Does it make sense to form a company if I wish to save on income tax?

Here is the table for corporate tax rates https://www.iras.gov.sg/irashome/Quick-Links/Ta...
You should compare this with your personal income and see which is higher. In any case, if you form a company, you probably need to declare a salary for yourself which is also taxable.
And you also need to account for your company's books and accounting. Cannot anyhow use company funds for personal uses.