Economy
How Can a Nigerian Start a Business in Singapore
Singapore is a popular destination for foreign investors to grow their businesses. The process of Singapore Company Registration is easy and straightforward. Nigeria and Singapore have various agreements between nations such as the Bilateral Investment Treaty (BIT) to promote greater investment flows between the two countries by protecting the interests of their investors, the Singapore–Nigeria Double Tax Avoidance Agreement (DTA), and the Singapore–Nigeria Air Services Agreement (ASA) which was established on March 8, 2012.
The ASA makes it easier for trade, investment, tourism, and people-to-people travel between Singapore and Nigeria to expand. The designated carriers of both nations may run up to seven weekly passenger services and three weekly cargo services under the conditions of this agreement.
Requirements for Business Registration in Singapore
- Shareholder
In Singapore, a company must have at least one shareholder. It is easy considering that the owner counts as one. Make sure all owners are included in the documentation when setting up the company.
- Director
A resident director who is authorized to represent your business in Singapore is required. This individual must reside in Singapore. You can add as many foreign directors as you like once you fulfill this requirement.
- Company Secretary
Singaporean businesses require a company secretary. He manages compliance and other legal requirements. When the government makes changes or needs to get in touch with you regarding an issue, the secretary speaks on behalf of your company.
- Registered address
A physical address is required for any company looking to incorporate in Singapore. A P.O. Box is not allowed. To meet the requirement, you can set up a physical address with a Singapore service.
Documents required to start a business in Singapore
● Directors’ and Shareholders’ Identification Documents
● Company Registration Form
● Company Name Approval
● Appointment of Company Secretary
● Memorandum and Articles of Association
● Business Licenses and Permits
How Can a Nigerian Start a Business in Singapore?
- Decide the company structures
Before registering a company in Singapore, you need to choose a company structure for your business. Sole proprietorships, partnerships, and private companies are the types of company structures available in Singapore.
- Name approval
You need to register your chosen company name with ACRA. You can move forward once they have approved the name.
The registered business name shouldn’t be the same as another business, IP laws shouldn’t be violated by it and it should not be offensive and must be understandable.
- Prepare the documents and register with ACRA
You must prepare the required documents listed above. Submit an application for business registration to ACRA and use the Bizfile+ platform to upload the required documents.
- Get the certificate of incorporation
After the registration, the certificate of incorporation will be delivered to you. The business name, the date of establishment, and a unique identification number (UEN) will all be included in the certificate of incorporation.
- Obtain the necessary permits
After incorporating the company, you must apply for and get the necessary licenses and permits. You can start conducting your business operations only after getting the licenses and permits from the relevant authorities.
- Register for GST
Businesses in Singapore are only required to register for GST if their annual revenues exceed S$1 million.
A firm is required to register and collect GST if its taxable revenue for the previous year exceeds S$1 million, or if it is expected to exceed S$1 million in taxable revenue in the upcoming year.
You must apply for GST registration with the Inland Revenue Authority of Singapore (IRAS).
- Open a corporate bank account
It is advisable to open a corporate bank account after registering a business in Singapore to conduct business transactions. You can consider the following options:
- Opening with a traditional bank (DBS, OCBC, UOB)
- Opening with a neobank (Aspire, Wise, Revolut)
- Opening with a digital bank (ANEXT, Green Link Digital Bank)
By Adedapo Adesanya
The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, has called on state-owned enterprises to increase standards of transparency, ethics, and performance as Nigeria pushes to build a $1 trillion economy.
Speaking at the MOFI Corporate Governance Forum in Abuja, the Minister described the newly introduced MOFI Scorecard as a vital benchmark for institutional health, designed to position state-owned enterprises for investment, growth, and long-term value creation.
According to Mr Edun, this scorecard is not just a document; it’s a test, adding that strong governance attracts capital, builds trust, and delivers real economic returns.
The two-day forum, themed Ensuring Value Creation in State-Owned Enterprises Through Better Corporate Governance, brought together CEOs, regulators, and development partners to examine how better oversight can unlock Nigeria’s public asset potential.
Referencing entities like NNPC Limited, Mr Edun noted that state-owned enterprises must be investor-ready as the government shifts from debt-heavy budgets to equity-based growth.
He also pointed to positive macro signals and falling food and fuel prices as early signs of a stabilising economy.
On his part, MOFI Chairman, Mr Shamsudeen Usman, confirmed that the scorecard will be enforced through independent assessments, including MOFI itself.
“We are not asking others to do what we haven’t already done,” he said.
Backed by the World Bank, the initiative marks a shift in how Nigeria manages public wealth, with governance now central to growth, resilience, and investor confidence.
The introduction of the governance scorecard is a testament to the Federal Government’s commitment to transforming Nigeria’s economy. As the country moves forward, one thing is clear: transparency, accountability, and growth will be the guiding principles for state-owned enterprises.
By Adedapo Adesanya
The market capitalisation of the NASD Over-the-Counter (OTC) Securities Exchange rose by 1.70 per cent or N32.36 billion on Thursday, April 10, closing at N1.925 trillion, in contrast to the N1.892 trillion quoted at the preceding session.
However, the NASD Unlisted Security Index (NSI) went up by 10.46 points or 0.32 per cent to 3,287.85 points from the 3,277.39 points it ended a day earlier.
The market capitalisation was higher yesterday after admitting additional shares of Infrastructure Credit Guarantee Company Plc (InfraCredit) to the platform after regulatory approval. The firm joined the NASD Exchange on March 6.
The company, backed by the Nigerian sovereign wealth fund, added 11.166 million units to bring its volume to 26.421 million.
At the trading session, FrieslandCampina Wamco Nigeria Plc gained N1.91 to close at N38.50 per unit versus N36.59 per unit, Mixta Real Estate Plc rose by 41 Kobo to N4.55 per share from the previous closing value of N4.14 per share, Lagos Building Infrastructure Company (LBIC) Plc grew by 17 Kobo to N2.63 per unit from N2.80 per unit, and Paintcom Investment Plc improved by 2 Kobo to N10.74 per share from N10.72 per share, while Geo-Fluids Plc declined by 22 Kobo to N2.00 per unit from N2.22 per unit.
The volume of transactions surged by 9,665.9 per cent to 18.1 million units from 185,449 units, the value of transactions soared by 7,174.3 per cent to N192.9 million from N192.9 million, and the number of deals rose by 81.8 per cent to 20 deals from 11 deals.
Impresit Bakolori Plc ended the day as the most active stock by volume (year-to-date) for trading 533.9 million units worth N520.9 million, trailed by Industrial and General Insurance (IGI) Plc with 71.2 million units valued at N24.2 million, and Geo Fluids Plc with 44.6 million units sold for N90.2 million.
FrieslandCampina Wamco Nigeria Plc also remained as the most active stock by value (year-to-date) with 14.5 million units valued at N559.2 million, followed by Impresit Bakolori Plc with 533.9 million units worth N520.9 million, and Afriland Properties Plc with 17.8 million units sold for N365.0 million.
By Adedapo Adesanya
The Naira witnessed a depreciation of 1.05 per cent or N16.97 against the US Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Thursday, April 10, exchanging at N1,629.94/$1 compared with the previous day’s rate of N1,612.99/$1.
In the same official market, the Nigerian currency, however, traded flat against the Pound Sterling and the Euro during the session at N2,085.01/£1 and N1,805.64/€1, respectively.
As for the black market, the domestic currency depreciated against the greenback yesterday by N5 to sell for N1,620/$1, in contrast to the N1,615/$1 it was exchanged at midweek.
The Naira had stabilise on Wednesday in the spot market after President Donald Trump of the United States announced a 90-day pause on tariffs for more than 75 nations, including Nigeria, that did not retaliate to his sweeping duties announced a week ago.
However, China, which recently placed steeped retaliatory tariffs on US goods, did not get any relief, as Mr Trump hiked the total levy on Chinese goods to 125 per cent.
Market analysts raise worries about a secondary effect of a trade war between the US and China, and how it can have effected on other nations’ economies.
Even as the Central Bank of Nigeria (CBN) continued to prop up the local currency, in the last week, the Naira has exchanged between the N1,570 and N1,620 mark.
Meanwhile, the cryptocurrency market was mixed on Thursday after exchange-traded funds (ETFs) saw outflows even as prices surged after President Trump announced a 90-day pause in tariffs on most countries, excluding China.
The dwindling demand can be attributed to the macroeconomic uncertainty caused by the US-China trade tensions that has led to macro investors selling every asset, including crypto ETFs, for cash.
Litecoin (LTC) gained 1.9 per cent to trade at $75.88, Cardano (ADA) jumped by 1.4 per cent to $0.6321, Dogecoin (DOGE) appreciated by 0.3 per cent to $0.1575, and Solana (SOL) rose by 0.2 per cent to $116.94.
On the flip side, Ethereum (ETH) dropped 3.6 per cent to settle at $1,533.42, Bitcoin (BTC) shed 1.2 per cent to end at $81,017.23, Ripple (XRP) slumped by 0.2 per cent to $1.99, and Binance Coin (BNB) went south by 0.1 per cent to $579.45, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.
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