Am I required to visit Singapore to set up the Company?

No. A Singapore company can be set up without you needing to visit Singapore.

Suggested Readings

How do I find out if the name for my company is available? Can a Personalised Employment Pass (PEP) holder start their own business in Singapore? Will I automatically get an Entrepreneur Pass (EntrePass) if I start a Singapore company? What are the advantages and disadvantages of a Sole Proprietorship?