Estonia vs Singapore: where to incorporate?
Singapore is the better address and the more expensive one to hold: a resident director is mandatory, and if you are not there, you rent one. Estonia needs no local director at all. Figures verified August 2026.
Estonia vs Singapore: where to incorporate?
Singapore is the better address and the more expensive one to hold: a resident director is mandatory, and if you are not there, you rent one. Estonia needs no local director at all. Figures verified August 2026.
Estonia vs Singapore: where to incorporate?
Singapore is the better address and the more expensive one to hold: a resident director is mandatory, and if you are not there, you rent one. Estonia needs no local director at all. Figures verified August 2026.
The short answer
The short answer
The short answer
Choose Estonia if
Choose Estonia if
Choose Estonia if
You reinvest most of what you earn, you sell into the EU and need an EU VAT number, or you want accounting, invoicing and contracts in one subscription.
Choose Singapore if
Choose Singapore if
Choose Singapore if
Your market is Asia, you are raising regional venture money, or your turnover will stay under S$1 million and you want no VAT at all.
The number that decides it
Singapore’s nominee director costs S$1,800–4,000 (about €1,220–2,720) a year before you earn anything. Estonia’s mandatory address and contact person start at €124 — and there is no director to rent.
Singapore’s nominee director costs S$1,800–4,000 (about €1,220–2,720) a year before you earn anything. Estonia’s mandatory address and contact person start at €124 — and there is no director to rent.
Estonia and Singapore at a glance
Estonia and Singapore at a glance
Estonia and Singapore at a glance
🇪🇪 Estonia
🇪🇪 Estonia
🇪🇪 Estonia
🇸🇬
🇸🇬
Singapore
Singapore
Singapore
Entity type
Osaühing (OÜ)
Osaühing (OÜ)
Private limited company (Pte Ltd)
Private limited company (Pte Ltd)
Minimum capital
€0.01, and you can defer paying it
€0.01, and you can defer paying it
S$1
S$1
State fee
€290 to register online — the €265 state fee plus the €25 registry API fee
€290 to register online — the €265 state fee plus the €25 registry API fee
S$315 (about €215) to ACRA — S$15 for the name, S$300 to register
S$315 (about €215) to ACRA — S$15 for the name, S$300 to register
Time to register
15 minutes to an hour — but the e-Residency card takes weeks
15 minutes to an hour — but the e-Residency card takes weeks
Usually within a day or two
Usually within a day or two
Can you do it remotely
Yes, fully — you collect the e-Residency card in person once
Yes, fully — you collect the e-Residency card in person once
Yes, through a provider — but you cannot be the only director unless you are resident
Yes, through a provider — but you cannot be the only director unless you are resident
Mandatory local roles
Legal address and contact person, both FIU-licensed
Legal address and contact person, both FIU-licensed
A resident director and a company secretary, plus a Singapore registered office
A resident director and a company secretary, plus a Singapore registered office
Tax on profit you keep
0%, for as long as you keep it
0%, for as long as you keep it
17%, with 75% exempt on the first S$100,000 (about €68,000) for the first three years
17%, with 75% exempt on the first S$100,000 (about €68,000) for the first three years
Tax on profit you take out
22/78 of the payout — 22% of the pre-tax pot, 28.21% on the net
22/78 of the payout — 22% of the pre-tax pot, 28.21% on the net
Nothing — no withholding tax on dividends and no capital gains tax
Nothing — no withholding tax on dividends and no capital gains tax
VAT and threshold
24%, register above €40,000
24%, register above €40,000
GST 9%, register above S$1 million (about €680,000)
GST 9%, register above S$1 million (about €680,000)
Mandatory audit
Not at founder scale
Not at founder scale
No, small companies are exempt
No, small companies are exempt
Annual filings
One annual report to the Business Register; monthly returns with payroll or VAT
One annual report to the Business Register; monthly returns with payroll or VAT
Annual return to ACRA with a S$60 (about €40) fee, Form C-S or C to IRAS, and the secretary’s filings
Annual return to ACRA with a S$60 (about €40) fee, Form C-S or C to IRAS, and the secretary’s filings
Banking as a non-resident
EU IBAN through Estonian banks, or Wise and Revolut
EU IBAN through Estonian banks, or Wise and Revolut
DBS, OCBC and UOB often want a visit; Aspire and Airwallex onboard remotely
DBS, OCBC and UOB often want a visit; Aspire and Airwallex onboard remotely
Market access
EU single market, an EU VAT number, OSS and IOSS
EU single market, an EU VAT number, OSS and IOSS
Asia and 27 free trade agreements — no EU VAT number, no OSS/IOSS
Asia and 27 free trade agreements — no EU VAT number, no OSS/IOSS
Year-2 running cost
From €124 for the mandatory address and contact person, plus accounting
From €124 for the mandatory address and contact person, plus accounting
S$1,800–4,000 (about €1,220–2,720) for the nominee director, S$300–600 for the secretary, S$60 to ACRA
S$1,800–4,000 (about €1,220–2,720) for the nominee director, S$300–600 for the secretary, S$60 to ACRA
What each one is
What each one is
What each one is
🇪🇪 Osaühing (OÜ)
🇪🇪 Osaühing (OÜ)
🇪🇪 Osaühing (OÜ)
The Estonian private limited company. Registered fully online through e-Residency, taxed only when profit leaves the company, and inside the EU single market with an EU VAT number.
🇸🇬
🇸🇬
Private limited company (Pte Ltd)
Private limited company (Pte Ltd)
Private limited company (Pte Ltd)
A private company limited by shares, registered with ACRA. The default vehicle for doing business across Asia, fully open to foreign ownership — but not to foreign-only management.
Setting the company up
Setting the company up
Setting the company up
How incorporation works
Estonia
Fully remote through e-Residency: the company is filed in the e-Business Register in 15 minutes to an hour. The one physical step is collecting the e-Residency card at an embassy, which takes weeks.
Singapore
Registration itself is fast, often a day, and done through a corporate service provider. The catch is structural, not procedural: at least one director must be ordinarily resident in Singapore, so a non-resident founder rents one.
How incorporation works
Estonia
Fully remote through e-Residency: the company is filed in the e-Business Register in 15 minutes to an hour. The one physical step is collecting the e-Residency card at an embassy, which takes weeks.
Singapore
Registration itself is fast, often a day, and done through a corporate service provider. The catch is structural, not procedural: at least one director must be ordinarily resident in Singapore, so a non-resident founder rents one.
Setup cost and timeline
Estonia
€290 state fee online and €0.01 of share capital that can be deferred. With Enty, €350 including the state fee, and the company is usually registered the same day.
Singapore
S$315 (about €215) to ACRA and S$1 of paid-up capital, so the state cost is trivial. The real first-year number is the nominee director at S$1,800–4,000 and the company secretary at S$300–600.
Setup cost and timeline
Estonia
€290 state fee online and €0.01 of share capital that can be deferred. With Enty, €350 including the state fee, and the company is usually registered the same day.
Singapore
S$315 (about €215) to ACRA and S$1 of paid-up capital, so the state cost is trivial. The real first-year number is the nominee director at S$1,800–4,000 and the company secretary at S$300–600.
Local roles you must appoint
Estonia
No local director needed, but two licensed services are mandatory: a legal address and a contact person. From €124 a year, included in Enty’s paid plans.
Singapore
A resident director, a company secretary appointed within six months, and a registered office in Singapore. This is the deepest difference from Estonia, which requires none of the three.
Local roles you must appoint
Estonia
No local director needed, but two licensed services are mandatory: a legal address and a contact person. From €124 a year, included in Enty’s paid plans.
Singapore
A resident director, a company secretary appointed within six months, and a registered office in Singapore. This is the deepest difference from Estonia, which requires none of the three.
Business types and ownership
Estonia
Single and multi-shareholder OÜs with no nationality limits, including e-commerce and crypto models that many providers refuse.
Singapore
100% foreign shareholding is allowed, single or multiple shareholders. Some regulated activities need MAS or sector licences, and a few require a locally resident professional.
Business types and ownership
Estonia
Single and multi-shareholder OÜs with no nationality limits, including e-commerce and crypto models that many providers refuse.
Singapore
100% foreign shareholding is allowed, single or multiple shareholders. Some regulated activities need MAS or sector licences, and a few require a locally resident professional.
Money, tax and filings
Money, tax and filings
Money, tax and filings
Tax on profit you keep
Estonia
0%. Retained profit is not taxed at all, for as long as it stays inside the company — that is the whole mechanism.
Singapore
17% on profit, whether you distribute it or not — but with the startup exemption, 75% of the first S$100,000 (about €68,000) is exempt for the first three years, which makes the early years genuinely cheap.
Tax on profit you keep
Estonia
0%. Retained profit is not taxed at all, for as long as it stays inside the company — that is the whole mechanism.
Singapore
17% on profit, whether you distribute it or not — but with the startup exemption, 75% of the first S$100,000 (about €68,000) is exempt for the first three years, which makes the early years genuinely cheap.
Tax on profit you take out
Estonia
22/78 of the payout: 22% of the pre-tax pot, or 28.21% expressed against the net sum you receive. Charged inside the company before the money reaches you.
Singapore
Nothing on the way out. Singapore has no withholding tax on dividends and no capital gains tax, so once the 17% is paid the money is yours.
Tax on profit you take out
Estonia
22/78 of the payout: 22% of the pre-tax pot, or 28.21% expressed against the net sum you receive. Charged inside the company before the money reaches you.
Singapore
Nothing on the way out. Singapore has no withholding tax on dividends and no capital gains tax, so once the 17% is paid the money is yours.
VAT and thresholds
Estonia
24% since 1 July 2025, registration from €40,000 — a lower ceiling than most, but it comes with an EU VAT number plus OSS and IOSS.
Singapore
GST at 9%, with registration only above S$1 million (about €680,000) of turnover — a far higher ceiling than Estonia’s €40,000, and one most founders never reach.
VAT and thresholds
Estonia
24% since 1 July 2025, registration from €40,000 — a lower ceiling than most, but it comes with an EU VAT number plus OSS and IOSS.
Singapore
GST at 9%, with registration only above S$1 million (about €680,000) of turnover — a far higher ceiling than Estonia’s €40,000, and one most founders never reach.
Banking as a non-resident
Estonia
Estonian banks onboard founders with a real connection to the country; everyone else runs on Wise or Revolut with an EU IBAN.
Singapore
DBS, OCBC and UOB usually want a director in a branch; Aspire, Airwallex and Wise onboard remotely. Having a resident director already helps here.
Banking as a non-resident
Estonia
Estonian banks onboard founders with a real connection to the country; everyone else runs on Wise or Revolut with an EU IBAN.
Singapore
DBS, OCBC and UOB usually want a director in a branch; Aspire, Airwallex and Wise onboard remotely. Having a resident director already helps here.
Annual filings
Estonia
One annual report to the Business Register, plus monthly returns once there is payroll or a VAT number. Audit does not apply at founder scale.
Singapore
An annual return to ACRA with a S$60 (about €40) fee, a Form C-S or C to IRAS, and whatever the company secretary files on your behalf. Audit is not required for small companies.
Annual filings
Estonia
One annual report to the Business Register, plus monthly returns once there is payroll or a VAT number. Audit does not apply at founder scale.
Singapore
An annual return to ACRA with a S$60 (about €40) fee, a Form C-S or C to IRAS, and whatever the company secretary files on your behalf. Audit is not required for small companies.
Which one fits your business
Which one fits your business
Which one fits your business
🇪🇪 Estonia fits if
🇪🇪 Estonia fits if
🇪🇪 Estonia fits if
You reinvest instead of paying yourself
You reinvest instead of paying yourself
Profit left in the company is not taxed at all, so every year you do not distribute is a year you do not pay.
You sell into the EU
You sell into the EU
An EU VAT number plus OSS and IOSS access is something a non-EU company cannot give you.
You want one bill for the back office
You want one bill for the back office
Accounting, invoicing, contracts and e-signing in one subscription instead of four suppliers.
🇸🇬
🇸🇬
Singapore
Singapore
Singapore
Your market is Asia
Your market is Asia
For customers, banks and investors across the region, a Singapore company is the local, expected form.
You are raising regional venture money
You are raising regional venture money
Asian funds are set up to invest in a Pte Ltd, and rarely into an Estonian OÜ.
You will cross S$1 million in sales
You will cross S$1 million in sales
Below that there is no GST at all — a real advantage over Estonia’s €40,000 VAT threshold.
Where Estonia loses
Where Estonia loses
Where Estonia loses
Three places where the other country is simply better. If they matter more to you than untaxed retained profit and the EU single market, go there.
Three places where the other country is simply better. If they matter more to you than untaxed retained profit and the EU single market, go there.
A far higher VAT threshold
A far higher VAT threshold
GST starts at S$1 million (about €680,000) of turnover. Estonia’s VAT starts at €40,000, which catches small companies almost immediately.
Nothing taxed on the way out
Nothing taxed on the way out
No withholding tax and no capital gains tax. Estonia charges 22/78 when profit leaves the company.
The address that opens Asia
The address that opens Asia
27 free trade agreements and a reputation with Asian banks and investors that an Estonian OÜ does not carry.
How incorporation with Enty works
How incorporation with Enty works
How incorporation with Enty works
Open with e-Residency
Open with e-Residency
1-3 days
€60
+ €290 state fee
1
5-minute application on Enty
2
We file directly with the Estonian registry
3
Company registered!
1-3 days
Plan to get an e-Residency card? Buy incorporation now and get €150 off
We lead you through the whole process
No e-Residency yet
No e-Residency yet
14 days
Fastest formation with a notary on the market
€1,000
+ €290 state fee
1
10-minute application on Enty
2
20–30 min video call — identity check and notarisation, fully online
3
We file directly with the Estonian registry
4
Company registered!
14 days
Several shareholders, crypto or e-commerce? We take the complicated cases too.
Several shareholders, crypto or e-commerce? We take the complicated cases too.
Several shareholders, crypto or e-commerce? We take the complicated cases too.
Methodology and sources
Methodology and sources
Methodology and sources
ACRA fees — S$15 for name approval, S$300 to incorporate, S$60 for the annual return — from the Accounting and Corporate Regulatory Authority. The 17% rate and the startup exemption of 75% on the first S$100,000 for three years, and the S$1 million GST threshold, from IRAS. The resident director requirement is section 145 of the Companies Act.
Nominee director and company secretary ranges are market figures as of August 2026. Estonian state fee of €290 — the €265 registry fee plus a €25 API fee. Cost comparisons are computed in our own cost model.
Figures verified 21 August 2026.
Singapore dollars are converted at S$1 = €0.68 — our own quoted rate, not the market rate of the day.
Figures verified
Frequently asked questions
Frequently asked questions
Frequently asked questions
Do I need a local director in Singapore?
Yes. At least one director must be ordinarily resident in Singapore, so a non-resident founder rents a nominee director — typically S$1,800–4,000 a year.
Estonia requires no local director at all, only a licensed address and contact person from €124 a year.
Do I need a local director in Singapore?
Yes. At least one director must be ordinarily resident in Singapore, so a non-resident founder rents a nominee director — typically S$1,800–4,000 a year.
Estonia requires no local director at all, only a licensed address and contact person from €124 a year.
Do I need a local director in Singapore?
Yes. At least one director must be ordinarily resident in Singapore, so a non-resident founder rents a nominee director — typically S$1,800–4,000 a year.
Estonia requires no local director at all, only a licensed address and contact person from €124 a year.
What does a Singapore company really cost per year?
The state part is trivial: S$315 to register and S$60 a year to ACRA.
The real cost is structural — the nominee director at S$1,800–4,000 a year and the company secretary at S$300–600 — and you pay it before earning anything.
What does a Singapore company really cost per year?
The state part is trivial: S$315 to register and S$60 a year to ACRA.
The real cost is structural — the nominee director at S$1,800–4,000 a year and the company secretary at S$300–600 — and you pay it before earning anything.
What does a Singapore company really cost per year?
The state part is trivial: S$315 to register and S$60 a year to ACRA.
The real cost is structural — the nominee director at S$1,800–4,000 a year and the company secretary at S$300–600 — and you pay it before earning anything.
Is 17% better than Estonia’s 22/78?
It depends on whether you reinvest. Singapore’s 17% is charged whether you distribute or not, with 75% of the first S$100,000 exempt for three years.
Estonia charges 0% for as long as profit stays in the company, and 22/78 only when it leaves. Reinvest and Estonia wins; distribute everything and Singapore is close.
Is 17% better than Estonia’s 22/78?
It depends on whether you reinvest. Singapore’s 17% is charged whether you distribute or not, with 75% of the first S$100,000 exempt for three years.
Estonia charges 0% for as long as profit stays in the company, and 22/78 only when it leaves. Reinvest and Estonia wins; distribute everything and Singapore is close.
Is 17% better than Estonia’s 22/78?
It depends on whether you reinvest. Singapore’s 17% is charged whether you distribute or not, with 75% of the first S$100,000 exempt for three years.
Estonia charges 0% for as long as profit stays in the company, and 22/78 only when it leaves. Reinvest and Estonia wins; distribute everything and Singapore is close.
Can I open a Singapore company without travelling there?
Yes, registration is done remotely through a provider.
What you cannot do remotely is be the only director — that role has to be filled by someone ordinarily resident in Singapore.
Can I open a Singapore company without travelling there?
Yes, registration is done remotely through a provider.
What you cannot do remotely is be the only director — that role has to be filled by someone ordinarily resident in Singapore.
Can I open a Singapore company without travelling there?
Yes, registration is done remotely through a provider.
What you cannot do remotely is be the only director — that role has to be filled by someone ordinarily resident in Singapore.
Can a Singapore company sell to EU customers as easily as an Estonian one?
No. A Singapore company has no EU VAT number and no access to OSS or IOSS, so selling to EU consumers means handling EU VAT from outside the union.
An Estonian OÜ is inside it.
Can a Singapore company sell to EU customers as easily as an Estonian one?
No. A Singapore company has no EU VAT number and no access to OSS or IOSS, so selling to EU consumers means handling EU VAT from outside the union.
An Estonian OÜ is inside it.
Can a Singapore company sell to EU customers as easily as an Estonian one?
No. A Singapore company has no EU VAT number and no access to OSS or IOSS, so selling to EU consumers means handling EU VAT from outside the union.
An Estonian OÜ is inside it.
Can a non-resident own an Estonian company outright?
There is no residency or nationality requirement for shareholders or board members of an OÜ.
Can a non-resident own an Estonian company outright?
There is no residency or nationality requirement for shareholders or board members of an OÜ.
Can a non-resident own an Estonian company outright?
There is no residency or nationality requirement for shareholders or board members of an OÜ.
Do I have to travel to Estonia?
No. With an e-Residency card everything is online; without one, a 20–30 minute video identity call replaces the trip.
Do I have to travel to Estonia?
No. With an e-Residency card everything is online; without one, a 20–30 minute video identity call replaces the trip.
Do I have to travel to Estonia?
No. With an e-Residency card everything is online; without one, a 20–30 minute video identity call replaces the trip.
Is an Estonian OÜ tax resident in Estonia?
The company is. You are not — your own tax residency is decided by where you live, and Estonia does not change it.
Is an Estonian OÜ tax resident in Estonia?
The company is. You are not — your own tax residency is decided by where you live, and Estonia does not change it.
Is an Estonian OÜ tax resident in Estonia?
The company is. You are not — your own tax residency is decided by where you live, and Estonia does not change it.
When do I have to pay in the share capital?
Not at registration. It can be deferred, and the minimum is €0.01.
When do I have to pay in the share capital?
Not at registration. It can be deferred, and the minimum is €0.01.
When do I have to pay in the share capital?
Not at registration. It can be deferred, and the minimum is €0.01.
Which bank will my company use?
We help you open an account with one of our EU banking or payment partners, including Wise and Revolut, at no extra fee from us.
Which bank will my company use?
We help you open an account with one of our EU banking or payment partners, including Wise and Revolut, at no extra fee from us.
Which bank will my company use?
We help you open an account with one of our EU banking or payment partners, including Wise and Revolut, at no extra fee from us.
What does Enty actually do?
Registration, the mandatory legal address and contact person, accounting, invoicing, contracts and e-signing, in one subscription from €33 a month.
What does Enty actually do?
Registration, the mandatory legal address and contact person, accounting, invoicing, contracts and e-signing, in one subscription from €33 a month.
What does Enty actually do?
Registration, the mandatory legal address and contact person, accounting, invoicing, contracts and e-signing, in one subscription from €33 a month.
Start today in Estonia. Running in 1 to 14 days
No credit card to start
No e-Residency required
Complex cases supported
Start today in Estonia. Running in 1 to 14 days
No credit card to start
No e-Residency required
Complex cases supported
Start today in Estonia. Running in 1 to 14 days
No credit card to start
No e-Residency required
Complex cases supported