What Is GST and Why It Matters for Your Business

Goods and Services Tax (GST) is a consumption tax levied on the supply of goods and services in Singapore. Similar to VAT in other countries, GST is administered by the Inland Revenue Authority of Singapore (IRAS) and currently stands at 9% (as of 2025).

If your business crosses a certain revenue threshold, GST registration is not just an option — it’s a legal requirement. Failing to register on time can lead to penalties and compliance issues.

Who Needs to Register for GST?

There are two types of GST registration in Singapore:

  1. Compulsory Registration

    • Businesses with a taxable turnover exceeding S$1 million in the past 12 months (retrospective basis), or

    • Businesses expecting to exceed S$1 million in the next 12 months (prospective basis)

  2. Voluntary Registration

    • Available for businesses under the threshold that still wish to register to claim input tax or enhance credibility

Businesses making exempt supplies (e.g., financial services) or operating outside Singapore may not qualify or benefit from GST registration.

Benefits of GST Registration

  • Claim input tax credits on business expenses

  • Improve corporate image and credibility

  • Meet requirements when working with government or larger corporate clients

  • Facilitate tax refunds for export-oriented businesses

However, GST registration also brings responsibilities, such as quarterly reporting and proper invoicing, which need to be managed correctly.

GST Registration Process

Registering for GST with IRAS involves several steps:

  1. Determine Eligibility and Obligation
    Assess if your business is required or suited for registration.

  2. Complete the GST Application (Form GST F1)
    Include supporting documents such as financial statements, business contracts, and IRAS declarations.

  3. E-Learning Requirement
    For voluntary applicants, designated staff or directors must complete a brief IRAS e-learning course to understand obligations.

  4. Submit Application via myTax Portal
    Log in with your CorpPass to submit the application electronically.

  5. Receive GST Registration Notification
    If approved, IRAS will issue a notification with your effective GST registration date and number.

Ongoing Compliance After Registration

Once registered, businesses must:

  • Charge GST on taxable goods and services

  • Submit quarterly GST returns (Form F5)

  • Keep proper records and issue tax invoices

  • Pay GST collected to IRAS by the due date

Non-compliance, late filing, or under-reporting can lead to audits and heavy penalties.

How Excellence Singapore Supports Your GST Needs

Handling GST registration internally may sound simple but comes with complex compliance requirements. At Excellence Singapore, we offer complete GST services including:

  • Evaluation of GST registration obligation and benefits

  • Preparation and filing of registration documents

  • Guidance through IRAS requirements

  • Quarterly GST reporting and submission

  • Compliance reviews and audit support

We ensure your registration is timely, accurate, and strategically aligned with your business goals.

Beyond GST: Full-Spectrum Compliance Services

We also offer:

  • Company incorporation

  • Accounting and tax filing

  • Corporate secretarial support

  • Payroll and CPF setup

  • Virtual office solutions

  • Trademark registration

This integrated approach helps you stay compliant across all regulatory fronts.

Conclusion: Stay Compliant, Stay Ahead

GST registration is more than a formality — it’s a legal and financial responsibility. Whether you are registering out of obligation or choice, professional guidance ensures that your application is smooth and your ongoing compliance is sound.

Contact us today to register your business for GST or learn more about our full suite of compliance services.

Why a Corporate Bank Account Is Essential

A corporate bank account is not just a formality — it’s a requirement for running a legitimate business in Singapore. It ensures separation between personal and business finances, supports regulatory compliance, and provides credibility when dealing with clients, suppliers, and investors.

Most Singapore companies need a corporate account for:

  • Receiving customer payments

  • Managing expenses and payroll

  • Complying with IRAS for tax reporting

  • Building business credit and applying for financing

However, many new business owners — especially foreign entrepreneurs — find the account opening process complex and restrictive without local guidance.

Requirements for Opening a Corporate Bank Account in Singapore

While each bank may have its own procedures, the standard documents typically required include:

  • Company incorporation documents (BizFile from ACRA)

  • Company Constitution

  • Proof of local registered address

  • NRIC or passport copies of directors and signatories

  • Proof of residential address (e.g. utility bill)

  • Board resolution approving the account opening (if applicable)

Foreign directors or shareholders may also be asked for additional documents, such as proof of business activities or tax residency.

Top Local and International Banks in Singapore

Some of the most popular banks for corporate accounts include:

  • DBS – Known for its user-friendly digital banking platform

  • OCBC – Offers attractive SME packages and business tools

  • UOB – Widely used with strong regional presence

  • HSBC, Standard Chartered, Citibank – Ideal for businesses with international operations

Each bank varies in terms of minimum deposit, monthly fees, and available features. Choosing the right one depends on your business needs and growth plans.

Common Challenges in Corporate Account Opening

While Singapore’s banking system is efficient, many businesses — especially foreign-owned or newly registered ones — encounter issues such as:

  • Strict compliance and due diligence checks

  • Requirements for in-person signatories

  • Rejections due to unclear business models or insufficient documents

  • Delays in account activation

Banks are increasingly cautious with Know Your Customer (KYC) procedures, and even minor documentation errors can result in rejections.

How Excellence Singapore Helps Simplify the Process

With years of experience supporting both local and foreign entrepreneurs, we streamline the bank account setup by:

  • Advising on the best bank for your specific business needs

  • Preparing all required documents accurately

  • Arranging meetings with bank representatives

  • Assisting with nominee director or resident requirements (if needed)

  • Providing a local registered office address if required

By working with us, your account application is handled professionally from end to end, minimising the risk of delays or rejections.

Additional Corporate Services Available

We don’t just stop at incorporation and banking. Our team also supports:

  • GST registration

  • Corporate secretarial and compliance

  • Xero and QuickBooks setup

  • Payroll and CPF registration

  • Trademark registration and renewal

These integrated services help your business stay compliant and operational from day one.

Conclusion: Open Your Corporate Bank Account with Confidence

A corporate bank account is the foundation of financial credibility for your business. Avoid unnecessary setbacks by working with a trusted partner who understands the regulatory and banking landscape in Singapore.

Contact us to get started with your corporate bank account application or learn more about our business setup solutions.

What Is a Trademark and Why Is It Important?

A trademark is a symbol, word, or phrase that identifies and distinguishes your brand from others. In Singapore’s competitive business environment, having a registered trademark protects your brand identity, builds trust with customers, and legally prevents others from using similar marks.

Whether you’re launching a new business or expanding your product line, registering your trademark is a key step in securing long-term brand value.

Key Benefits of Trademark Registration

  1. Legal Protection
    A registered trademark gives you exclusive rights to use the mark for your goods or services in Singapore. You can take legal action against parties who infringe on your trademark.

  2. Brand Value and Recognition
    A strong, protected brand helps you build recognition and customer loyalty, enhancing your business’s market position.

  3. Asset Creation
    Trademarks can become valuable intangible assets. They can be sold, licensed, or used as collateral.

  4. Deterrence of Imitation
    Registration acts as a public notice of your ownership, discouraging competitors from using similar names or logos.

  5. Support for International Expansion
    A local trademark registration serves as a base for international protection through the Madrid Protocol.

Trademark Registration Process in Singapore

Registering a trademark involves several technical steps, which require careful attention to detail. The Intellectual Property Office of Singapore (IPOS) oversees this process. Here’s an overview:

  1. Trademark Search
    Ensure your proposed mark is not similar or identical to an existing registered trademark.

  2. Application Filing
    Submit details including the mark, class of goods/services, and applicant information via IPOS.

  3. Formalities Check by IPOS
    IPOS reviews whether your application is complete and meets basic requirements.

  4. Examination
    IPOS assesses whether the mark can be registered under the law.

  5. Publication and Opposition Period
    If accepted, your mark is published for public opposition for two months.

  6. Registration Certificate
    If no objections arise, your trademark is registered, typically within 6–9 months.

What Can Be Registered as a Trademark?

  • Brand names

  • Logos

  • Taglines

  • Product names

  • Sounds or shapes (in specific cases)

However, generic or descriptive terms, national flags, and deceptive marks are generally not eligible.

National vs International Registration

Singapore National Trademark
Suitable if you plan to operate solely in Singapore.

Madrid Protocol
Allows you to extend protection to multiple countries using your Singapore registration as the base application. This is ideal for regional or global expansion.

Why Use a Professional Service for Trademark Registration

The process may seem straightforward, but many applicants face issues such as:

  • Rejections due to similarity with existing marks

  • Incorrect class selection

  • Incomplete documentation

  • Delays due to procedural errors

By engaging a professional team like Excellence Singapore, you save time, avoid costly mistakes, and improve the success rate of your application.

Trademark Services by Excellence Singapore

Our trademark experts guide you through the full process from search to successful registration. Our services include:

  • Preliminary trademark search and advisory

  • Filing with IPOS or through the Madrid Protocol

  • Representation for objections or oppositions

  • Renewal and management of existing trademarks

  • Advisory on brand strategy and protection

We also integrate our trademark service with your company’s legal, corporate, and compliance strategy.

Conclusion: Protect What You’ve Built

Your brand is one of your most valuable business assets. Protect it before others try to capitalise on your success.

At Excellence Singapore, we help you secure trademark rights efficiently and accurately — locally and internationally.

Contact us to start your trademark registration today or learn more about our full suite of corporate services.

Singapore’s Business Landscape: Evolving with Flexibility

Singapore continues to be a magnet for entrepreneurs and businesses, offering a strong legal system, advanced infrastructure, and strategic global connectivity. As business models evolve, so do the ways companies operate. For many, especially startups and foreign firms, the traditional office setup is no longer essential.

This is where virtual office services come into play — offering professional credibility and compliance, without the cost of physical office space.

What Is a Virtual Office?

A virtual office provides businesses with a legal, registered business address in Singapore, along with optional support services such as mail handling, call forwarding, and access to meeting rooms — all without needing to rent a physical office.

Why Businesses Choose Virtual Offices in Singapore

  • ACRA Compliance
    Every Singapore-registered company must have a local registered address. A virtual office provides a legitimate, compliant solution, even if you’re operating remotely or from overseas
  • Professional Image
    Use a prestigious CBD address on your business documents, website, and correspondence — boosting trust and credibility with clients and partners.
  • Cost Savings
    Skip the high costs of renting, furnishing, and maintaining a traditional office space. A virtual office offers all the essentials at a fraction of the price.
  • Ideal for Foreign Entrepreneurs
    Foreign-owned businesses can incorporate in Singapore and operate remotely with a virtual office, meeting all regulatory requirements without needing a physical presence.
  • Privacy Protection
    Keep your personal address private by using a commercial address as your registered office.
  • Business Continuity and Scalability
    A virtual setup allows for flexibility as your business grows — upgrade to physical offices or additional services only when needed.

Who Benefits Most from Virtual Offices?

  • Startups and small businesses wanting to reduce overhead costs

  • Foreign companies incorporating a Singapore entity remotely

  • Freelancers and consultants needing a professional business presence

  • E-commerce businesses without a need for retail or office space

  • Companies testing the Singapore market before full expansion

Virtual Office Services Offered by Excellence Singapore

At Excellence Singapore, our virtual office packages are tailored to meet compliance needs and enhance your company’s corporate presence.

Our services include:

  • Use of a prestigious Singapore CBD address as your registered office

  • Daily mail handling and notifications

  • Optional mail forwarding to your overseas address

  • Document collection services

  • Add-on corporate secretarial and incorporation services

  • Access to meeting rooms (where applicable)

We support both newly registered companies and existing businesses looking to streamline their operations.

Why Work With Excellence Singapore

  • Fast setup with full ACRA compliance

  • Clear pricing with no hidden fees

  • Seamless integration with our incorporation, secretarial, and accounting services

  • Experience supporting local SMEs and international businesses

Conclusion: Enhance Your Business Presence, Virtually

A virtual office in Singapore is a smart, cost-effective solution for today’s flexible business landscape. Whether you’re launching a new venture or expanding into Asia, it offers everything you need to stay compliant and professional — without the need for physical space.

Contact us today to discuss your virtual office needs or explore our full suite of business services.

Singapore: Asia’s Gateway for Business

Singapore is internationally recognised as one of the world’s most business-friendly countries. With low corporate taxes, 100% foreign ownership, and a transparent legal system, it is a strategic base for businesses aiming to expand across Asia.

However, while incorporation in Singapore is relatively streamlined, the process can be time-consuming and error-prone without professional assistance. This is especially true for foreign business owners unfamiliar with local regulations.

That’s where Excellence Singapore comes in — providing full-service incorporation support to simplify your journey.

Types of Business Entities in Singapore

There are several business structures available in Singapore. The most common are the Private Limited Company (Pte Ltd), Sole Proprietorship, and Limited Liability Partnership (LLP). A Private Limited Company is the preferred choice for most entrepreneurs due to its credibility, tax efficiency, and limited liability protection. Sole Proprietorships are simple but offer no separation between personal and business liabilities, while LLPs suit professionals who wish to operate as partners with limited liability.

Requirements to Register a Private Limited Company

To incorporate a company in Singapore, you must meet the following criteria:

  • At least one shareholder (individual or corporate, local or foreign)

  • One resident director (Singapore citizen, PR, or EntrePass holder)

  • A company secretary (must be appointed within six months)

  • A local registered address (P.O. boxes not allowed)

  • Minimum paid-up capital of S$1

While these requirements may seem straightforward, understanding the legal responsibilities and ensuring all filings are accurate requires expertise.

Common Challenges Faced by DIY Registrations

Many first-time business owners encounter issues such as:

  • Incorrect shareholder or director setup

  • Incomplete or improperly prepared documents

  • Delays in ACRA approval

  • Incorrect share capital information

  • Non-compliance with local regulatory timelines

  • Penalties for missing annual filing or tax deadlines

These complications can be avoided by working with a reliable corporate service provider.

Our Incorporation Services

Excellence Singapore offers a comprehensive company incorporation package that covers every aspect of the process. Our services include:

  • Company name search and reservation

  • Preparation of incorporation documents

  • Submission to ACRA for registration

  • Appointment of company secretary

  • Provision of registered office address or virtual office

  • Assistance with nominee director (if required)

  • Support with corporate bank account opening

  • GST registration (if applicable)

  • Business license application guidance

We ensure full compliance with ACRA and IRAS requirements, and most incorporations are completed within 1 to 2 working days.

Post-Incorporation Services

Incorporation is just the first step. After registration, businesses need to comply with ongoing statutory obligations. Our post-incorporation services include:

  • Setting up a corporate bank account

  • GST registration

  • Applying for business licenses

  • Monthly or annual accounting and tax filing

  • Corporate secretarial support

  • Payroll setup and CPF registration

  • PDPA compliance and advisory

  • Xero or QuickBooks Online integration

Why Work With Excellence Singapore

  • Proven track record with both local and foreign clients

  • Professional team with in-depth knowledge of Singapore’s regulatory environment

  • Transparent pricing with no hidden charges

  • Fast turnaround times

  • Long-term compliance support for sustainable business growth

Conclusion: Register Your Company the Right Way

Singapore offers immense opportunities for entrepreneurs and businesses. But navigating the incorporation process alone can be risky and time-consuming.

With Excellence Singapore, you can launch your company with full confidence — knowing that every regulatory detail is handled professionally and efficiently.

Start your business right. Contact us today to schedule a consultation or learn more about our incorporation services.