Singapore licenses regulated activities through sector regulators rather than through a general foreign investment approval, so ACRA registration does not by itself permit a regulated business: banking needs MAS licensing or authorisation, and payment services need a Payment Services Act licence. Foreigners can buy condominium units and commercial and industrial property without approval but need approval for landed homes, and property purchases carry buyer's stamp duty. Government procurement runs through GeBIZ and is open by default, and EDB offers investment incentives awarded case by case.
Sector licensing
Singapore uses sector regulators rather than a general foreign investment licence. Payment businesses need a licence under the Payment Services Act 2019, which in force since 28 January 2020 covers services such as money transfers, merchant acquisition, e-money and digital payment tokens, with standard and major payment institution licences. Banks operate as full, wholesale or merchant banks or finance companies and must meet MAS admission criteria and hold a licence or authorisation; MAS's Financial Institutions Directory shows who is licensed.
A representative office needs an Enterprise Singapore licence, and dutiable goods businesses use Singapore Customs warehousing licences that suspend duty and GST. A foreign company branch remains subject to the Companies Act disclosure and annual filing rules, so registering a branch does not avoid statutory reporting.123456
Buying property
A foreign person can buy condominium and flat units, strata landed houses in approved condominiums, shophouses for commercial use and industrial and commercial property without approval. Landed residential property, including vacant residential land, terrace houses, bungalows and Sentosa Cove homes, needs approval from the Singapore Land Authority's Land Dealings Approval Unit. Whether a company counts as a foreign person turns on the Residential Property Act definitions, so check before a group entity buys.
Buyer's stamp duty applies at up to 6% on residential and up to 5% on non-residential property, on the higher of price or market value, and non-residential property carries annual property tax of 10% of annual value. Additional buyer's stamp duty on residential purchases by foreigners and entities applies on top; its rates were not confirmed.78910
Government procurement and incentives
Government procurement is open by default, with requirements and evaluation criteria published on GeBIZ, and Singapore is a party to the WTO Agreement on Government Procurement. Agencies use small value purchases up to S$6,000, quotations up to S$90,000 and tenders above S$90,000, so most contracts of real size are competed openly.
EDB's incentives include the Refundable Investment Credit, the Pioneer Certificate Incentive, the Development and Expansion Incentive (also for headquarters activities), the Finance and Treasury Centre Incentive and the IP Development Incentive. Awards are negotiated case by case, and large groups should test any tax incentive against Pillar Two top-up taxes.111213
| Property type | Approval for a foreign person | Buyer's stamp duty |
|---|---|---|
| Condominium or flat unit; strata landed house in an approved condominium | Not required | Up to 6% (residential), plus additional buyer's stamp duty |
| Landed residential property (vacant residential land, terrace, bungalow, Sentosa Cove) | Required from the Land Dealings Approval Unit | Up to 6% (residential), plus additional buyer's stamp duty |
| Shophouse for commercial use; industrial and commercial property | Not required | Up to 5% (non-residential) |
Documents usually needed
- Sector licence applications where the activity is regulated, such as a Payment Services Act licence or MAS banking authorisation
- Customs licence for warehousing schemes where dutiable goods are held
- Land Dealings Approval Unit application where a foreign person buys landed residential property
- Property purchase or lease documentation and stamp duty returns
- Incentive application and supporting investment plan for EDB
Common mistakes
- Assuming ACRA registration is enough to start a regulated activity such as payments or banking.
- Assuming a locally incorporated subsidiary is not a foreign person under the Residential Property Act without checking the statutory definitions.
- Overlooking additional buyer's stamp duty when acquiring residential property through a company.
- Treating a representative office as able to sign contracts and invoice customers.
- Relying on an incentive without modelling its interaction with Pillar Two top-up taxes.
When the business crosses borders
- Regulated activities offered into Singapore from abroad can still require a Singapore licence; check with the relevant regulator.
- Singapore's membership of the WTO Agreement on Government Procurement and its free trade agreements underpin access for foreign suppliers to covered tenders.
- Incentive awards may interact with Pillar Two top-up taxes for large groups (see tax area).
Questions businesses ask
Is there a general foreign investment approval?
No general approval was identified; licensing is handled by sector regulators such as MAS for banking and payments. Changes of control of designated critical entities are screened separately (see transactions).413
What this guide does not yet confirm
These points need checking with a qualified local professional in Singapore before you rely on them.
- Additional buyer's stamp duty rates and current buyer's stamp duty bands were not confirmed on IRAS pages, which did not render for automated access; the buyer's stamp duty and property tax figures rest on a secondary source.
- The Residential Property Act definition of a Singapore company, and when a locally incorporated company with foreign shareholders or directors is a foreign person, was not confirmed.
- Capital markets, insurance and other MAS licensing regimes (Securities and Futures Act, Financial Services and Markets Act, Insurance Act) were not covered.
- GeBIZ supplier registration requirements and any rules specific to foreign suppliers were not confirmed.
- Incentive eligibility criteria and concessionary tax rates were not confirmed.
- GoBusiness licence directory entries could not be loaded.
Sources and review status
Each statement is numbered to the source it was checked against. We use official sources where we can, and each statement says whether it was checked against an official or a secondary source. Sources last checked on 19 October 2026. None of it has been professionally reviewed yet: it is research checked against official and secondary sources by WONE Global, not legal or tax advice.
The Payment Services Act 2019 provides for the licensing and regulation of payment service providers and the oversight of payment systems, and section 5(1) requires a person to hold a licence to carry on a business of providing a payment service unless exempt. Licences are granted under section 6 as standard payment institution or major payment institution licences, and MAS also refers to a money-changing licence. Defined services include account issuance, domestic and cross-border money transfer, merchant acquisition, e-money issuance, digital payment token services and money-changing. Most provisions commenced on 28 January 2020.
The section 5(1) requirement is seen through the statutory definition of exempt payment service provider; section 5 itself was not visible. The three licence classes are named on the MAS Payment Services Act page.
Deposit-taking institutions in Singapore operate as full banks, wholesale banks, merchant banks or finance companies, and MAS also runs a digital bank licence framework.
MAS publishes the Financial Institutions Directory to check whether an institution is licensed.
Financial institutions wishing to conduct banking business in Singapore must meet MAS's admission criteria and obtain a licence or authorisation from MAS, including written authorisation to set up a wholesale bank or merchant bank.
The page does not name the Banking Act; the statutory basis was not confirmed.
A representative office is not a separate legal entity, cannot earn income and is set up under a licence listed in Enterprise Singapore's licence directory. Intended for market research before committing to Singapore; the parent is fully responsible for it.
ACRA links to the Enterprise Singapore representative office licence on GoBusiness; the GoBusiness licence page itself could not be loaded, so eligibility criteria and validity periods were not confirmed.
Singapore Customs operates warehousing schemes, including licensed warehouses, that allow dutiable goods to be stored and sold with duty and GST suspended. Requires a licence from Singapore Customs.
A foreign company branch must comply with the statutory and disclosure requirements of the Companies Act 1967, including annual filing for foreign companies.
A foreign person can buy a condominium unit, a flat unit, a strata landed house in an approved condominium development, a shophouse for commercial use, and industrial and commercial property in Singapore without approval. A foreign person is anyone who is not a Singapore citizen, Singapore company, Singapore limited liability partnership or Singapore society, as those terms are defined under the Residential Property Act.
A foreign person must obtain approval under the Residential Property Act to buy landed residential property in Singapore, including vacant residential land, terrace houses, bungalows or detached houses, shophouses for non-commercial use, and landed homes at Sentosa Cove. Applications are made online to the Land Dealings Approval Unit of the Singapore Land Authority.
Buyer's stamp duty on property is charged at up to 6% for residential property and up to 5% for non-residential property, on the higher of price or market value. Additional buyer's stamp duty applies on top for residential purchases by foreigners and entities; those rates were not confirmed.
No IRAS stamp duty page was opened.
Property tax is levied annually on the annual value of property; the non-residential rate is 10%. Residential rates are progressive (0% to 32% owner-occupied, 12% to 36% non-owner-occupied).
No IRAS property tax page was opened.
Singapore government procurement is open by default, with agencies publishing requirements, procedures and evaluation criteria on GeBIZ, and Singapore is a party to the WTO Agreement on Government Procurement. MOF states that all suppliers are treated equally, with no special preference.
'Open by default' is stated on the MOF Procurement Processes page.
Government agencies buy through small value purchases for procurements estimated at up to S$6,000, quotations for those up to S$90,000, and tenders for those above S$90,000. Quotations may be open (published on GeBIZ) or limited; tenders may be open, selective or limited, and include the Innovative Procurement Partnership.
The Economic Development Board's incentives include the Refundable Investment Credit, the Pioneer Certificate Incentive, the Development and Expansion Incentive (which also covers headquarters activities), the Finance and Treasury Centre Incentive and the Intellectual Property Development Incentive. Tax incentives rest on the Economic Expansion Incentives Act and the Income Tax Act; award criteria and concessionary rates are set case by case and were not confirmed.
Questions on this topic
12 statements on licensing, incentives and property in Singapore
