company benefits from international recognition. The country’s high compliance standards and transparent business environment make it a trusted jurisdiction for investors and partners.

3. Access to Regional and Global Trade Agreements

Singapore’s participation in ASEAN Free Trade Agreements (FTAs), the Regional Comprehensive Economic Partnership (RCEP), and the EU–Singapore Free Trade Agreement (EUSFTA) gives Norwegian companies privileged access to key markets across Asia and Europe.

4. Financial and Banking Excellence

Singapore is home to major international banks such as HSBC, Citibank, Standard Chartered, and DBS, as well as Norwegian and Nordic financial institutions like DNB Bank and Nordea. Norwegian businesses can easily open multi-currency accounts to handle EUR, USD, and SGD transactions efficiently.

5. Access to Government Grants and Incentives

Singapore’s government actively supports innovation and market expansion through:

Enterprise Development Grant (EDG) – for innovation and process improvement
Market Readiness Assistance (MRA) Grant – for overseas market entry
Startup SG Founder Grant – for new ventures

These initiatives help reduce setup costs for Norwegian startups and SMEs.

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

Step 1: Choose a Business Structure

The Private Limited Company (Pte. Ltd.) is the most suitable structure for Norwegian entrepreneurs. It offers:

Limited liability protection
Lower tax rates
Scalability for future growth
Separate legal identity from shareholders

Step 2: Meet the Basic Requirements

To incorporate in Singapore, you’ll need:

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

If the business owner does not have a local director, a nominee director can be appointed through a corporate services firm.

Step 3: Reserve Your Company Name

Submit your proposed company name to ACRA for approval via BizFile+. The name must be unique and not infringe on trademarks. Once approved, it is reserved for 120 days.

Step 4: Prepare Incorporation Documents

For Norwegian shareholders or directors, required documents include:

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 Norwegian corporate entity, certified copies of incorporation documents and a board resolution authorizing the investment are required.

Step 5: Register the Company

Once documents are complete, your service provider will file them online with ACRA. Most applications are approved within one business day.

Step 6: Open a Corporate Bank Account

After incorporation, you can open a corporate bank account in Singapore. Leading banks such as DBS, UOB, OCBC, and DNB Bank offer comprehensive solutions for foreign-owned entities. Remote account setup is possible for some banks after identity verification.

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

If you plan to move to Singapore to manage the business, apply for an Employment Pass (EP) or EntrePass. These passes allow you to live and work legally while operating your company.

Post-Incorporation Compliance

Singapore companies must comply with certain ongoing obligations, including:

Appointing a company secretary within 6 months of incorporation
Holding an Annual General Meeting (AGM)
Filing annual returns to ACRA
Maintaining accounting and financial records
Registering for Goods and Services Tax (GST) if annual turnover exceeds S$1 million

Professional corporate service providers can manage these compliance tasks to ensure full legal adherence.

Tax Advantages for Norwegian Entrepreneurs

Singapore’s tax framework provides multiple advantages for foreign businesses:

17% flat corporate tax rate
75% exemption on the first S$100,000 of chargeable income (for the first 3 years)
50% exemption on the next S$100,000
No tax on dividends or capital gains
No withholding tax on payments to foreign shareholders

Under the Singapore–Norway DTA, double taxation is eliminated for income earned across both countries. This ensures that Norwegian businesses pay tax only once on their global earnings.

Popular Business Sectors for Norwegian Companies in Singapore

Shipping and Maritime – Both nations have strong maritime traditions, and Singapore’s port serves as an ideal base for Norwegian shipping, offshore, and logistics companies.
Energy and Renewable Power – Norwegian expertise in offshore energy and green technology aligns with Singapore’s sustainability initiatives.
Technology and Innovation – Singapore’s thriving innovation ecosystem supports Norwegian startups in fintech, AI, and software development.
Engineering and Infrastructure – Norwegian engineering firms can participate in Singapore’s infrastructure and smart city projects.
Aquaculture and Food Technology – Norwegian seafood producers and agri-tech companies can reach new Asian consumers through Singapore’s trade links.
Professional and Consulting Services – Norwegian firms in finance, education, and design can serve the fast-growing Southeast Asian business community.

Norway–Singapore Economic Relationship

Norway and Singapore have maintained strong diplomatic and economic relations for decades. Bilateral trade is robust in the maritime, energy, and innovation sectors.

Through the EFTA–Singapore Free Trade Agreement, Norwegian companies benefit from:

Zero tariffs on most goods
Simplified customs procedures
Protection of intellectual property rights
Market access for services and investments

Additionally, the Norwegian Business Association Singapore (NBAS) plays an essential role in connecting entrepreneurs and companies from both countries, offering a platform for networking, knowledge sharing, and collaboration.

Cultural Synergy Between Norway and Singapore

Both Norway and Singapore share values of integrity, efficiency, and innovation. Norwegian businesses will find Singapore’s professional culture easy to adapt to — structured, punctual, and partnership-oriented.

Moreover, Singapore’s multicultural society is open to Nordic ideas and design philosophies, creating opportunities for cross-cultural collaboration in areas such as sustainability, architecture, and technology.

Practical Tips for Norwegian Entrepreneurs

Engage a Corporate Services Provider – They handle incorporation, nominee directorship, and accounting efficiently.
Leverage Trade Agreements – Use the EFTA and DTA to minimize taxes and tariffs.
Utilize Government Grants – The EDG and MRA grants can offset market entry costs.
Open Multi-Currency Accounts – Manage NOK, EUR, USD, and SGD transactions seamlessly.
Network Through NBAS and EuroCham – Build local relationships and explore partnerships through Norwegian business networks in Singapore.

Common Challenges for Norwegian Businesses

While Singapore is highly business-friendly, Norwegian entrepreneurs may encounter:

Strict banking regulations (KYC requirements) during account setup
High operational costs compared to other ASEAN markets
Complex local labor laws requiring professional HR advice

These are easily managed with the support of experienced local consultants and accountants.

Why Singapore Is the Ideal Destination for Norwegian Entrepreneurs

Singapore offers the perfect combination of Nordic values and Asian opportunity — efficiency, transparency, sustainability, and global reach.

Its low taxes, strategic location, and world-class infrastructure make it the ultimate base for Norwegian entrepreneurs looking to expand internationally. Whether in maritime services, technology, or renewable energy, starting a Singapore company from Norway opens the door to one of the world’s fastest-growing regions.

If you are a Norwegian entrepreneur planning to expand your business to Asia, consult a trusted corporate services provider in Singapore today to handle incorporation, accounting, and compliance — and take your first step toward success in Asia’s premier business hub.