How to operate your Singaporean business from abroad

Business finance · 10 June 2025Team Revolut

Singapore is known for being a global business hub — expanding your business there can help you operate more freely within the ASEAN market, or globally.

However, you'll need to be familiar with the local operational and regulatory landscape if you want to manage a Singaporean company, especially if you're doing so from overseas. This includes corporate registration details, ongoing compliance obligations, financial administration, and more.

This blog outlines some key considerations for entrepreneurs who've registered a business entity in Singapore, and are managing its operations remotely. Use this information to support your research and help during consultations with professional advisers.

Please note — this blog aims to provide an overview of operating a Singaporean business from abroad, and isn't legal, tax, or financial advice. Regulations can change, and specific circumstances can vary. The information provided is accurate at the time of writing, but may not be updated. We strongly recommend consulting with qualified Singapore-based professionals for advice tailored to your business' situation. The information provided here isn't exhaustive or comprehensive.

Key requirements for your Singaporean business

One of the most important steps to establishing your business in Singapore is registering with the Accounting and Corporate Regulatory Authority (ACRA). International businesses commonly register as Private Limited Company (Pte Ltd).

To set up a ‌registered Singaporean entity, you'll need everything listed below:

  • Unique Entity Number (UEN) — the standard identification number issued by ACRA to business entities operating in Singapore. It's used in most interactions with government agencies and commercial partners
  • CorpPass — a digital identifier for fulfilling regulatory obligations online. For example, it's used to file taxes with the Inland Revenue Authority of Singapore (IRAS) and make Central Provident Fund (CPF) contributions
  • Local company secretary — within six months of the company's incorporation, a Pte Ltd company must appoint a company secretary who resides in Singapore. Non-resident business owners often use third-party corporate service providers to act as company secretaries
  • Local resident director — every company must have at least one director who's a Singaporean Citizen, Permanent Resident, EntrePass holder, or Employment Pass (EP) holder. As with the company secretary, you can use a third-party service provider to meet this requirement

Staying compliant as a remotely-managed Singaporean business

If you're managing a Singaporean business from overseas, make sure you stay aware of these legal obligations:

1. Taxes

It's important to learn as much as you can about Singapore's corporate income tax system, as well as any relevant tax exemptions:

  • Goods and Services Tax (GST) applies if a company's taxable turnover exceeds the GST threshold (always check government sources for current thresholds). Liable companies must file regular returns, plus register, charge, and account for GST
  • The Inland Revenue Authority of Singapore (IRAS) requires businesses to file Estimated Chargeable Income (ECI) and an annual Corporate Income Tax Return
  • If there's a Double Taxation Agreement (DTA) between Singapore and the business owners' country of residence, that may affect how certain income is taxed

2. CPF contributions

CPF is Singapore's social security savings scheme. CPF contributions are mandatory for most employed Singapore citizens and permanent residents.

CPF contributions aren't usually required for foreign employees working in Singapore on Employment Passes or S Passes, although foreign worker levies and similar charges may apply depending on the pass they have and the sector they work in.

3. Employment Act basics

If your company plans to hire staff in Singapore (e.g. citizens, permanent residents, or foreign workers), make sure you've checked Singapore's Employment Act.

The Act outlines the terms and conditions of employment, including contract requirements, working hours, holiday entitlements, and salary payments. The Ministry of Manpower (MOM) website provides detailed guidance.

4. Annual filing requirements

As well as filing taxes with IRAS, companies must file an Annual Return with ACRA. It typically includes the company's financial statements, unless you're exempt from this requirement. The resident company secretary usually handles these ACRA filings.

Opening a business account in Singapore

Before opening a Singaporean business account, check if you truly need one. For smaller international companies, a multi-currency account serves as a simpler alternative. These accounts allow your business to hold, send, and receive a variety of currencies (including SGD), all from a single platform.

If you don't need extensive financial services, or if you're looking to keep your international finances simple, a multi-currency solution could provide the flexibility you need.

That said, having a dedicated Singaporean business account can offer significant advantages:

  • You can receive payments from Singaporean customers through local transfer methods, including FAST (Fast and Secure Transfers) and PayNow. These can use UEN, mobile numbers, or National Registration Identity Cards (NRIC) to identify recipients, instead of account details
  • You can pay local suppliers, Singaporean employees, rent, and government agencies like IRAS in SGD more easily

Opening a business account remotely

Financial institutions in Singapore, from traditional banks to digital financial platforms, have processes for remotely opening business accounts. These processes are subject to Singapore's Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations.

Here's a basic 5-step guide to opening a business account:

1. Confirm prerequisites — make sure your company is fully registered with ACRA and has a UEN

2. Research providers — different providers will have varying eligibility criteria, account features, and onboarding processes. Find the one that's right for your business

3. Gather documents — make sure you have:

  • your company's ACRA BizFile+ profile
  • certified copies of passports and proof of address for directors and UBOs
  • details of the company's business activities

Some providers may also request a business plan

4. Submit your application — fill out all application forms accurately and completely with the requested information

5. Verify your details — account providers will require you to verify your ACRA registration details, UEN, and the identities of directors and ultimate beneficial owners (UBOs). This may involve online identity verification steps, such as video calls or secure document uploads

Researching business account providers from abroad

When comparing business account options from overseas, you may want to focus on these factors:

1. Remote opening capability — can the entire application and verification process be completed online, without needing to visit Singapore?

2. Eligibility for overseas owners — does the account provider accept applications from businesses with overseas directors or owners (provided the business itself meets all other requirements)?

3. Account features — does the account offer the functionality you need? Look for a business account that:

  • provides local SGD account details
  • can receive payments via FAST and PayNow
  • allows you to exchange SGD for other relevant currencies (e.g. USD, EUR, GBP)
  • offers competitive exchange rates and transfer fees
  • integrates with accounting software your business already uses

4. Fee structure — what fees does the account provider charge? Are there monthly account fees, transaction costs (domestic and international), or currency exchange markups?

5. Customer support — how available and responsive is their customer support for international clients? Do they operate across different time zones?

How Revolut Business can help

For eligible international businesses with a registered Singaporean entity, Revolut Business offers a modern business account designed for global operations:

Local business accounts in Singapore will be provided by our entity in the region. Feature availability may depend on what country you're registered in and what plan you're on. Revolut Business Singapore fees and T&Cs apply.

Join Revolut Business

Operational considerations for international businesses

Managing any business overseas can be tricky. Keep these factors in mind:

  • Time zones — Singapore operates on GMT+8, which will probably affect communication with local staff, partners, or service providers
  • Language — English is the main language for business in Singapore
  • Local support services — your resident company secretary can act as a local point of contact for corporate compliance matters. However, many businesses also use corporate service providers for administrative support, registered address services, and to act as resident directors
  • Technology — Singapore has a well-developed digital infrastructure. Cloud-based tools for collaboration, project management, and communication can help with your remote management

Making informed decisions

For advice specific to your situation, and to ensure all legal and financial obligations are met, consult with qualified, Singapore-based professionals, like corporate service providers, legal advisers, specialist accountants, and tax professionals.

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