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How do I list my company on the Singapore Stock Exchange (SGX)?

5 min read|Last Updated: September 6, 2024|

Listing your company in Singapore is a milestone for your business – it is a statement of intent moving from a private limited company to a public company. There are certainly many benefits and reasons why you should list your company after its incorporation, but it is also important to consider the drawbacks of such a momentous move.

If you’re ready to list your company in Singapore, ahead on straight to the requirements to get listed on the Singapore Stock Exchange (SGX)!

Reasons For Listing Your Company in Singapore

There are plenty of reasons for listing your company in Singapore, some of which include:

  • Access to funding

    The main reason for companies to go public is the access to capital through an Initial Public Offering (IPO). The capital from the IPO goes a long way in financing its growth, expansion plans, upgrading its infrastructure, or to pay off its debts.

  • Liquidity

    Generally, it is easier for a public company to purchase stocks as compared to private companies. The company’s stocks are available to the public to purchase on a platform where both buyers and sellers are in.

  • Compensation

    Stocks can be used as forms of payments for various stakeholders such as employees and administrators. These shares-related remuneration plans can help to attract and retain top talents.

  • Brand image & status

    Another good reason to go public and get listed is to establish and heighten your brand’s status as the public’s perception of listed companies is often associated with success. This helps not only to attract more investors, but also top talents.

Considerations for Listing Your Company in SGX

Before you consider listing your company, it is crucial for you to consider the potential drawbacks carefully. These considerations are:

  • Lack of privacy

    Going public, there is bound to be a lack of privacy when it comes to your business-sensitive information. This information will be required to be shared with relevant authorities and public shareholders.

  • Complicated & time-consuming procedure

    It’s never an easy task to go public – the process is time-consuming and can be complicated, taking time away from doing actual on-ground work and operations. This could potentially affect the productivity of the company.

  • Reporting obligations

    As mentioned earlier, publicly listed companies are obliged to share all their data to governing bodies. The preparation and compliance can be tedious task, and the company would need to spend valuable monies for executing and complying with the regulations by SGX.

Why Should I List My Company on the Singapore Stock Exchange?

SGX prides itself on being Asia’s key risk management centre with a diverse range of innovative products and fast-to-market services. Aside from that, there are also other reasons why companies opt to be listed on SGX.

  • International listing hub

    Singapore’s strategic location and best-in-class connectivity put the country on the map as a top investment destination. Ranked 2nd in the Ease of Doing Business by The World Bank, Singapore is home to many businesses and is one of the most competitive economies in the world.

  • Global reach

    As the wealth management hub in Asia and being the largest foreign exchange trading centre and active commodities trading centre in Singapore, there is a higher potential to reach global investors.

  • Trusted regulatory regime

    When it comes to Singapore’s financial market, it is built on a robust and efficient legal and judicial framework. As such, the country is one of the few in Asia to achieve an “AAA” rating.

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Requirements to Get Listed on the Singapore Stock Exchange

Depending on the lifecycle of your business, there are two categories on SGX when it comes to listing.

  • Mainboard – for more established enterprises
  • Catalist – for fast-growing enterprises

The core requirements to get listed on the mainboard are summarised below.

Mainboard – to fulfil at least one of the following:
Minimum consolidated pre-tax profit of at least S$30 million for the latest financial year with operating track record of at least 3 years
Profitable in the latest financial year, and has a market capitalisation of not less than S$150 million based on the issue price and post-invitation issued share capital with operating track record of at least 3 years
Operating revenue in the latest completed financial year and a market capitalisation of not less than S$300 million based on the issue price and post-invitation issued share capital. Real Estate Investment Trusts and Business Trusts who have met the S$300 million market capitalisation test but do not have historical financial information may apply under this rule if they are able to demonstrate that they will generate operating revenue immediately upon listing.

For Catalist, there is no minimum quantitative criteria required by SGX and Sponsors will use their own house deal selection criteria.

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FAQs

What are the different business structures available in Singapore?2021-09-15T11:29:11+08:00

There are 4 different business structures in Singapore – branch, subsidiary, representative office, and related company. You can find out more in our article here.

What is SGX?2021-09-06T11:18:13+08:00

Singapore Exchange Limited (SGX, SGX: S68) is an investment holding company located in Singapore and provides different services related to securities and derivatives trading and others. SGX is a member of the World Federation of Exchanges and the Asian and Oceanian Stock Exchanges Federation.

Can I delist my company on SGX?2021-09-06T11:17:20+08:00

Yes, you may delist your company on SGX by submitting a delisting form.

How much does it cost to be listed on SGX?2021-09-06T11:16:52+08:00

There are various listing fees to take note of, and the cost of listing is dependent on whether you are being listed on the Mainboard or Catalist. You may find the full list of costs for Mainboard listing here and Catalist listing here.

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A company is deemed exempt from audits in Singapore, which means these companies will not need to appoint an auditor to have their accounts audited. However, they need to qualify to be a ‘small’ company based on at least 2 of these 3 criteria:

  1. Revenue not exceeding SGD 10 million for the financial year.
  2. Total assets not exceeding SGD 10 million at the end of the financial year.
  3. Number of employees not exceeding 50.

Despite such small companies are exempt from auditing, they still need to prepare accurate financial statements that comply with the standards in Singapore.

Auditing Practices in Singapore

  1. Enhances Credibility And Trust
    By providing independent assurance of the accuracy and reliability of a company’s financial statements, auditing helps to build credibility and trust with investors, creditors, and other stakeholders. This can lead to increased confidence in the company’s financial position and ultimately support its long-term success.
  2. Improves Financial Management
    Auditing provides valuable insights into a company’s financial health, which can help your managers make better decisions and improve financial management practices. This in turn leads to improved efficiency, better use of resources, and ultimately better financial results.
  3. Ensures Compliance With Regulations
    Auditing helps to ensure that a company complies with regulatory requirements and industry standards. By ensuring compliance with regulations, your company will be able to avoid legal and financial penalties and operate in a responsible and ethical manner.
  4. Helps Detect And Prevent Fraud
    Auditors are trained to identify and investigate fraud and other irregularities, which will definitely help you avoid any fraudulent activities in a company. This is especially important for maintaining the integrity of financial reporting and ensuring that stakeholders have accurate information to make informed decisio

ACRA
ACRA is Singapore’s business regulator. It ensures a trusted business environment by overseeing companies, accountants, and corporate service providers. Its functions include registration, financial reporting, auditing, governance, and disclosure. ACRA’s online platform, BizFile+, simplifies business processes.

IRAS
IRAS is Singapore’s tax authority. It assesses, collects, and refunds taxes. IRAS also educates taxpayers and investigates non-compliance. The MyIRAS portal offers online tax services.

Auditing in Singapore
In essence, ACRA sets the rules, and IRAS enforces them. Both agencies work together to maintain the integrity of financial reporting and ensure that companies are operating within the law. This is essential for investors, lenders, and other stakeholders who rely on accurate financial information.

certified audit partner logo

Paul Hype Page provides you with strategic business expansion and business compliance services for over 2 decades, servicing the best of the South East Asia region. We make your entrepreneurial experience seamless for both locals and foreign expats.

We can issue an IRAS-approved audit report that meets both the Singapore government’s requirements and your company’s needs. The audit function of your company is in good hands with our professional Singapore-certified auditors.

Our audit services in Singapore consist of a vast variety to cater to the specific needs of your organization.

  1. Annual Financial Audit
  2. Special Purpose Audit
  3. Certification for Subsidy Claim
  4. Audit
  5. Fixed Assets Certification
  6. Claim Certification
  7. Shares Certification
  8. Personal Income Certification

If you are a foreigner, you will need a nominee director (local director) to incorporate your company in Singapore.

What is a Nominee Director?
Nominee director is an individual who is appointed to act as a director of the company on behalf of another individual or entity. For all foreigners establishing businesses in Singapore, having a nominee director is essential due to regulations from the Accounting & Corporate Regulatory Authority (ACRA).

Here are suitable nominee director services for EP holders in Singapore, allowing the company to transfer ownership to you once your Employment Pass (EP) is approved:

  • Short Term Nominee Director (STND) : 2 months and 6 months

If you are a foreigner, you cannot be the director of the company unless you have an Employment Pass also known as an EP. This renewable work visa permits you to live and work in Singapore, whether you’re an employee, business owner, or anything in between.

It’s the most popular choice for foreigners looking to start a business or relocate to Singapore.

First, You will have to incorporate your company under the name of a local Singapore director (Nominee Director). Then, you will have to apply EPass under your company so that we can transfer the ownership to you under your Employment Pass (EP).

The estimated timeline for the Singapore EP application is between 2-4 months, depending on the case. In some instances, it could drag up to 6 months if multiple rounds of appeals are requested.

Singapore Employment Pass, often referred to as the ‘EP,’ a work visa is issued to foreign professionals, managers, executives, and experts relocating to work in Singapore.

You are eligible to apply for EP if you:-

  • Have Job Offer from Singapore Company in managerial, executive, and specialized job
  • Have at least a fixed minimum salary of S$5,000 per month
  • Have recognized diploma or degree from a reputable university
  • Have professional qualifications, specialist skills, and work-related experience
  • Meet the required minimum of 40 points under the new points-based COMPASS to be eligible for this pass.

Reasons to Apply for a Singapore Employment Pass

  1. Legally reside and work in Singapore.
  2. Enjoy hassle-free travel in and out of the country without needing a Singapore entry visa.
  3. Gain a pathway to potentially obtaining permanent residency in Singapore over time.
  4. Have the flexibility to run and work for your own business in Singapore.
  5. Benefit from Singapore’s low tax rates and favorable income tax system.

Are you a business owner in Singapore looking to expand your operations and reach new markets? Considering entry into a new market or expanding an existing one overseas? The MRA grant offers the financial boost you need to make it happen.

The purpose of the MRA grant is to support Singapore owned businesses for business development, promotion, and set-up costs when you set up a business in oversea.

At least 30% of the company’s equity must be held directly or indirectly by Singapore Permanent Residents (PRs) or citizens, determined by ultimate individual ownership.

The grant covers up to 50% of eligible costs for Local SMEs, with specific caps for different activities and limited to a maximum of S$100,000 per new market and may include:

  • Overseas Market Promotion (capped at S$20,000)
  • Overseas Business Development (capped at S$50,000)
  • Overseas Market Set-up (capped at S$30,000)

Currently, from April 1, 2023 to March 31, 2025, the grant covers up to 50% of eligible costs, capped at S$100,000.

If you are planning to set up business in Singapore, opening a corporate bank account is a mandatory when you first incorporate a company. It also allow you to keep your business transactions separate from your personal transactions and also helps you to track your business cash flows/income and expenses.

We focus is to prove that your company has a tax substance and select an account that best fits your business needs. Most importantly, you DO NOT need to be physically here! We work closely with our trusted bankers to give you a higher success rate in opening a corporate bank account.

If you are a foreigner, you will need a nominee director (local director) to incorporate your company in Singapore.

What is a Nominee Director?
Nominee director is an individual who is appointed to act as a director of the company on behalf of another individual or entity. For all foreigners establishing businesses in Singapore, having a nominee director is essential due to regulations from the Accounting & Corporate Regulatory Authority (ACRA).

There are 2 types of Nominee Director services in Singapore.

They are:

  • Long term Nominee Director (LTND) : 12 months
  • Short Term Nominee Director (STND) : 2 months and 6 months

If you are a foreigner, you cannot be the director of the company unless you have an Employment Pass.

First, You will have to incorporate your company under the name of a local Singapore director (Nominee Director). Then, you will have to apply EPass under your company so that we can transfer the ownership to you under your Employment Pass (EP).

What is Singapore Employment Pass?
Singapore Employment Pass, often referred to as the ‘EP,’ a work visa is issued to foreign professionals, managers, executives, and experts relocating to work in Singapore.

The estimated timeline for the Singapore EP application is between 2-4 months, depending on the case. In some instances, it could drag up to 6 months if multiple rounds of appeals are requested.

Check Your Company Name through ACRA using our free tool!

The requirements for registering a company in Singapore are simple and straightforward. They are:

At least one local resident director

Both Singapore residents and foreigners can serve as directors of a Singapore company, provided there is at least one director who is a Singapore resident.

At least one shareholder

To register a company in Singapore, you need at least one shareholder who can be a person or another company. You can have up to 50 shareholders, and all of them can be foreigners.

Local company secretary

Every Singapore company must have a company secretary who lives in Singapore and is responsible for ensuring the company meets its regulatory requirements and submits necessary filings.

Minimum of $1 Paid up Capital

You can establish your Singapore company with just $1 in paid up capital and share capital. If needed, you can add more funds later and inform the company registrar.

Registered Address in Singapore

Your company needs a registered address in Singapore where all the official documents will be sent to ; a PO box isn’t acceptable.
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