Singapore has consistently ranked among the world’s most business-friendly locations, attracting entrepreneurs and investors across different industries. Its strategic location, efficient infrastructure, and competitive regulatory regime make it a preferred base for both startups and multinationals. In April 2025 alone, 5,010 new companies were registered, according to data from ACRA. This brings the total number of active companies in Singapore to over 452,000, showing continued momentum in business formation.
Much of this growth is supported by Singapore’s strong legal framework and commitment to regularly updating its regulatory system. The government and key agencies such as ACRA, MAS, and IRAS continue to introduce changes that improve transparency, reduce compliance burdens, and promote innovation. In this blog post, we’ll cover key regulatory and market updates from April that may be particularly relevant to entrepreneurs, corporate service providers, and companies planning to expand in or through Singapore.
Singapore Tops List for Corporate Relocations in 2025
Singapore has been named the top destination for corporate relocations, according to Savills’ latest Dynamic Wealth Indices. The ranking highlights the city-state’s strong performance in areas such as corporate tax competitiveness, business environment, and high volumes of Foreign Direct Investment (FDI). Other cities in the top five include Seoul, New York, London, and Abu Dhabi.
The report credits this achievement to Singapore’s solid economic foundation, its many knowledge-based industries, and steady inflow of foreign investment. Executive director Ashley Swan, from Savills Singapore, points out that the country’s business-friendly policies, tax incentives, and investment in infrastructure continue to attract multinational corporations looking to establish a presence in Asia.
Beyond corporate relocations, Singapore is also among the top choices for personal relocation, thanks to its tax advantages for individuals, a strong pool of talent, and overall quality of life. These combined factors further reinforce Singapore’s position as a leading global hub for both businesses and professionals.
ACRA Releases Step-by-Step Guide for Filing Annual Returns
ACRA has published a new step-by-step guide to help companies and Corporate Service Providers (CSPs) file their Annual Returns (AR) more easily through its eService platform. The guide aims to support the large number of entities that already file successfully each year, offering clear instructions and useful resources, including video tutorials and practical tips for Bizfile users.
If users encounter any technical issues while filing, ACRA encourages them to submit screenshots and brief descriptions of the problem through a dedicated support form for AR filings. To ease concerns, ACRA has confirmed that late filing penalties will continue to be waived for delays caused by system issues, specifically for filings that were due from 9 December 2024 onward.
For other types of system problems, companies are advised to use the general support form or call the ACRA Helpdesk directly on urgent matters, especially when dealing with time-sensitive or critical transactions. These support measures are part of ACRA’s ongoing effort to ensure smoother and more efficient filing experiences for businesses.
New Data Products Now Available in ACRA’s BizFile iShop
ACRA has expanded the range of information products available on its BizFile iShop as of April 2025. Two new products — the Register of Members (ROM) and Business Entity Extracts — can now be purchased directly through the platform. These additions aim to give businesses and service providers quicker access to important corporate records.
The Register of Members is now available for S$20 per copy. ACRA advises users to allow up to 60 minutes for recent share allotments or transfers to be reflected before purchasing the ROM. For transactions like General Lodgement (Shares) and other share-related filings, updates will only be shown after approval or refiling, as specified by ACRA.
Business Entity Extracts are also now on sale for transactions lodged from 9 December 2024 onwards. These include records related to name applications, entity registrations, annual returns, annual declarations, and registration of charges. Extracts for other types of transactions will be added progressively, with purchases made through the iShop section under BizFile’s “Buy information” tab.
ACRA Cracks Down on Non-Compliance with Accounting Standards
ACRA has taken enforcement action against Sin Kwong Wah Andrew, executive director and CEO of Miyoshi Limited, for failing to comply with accounting standards. He was fined S$22,400 after the company did not recognise a S$16 million impairment loss in its FY2019 financial statements. The omission led to a material misstatement in the financial reports, which could have misled investors and other stakeholders.
This case was identified during a review under ACRA’s Financial Reporting and Surveillance Programme. The failure to reflect the impairment loss gave an inaccurate view of Miyoshi’s financial position at the time, undermining the credibility of its published accounts.
ACRA stressed that directors have a duty to ensure the accuracy and reliability of financial disclosures. Clear and truthful financial reporting is essential to investor trust and market transparency. ACRA reiterated its commitment to uphold these standards and will take firm action where companies fall short.
IRAS to Host Webinar on GST InvoiceNow Requirements
The Inland Revenue Authority of Singapore (IRAS), together with the Infocomm Media Development Authority (IMDA), is organising a webinar to guide businesses on meeting the new GST InvoiceNow requirement. This initiative supports Singapore’s push toward digital invoicing and enables GST-registered businesses to send invoice data directly to IRAS using InvoiceNow-Ready Solutions from 1 May 2025.
The webinar will cover what InvoiceNow is, how it supports Singapore’s e-invoicing efforts, and the benefits of early adoption. Businesses will also learn about the implementation timeline, what data needs to be transmitted, and the related security measures. A Q&A session will allow participants to clarify any concerns.
Sessions were scheduled for 15 May and 7 August 2025. As registration is on a first-come, first-served basis, each business is encouraged to send no more than two participants. Early registration is recommended as slots are expected to fill quickly.
MAS Reforms Highlight Gaps in Investor Protection
The Monetary Authority of Singapore (MAS) has announced upcoming legislative changes to strengthen rules intended to protect investors, particularly retail clients. These reforms aim to enhance both pre- and post-transaction safeguards while also introducing a broader regulatory framework to give retail investors access to private market funds. This dual approach reflects MAS’s goal of improving financial safeguards without limiting investment opportunities.
A key change involves stricter criteria for identifying “selected clients” (SCs) — individuals who may need added support because of factors such as age, education, or language ability. Financial advisers will now be required to assess a client’s financial knowledge and experience holistically. Standard checklists or self-declarations will no longer be accepted as sufficient evidence of investor suitability.
MAS is also introducing a “Trusted Individual” (TI) provision. SCs must be accompanied by a TI — someone over 21 with appropriate language skills and education—unless they choose to opt out in writing. Advisers must ensure the TI can help the client understand investment products, though anti–money laundering checks are not required. In addition, advisers must fix any non–sales-related performance issues before executing a transaction and give clients the chance to cancel or revise unsuitable trades. MAS is also developing rules that would allow retail investors to invest in private market funds, marking a shift toward broader investment access in line with international practices.
Singapore Strengthens Push to Be Asia’s Restructuring Hub
Singapore is moving closer to changing its insolvency laws, aiming to boost its position as a key destination in Asia for corporate restructuring. The Ministry of Law has concluded a public consultation on proposals that would expand restructuring tools and improve the process for both companies and creditors. A major focus is on enhancing the ability of courts to enforce restructuring plans even if shareholders object — a mechanism known as the cross-class cramdown.
The proposed changes also include simplifying the sale of a debtor’s assets and the issuance of new shares during restructuring. Additionally, there are recommendations to tie judicial managers’ compensation to the success of the restructuring process. These adjustments are meant to discourage delays and improve outcomes for stakeholders. A draft Bill will be submitted to Parliament following the consultation, forming part of Singapore’s long-term plan to make its restructuring framework more efficient and attractive.
Experts say the reforms could shift control away from family shareholders who resist viable restructuring plans, unless they contribute new capital. By giving creditors more influence over outcomes and rewarding managers based on performance, Singapore aims to build a more predictable and creditor-friendly restructuring system — one that aligns with global standards like the U.S. Chapter 11 model. These steps build on earlier legal reforms adopted in 2016, reinforcing Singapore’s status as a credible, business-friendly restructuring jurisdiction.
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