Introduction

Starting a business in Singapore is one of the best moves an aspiring entrepreneur can make. The country consistently ranks as one of the easiest places to do business, thanks to its low corporate taxes, straightforward registration process, strong financial infrastructure, and government support for startups. Whether you’re a freelancer looking to legitimize your work, an e-commerce entrepreneur, or a content creator turning your passion into profit, Singapore provides the perfect ecosystem to make it happen.

For Gen Z entrepreneurs, starting a business today is about more than just making money—it’s about flexibility, independence, and building something meaningful. With digital tools, social media, and automation at their fingertips, today’s young entrepreneurs can launch and scale businesses faster than ever. However, not registering a business properly can lead to financial, legal, and operational risks. Many startups struggle with poor financial management, high taxes, and compliance issues simply because they didn’t take the right steps from the beginning.

A great example of a Gen Z-founded business that successfully navigated the process is Oat & About, a Singapore-based ice cream brand that specializes in handcrafted oat milk ice cream. The founders of Oat & About saw a gap in the market for dairy-free, plant-based alternatives that catered to the growing number of lactose-intolerant and vegan consumers in Singapore. They launched their business with the vision of creating delicious, dairy-free treats that weren’t just an alternative to regular ice cream but an indulgent, premium dessert experience in their own right.

From their early days of testing recipes to setting up shop at 33 Erskine Road, Oat & About built their business with a strong brand identity and a direct-to-consumer model. They made it easy for customers to enjoy their products with islandwide delivery services, a well-designed online store, and active engagement on social media. Their innovative flavors, like Earl Grey Banana Bread and Rizz’s Peanut Butter Cups, helped them stand out in a competitive market, proving that Gen Z entrepreneurs don’t just start businesses—they redefine industries by identifying gaps and creating something that resonates with modern consumers.

The journey of Oat & About highlights why starting a business in Singapore is such an exciting opportunity. With the right strategy, vision, and execution, Gen Z founders can build brands that thrive in competitive markets. But success doesn’t just come from having a great idea—it requires proper business registration, a solid financial foundation, and a strong marketing plan. This guide will walk you through everything you need to know about choosing a business structure, registering your company, opening a bank account, understanding tax requirements, and building a brand that stands out. Whether you want to launch the next big food brand like Oat & About or create your own unique venture, this step-by-step guide will set you on the right path.

Why Start a Business in Singapore?

Singapore is an attractive destination for entrepreneurs for several reasons. The country’s business-friendly policies, pro-digital infrastructure, and tax benefits make it an ideal place for startups and small businesses.

One of the biggest advantages of starting a business in Singapore is the ease of incorporation. Unlike other countries where business registration can take weeks, in Singapore, you can incorporate your company in as little as one day if all your documents are in order. The process is fully online, and with the right preparation, you can set up your business with minimal hassle.

Another major reason to start a business in Singapore is its low corporate tax rates and business-friendly policies. The corporate tax rate is capped at 17 percent, which is significantly lower than in many other countries. Additionally, startups benefit from tax exemptions on the first SGD 200,000 of chargeable income, which means you keep more of your profits in the early years of your business.

Singapore is also home to numerous startup incubators, grants, and accelerator programs designed to support new entrepreneurs. If you’re planning to launch a tech startup, you may qualify for funding and mentorship from government-backed initiatives such as Startup SG and Enterprise Singapore grants.

Singapore’s global connectivity makes it a great place for businesses that want to expand internationally. Whether you’re selling products online, offering digital services, or planning to scale into other markets, Singapore provides access to regional and global customers, making it an excellent launchpad for ambitious entrepreneurs.

Step 1: Choosing the Right Business Structure

Related Read: Choosing the Right Business Structure in Singapore: A Comprehensive Guide for Entrepreneurs

Selecting the right business structure is crucial for tax planning, financial management, and legal liability protection. In Singapore, Gen Z entrepreneurs typically choose between Sole Proprietorship and Private Limited (Pte Ltd) companies.

A Sole Proprietorship is the simplest and cheapest business structure in Singapore. It is ideal for freelancers, independent consultants, and solopreneurs who do not need external funding.

The benefits of a Sole Proprietorship include quick and low-cost registration, minimal compliance requirements, and full control over business decisions. However, the biggest downside is that there is no legal separation between you and the business, meaning personal assets are at risk if the business incurs debts or lawsuits. Additionally, Sole Proprietorships pay higher personal tax rates compared to corporate tax rates for Pte Ltd companies.

A Private Limited Company (Pte Ltd) is a separate legal entity that provides limited liability protection, making it the preferred choice for businesses that plan to scale. A Pte Ltd company benefits from lower corporate tax rates, better access to funding, and more credibility with investors and partners. The downside is that it requires more compliance and regulatory filings, making it slightly more complex to manage.

If you are running a small freelance business with minimal risk, a Sole Proprietorship may be suitable. However, if you plan to grow your business, raise investment, or hire employees, a Pte Ltd company is the best choice for long-term success.

Step 2: Registering Your Business with ACRA

Related Read: Registering Your Business with ACRA: A Step-by-Step Guide

Once you have chosen your business structure, the next step is to register your company with the Accounting and Corporate Regulatory Authority (ACRA) via BizFile+.

Before registering your business, you must choose a company name. The name must be unique and not conflict with any existing trademarks. You can check name availability on ACRA’s BizFile+ portal. If your name is approved, you can proceed with registration.

For a Sole Proprietorship, you will need a valid Singaporean or PR identification, a local registered address, and a description of your business activities. For a Pte Ltd company, you must provide details of at least one local director, a company secretary, and a registered office address.

The registration fees vary based on the business structure. A Sole Proprietorship costs SGD 115 for a one-year registration, while a Pte Ltd company costs SGD 315, including government fees.

If all documents are submitted correctly, your business can be incorporated within 24 hours.

Step 3: Opening a Business Bank Account

Related Read: Best Business Bank Accounts in Singapore for 2025: A Gen Z Guide to Smarter Business Banking

A business bank account is essential for managing your company’s finances efficiently. Keeping personal and business funds separate helps with tax filing, accounting, and credibility with clients.

Several major banks in Singapore offer business-friendly banking solutions. Some of the best options include DBS Business Account, which is great for local businesses with low fees, OCBC Business Growth Account, ideal for startups with digital-first features, and Aspire or Airwallex, which are perfect for e-commerce and digital entrepreneurs.

To open a business bank account, you’ll need your ACRA Business Registration Certificate, a Business Profile from BizFile+, identification documents for all directors and shareholders, and a Company Constitution for Pte Ltd businesses.

Step 4: Managing Finances and Taxes

Related Read: Managing Finances and Taxes: A Comprehensive Guide for Businesses in Singapore

Understanding tax obligations and financial management is crucial for the success of any business. Singapore’s corporate tax system is business-friendly, allowing startups to benefit from tax incentives. If your business earns less than SGD 1 million per year, you may be exempt from Goods and Services Tax (GST).

To stay compliant, businesses must maintain proper accounting records and submit annual tax returns. Using accounting software like Xero, QuickBooks, or Wave can help automate financial tracking and make tax filing easier.

Securing funding and grants can also help new businesses grow. The Startup SG Founder Grant provides funding for first-time entrepreneurs, while the Enterprise Development Grant (EDG) supports business expansion. Additionally, venture capital and angel investors are available for high-growth startups.

Step 5: Marketing Your Business and Attracting Customers

Once your business is registered, the next step is getting customers. Many Gen Z entrepreneurs leverage social media, digital marketing, and influencer collaborations to grow their businesses.

Setting up a business website is crucial for establishing an online presence. Platforms like Shopify, Wix, and WordPress allow entrepreneurs to build a website without coding experience.

Social media marketing is one of the most powerful tools for reaching customers. Instagram and TikTok are great for e-commerce, fashion, and lifestyle brands, while LinkedIn works best for B2B services and consulting businesses. Running paid ads on Facebook and Google can help scale customer reach and increase sales.

SEO and influencer collaborations can also drive long-term organic traffic. Partnering with influencers in your industry and optimizing your website for search engines can help attract new customers and build brand credibility.

Conclusion

Starting a business in Singapore is fast, cost-effective, and scalable, making it a top choice for Gen Z entrepreneurs. Whether you’re launching an online store, consulting service, or tech startup, taking the right financial and marketing steps will ensure long-term growth and success.

If you need help with incorporation, tax compliance, or business banking, getting expert assistance will save time and prevent costly mistakes. Taking action today means building a business that works for you in the future.