Singapore remains one of the most attractive places in the world for Canadians who want to start a business, expand into Asia, or work and live in a highly developed, internationally connected hub. Known for its political stability, pro-business policies, strong legal system, and low taxes, Singapore consistently ranks among the top places globally for ease of doing business.
If you are a Canadian entrepreneur, investor, or professional thinking of setting up a company and working in Singapore, this guide gives you a clear and complete understanding of what to expect. It covers business structure, company incorporation, bank account opening, visas, taxes, compliance rules, and practical steps that help Canadians settle smoothly into Singapore’s business environment.
1. Why Singapore Is Attractive for Canadian Entrepreneurs
Before diving into the technical process, understanding Singapore’s advantages helps you make a long-term strategic decision.
1.1 Pro-Business Environment
Singapore offers:
- A competitive 17% corporate tax rate
- No capital gains tax
- Zero restrictions on foreign ownership
- Efficient government agencies and fast approvals
- Extensive double tax treaties, including with Canada
The predictability of Singapore’s legal and regulatory framework is one of the biggest reasons Canadians choose to base their Asia-Pacific operations here.
1.2 Strategic Location for Asia Expansion
Singapore is a gateway to Southeast Asia’s 680 million-strong population and is often the preferred base for:
- ASEAN regional headquarters
- International trading companies
- Manufacturing support companies
- Technology and innovation firms
Its world-class logistics, connectivity, and banking ecosystem make cross-border trade much easier.
1.3 Safe, Stable, and Culturally Welcoming
Canada and Singapore share many similarities: political stability, multiculturalism, and high living standards. Canadians generally adapt quickly to Singapore’s environment.
2. Can a Canadian Set Up a Company in Singapore?
Yes — 100% foreign ownership is allowed, and Canadians can fully own or co-own a Singapore company without any local shareholder.
However, Singapore requires at least one local resident director, meaning:
- A Singapore Citizen
- A Singapore Permanent Resident
- An EntrePass holder
- An Employment Pass holder who has established residency
If you are Canadian but do not yet qualify as a local resident director, you can appoint a nominee director from a corporate services provider.
3. Step-by-Step: Setting Up a Singapore Company as a Canadian
Here is the full incorporation process that Canadians must follow.
3.1 Step 1: Decide on Your Business Structure
Most foreigners choose a Private Limited Company (Pte Ltd) because it provides:
- Limited liability
- Access to Singapore’s tax incentives
- Strong credibility with banks and partners
- Ability to hire staff
Alternatives such as sole proprietorships or partnerships are not ideal because they require the owner to be a Singapore resident.
3.2 Step 2: Choose and Reserve a Company Name
You must submit a proposed company name to ACRA (the Accounting and Corporate Regulatory Authority). The name must not:
- Infringe trademarks
- Imply regulated business activities unless licensed
- Be obscene or misleading
Approval usually takes less than 1 hour, unless the business involves finance, education, real estate, or medical services — which may require additional review.
3.3 Step 3: Prepare the Required Documents
Canadians must provide:
- Passport copy
- Proof of residential address in Canada (utility bill, bank statement, etc.)
- Professional profile or CV
- Intended business activities
- Shareholding structure
These documents are required for due diligence and anti-money-laundering checks.
3.4 Step 4: Appoint a Local Resident Director
This is a mandatory compliance requirement.
If you do not have a suitable contact in Singapore, you can engage a Nominee Director Service through a corporate services provider. This allows the incorporation to proceed while you apply for an Employment Pass or relocate.
3.5 Step 5: Appoint a Company Secretary
All Singapore companies must appoint a qualified corporate secretary within 6 months of incorporation. This role handles:
- Annual returns filing
- Board resolutions
- Statutory registers
- Corporate governance compliance
Foreigners must outsource this role.
3.6 Step 6: Incorporate with ACRA
The incorporation typically takes 1 day once documents are ready.
You will receive:
- ACRA Business Profile
- UEN (Unique Entity Number)
- Constitution documents
Your Canadian-owned Singapore company is now officially registered.
4. Opening a Singapore Corporate Bank Account as a Canadian
After incorporation, you will need a business bank account. Singapore’s major banks include:
- DBS
- OCBC
- UOB
- HSBC
- Standard Chartered
4.1 What Banks Will Request
Expect to provide:
- Company incorporation documents
- Personal identification
- Business plan or website
- Client or supplier contracts
- Proof of business activities
4.2 Remote vs Physical Verification
Some banks may require physical presence, while others allow remote verification for foreign directors.
Alternatively, digital banks like Aspire and Airwallex offer faster onboarding for foreign-owned companies.
5. How a Canadian Can Work in Singapore
Setting up a company does not automatically allow you to work in Singapore. You must apply for a work visa.
Here are the main options.
5.1 Employment Pass (EP)
This is the most commonly used route for Canadians who want to run or work in their own Singapore company.
Key Requirements
- Monthly salary from SGD 5,600 or above (higher for older applicants)
- Relevant qualifications or experience
- Business must be viable and active
- Company must justify the role
Documents Needed
- Passport
- CV
- Company details
- Proposed job role
- Financial projections for new companies
Processing Time
Usually 3–8 weeks.
5.2 EntrePass for Entrepreneurs
If you are a Canadian entrepreneur planning an innovative or venture-backed business, EntrePass is another option.
Who Qualifies
You must meet at least one of the following:
- Have funding from a recognized VC
- Possess an innovative tech business idea
- Own registered IP
- Have experience running a successful startup
EntrePass is ideal for:
- Tech founders
- Innovation-driven businesses
- Businesses with R&D potential
5.3 Other Visa Options
Dependant’s Pass
For spouses and children of EP/EntrePass holders.
Long-Term Visit Pass
For common-law partners, stepchildren, or parents (in some cases).
6. Key Compliance Requirements for Canadians Running a Singapore Company
To maintain good standing, your company must follow several important rules.
6.1 Accounting and Bookkeeping
Singapore requires proper accounts, including:
- Profit & loss statement
- Balance sheet
- General ledger
- Bank reconciliation
Annual bookkeeping is mandatory for regulatory and tax reasons.
6.2 Annual Filing Requirements
Every Singapore company must file:
- Estimated Chargeable Income (ECI) — within 3 months of financial year end
- Annual Return (AR) — with ACRA
- Corporate Tax Return (Form C or Form C-S) — with IRAS
Even dormant companies must comply.
6.3 Audit Requirements
Audits are compulsory only if:
- Annual revenue > SGD 10 million, or
- Total assets > SGD 10 million, or
- 50+ employees
Most small Canadian startups in Singapore fall under the audit exemption.
7. Tax Considerations for Canadians in Singapore
Singapore’s tax system is simple and attractive.
7.1 Corporate Tax
Flat 17% rate, with partial exemptions:
- First SGD 200,000 of profits receives tax exemptions
- Start-up tax exemptions available for the first 3 years
7.2 Personal Tax
Residents are taxed progressively from 0% to 24%.
Non-residents are taxed at a flat 15% or resident rates, whichever is higher.
7.3 GST (Goods and Services Tax)
Mandatory registration if revenue exceeds SGD 1 million.
7.4 Double Tax Treaty Between Canada and Singapore
This treaty prevents you from being taxed twice on the same income.
Many Canadians benefit from this when receiving dividends, royalties, or business profits.
8. Practical Tips for Canadians Moving to Singapore
8.1 Renting a Home
Popular expat districts include:
- Orchard
- River Valley
- Holland Village
- Novena
- Tanjong Rhu
8.2 Healthcare
Singapore has world-class healthcare with many private hospitals and clinics. Private insurance is recommended.
8.3 Banking and Payment Systems
Singapore uses fast digital payments like PayNow, widely accessible through local banks.
8.4 Schooling for Families
Private international schools include:
- Canadian International School
- Chatsworth
- Dulwich College
9. Summary: The Fastest Route for a Canadian to Start and Work in Singapore
Step 1: Incorporate a Singapore Pte Ltd company (100% Canadian-owned allowed)
Step 2: Appoint a Nominee Director
Step 3: Open a corporate bank account
Step 4: Apply for Employment Pass
Step 5: Relocate and run your business legally
Step 6: Stay compliant with Singapore’s annual reporting requirements
With proper planning, the entire process—from company setup to receiving your work visa—can take 4 to 12 weeks.