A Comprehensive Guide to Singapore Company Incorporation Fees: What You Need to Know
Incorporating a company in Singapore can be a complex and time-consuming process, especially for those who are new to the country’s business landscape. One of the most critical aspects of company incorporation is the fees involved, which can vary depending on the type of company, its shareholders, and the services required. In this article, we will provide a comprehensive guide to Singapore company incorporation fees, helping you understand what you need to know and what to expect.
Types of Company Incorporation Fees in Singapore
Singapore offers several types of company incorporation, each with its own set of fees. The most common types of companies are:
- Private Limited Company (Pte Ltd): This is the most popular type of company in Singapore, suitable for small to medium-sized businesses. The incorporation fee for a Pte Ltd company is SGD 315.
- Public Company (PUB): A PUB company is suitable for large businesses or those that plan to go public. The incorporation fee for a PUB company is SGD 1,310.
- Exempt Private Company (EPC): An EPC company is a type of Pte Ltd company that is exempt from certain filing requirements. The incorporation fee for an EPC company is SGD 315.
- Section 16 Company: A Section 16 company is a type of company that is exempt from certain requirements under the Companies Act. The incorporation fee for a Section 16 company is SGD 315.
Additional Fees for Company Incorporation in Singapore
In addition to the incorporation fee, there are several other fees that you need to pay when incorporating a company in Singapore. These fees include:
- Business Registration Fee: This fee is payable to the Accounting and Corporate Regulatory Authority (ACRA) and is SGD 300 for a Pte Ltd company.
- Stamp Duty: This fee is payable to the Inland Revenue Authority of Singapore (IRAS) and is 0.2% of the company’s issued share capital, with a minimum fee of SGD 20 and a maximum fee of SGD 480.
- Registrar of Companies (ROC) Fee: This fee is payable to the ACRA and is SGD 120 for a Pte Ltd company.
- Company Seal Fee: This fee is payable to the ACRA and is SGD 15 for a Pte Ltd company.
Other Expenses to Consider
While the incorporation fees may seem straightforward, there are several other expenses that you need to consider when setting up a company in Singapore. These expenses include:
- Professional Fees: You may need to hire professionals such as lawyers, accountants, and secretaries to help with the incorporation process. Their fees can range from SGD 500 to SGD 5,000, depending on the complexity of the incorporation.
- Office Rental and Utilities: If you plan to rent an office, you will need to consider the costs of rent, utilities, and other expenses. These costs can range from SGD 5,000 to SGD 50,000 per year, depending on the location and size of the office.
- Bank Account Opening: You may need to open a corporate bank account to manage your company’s finances. Bank fees can range from SGD 100 to SGD 1,000, depending on the bank and the type of account.
Conclusion
Incorporating a company in Singapore can be a complex and time-consuming process, but understanding the fees involved can help you make informed decisions. By knowing the types of company incorporation fees, additional fees, and other expenses to consider, you can better plan and budget for your company’s setup. Remember to consult with professionals and conduct thorough research to ensure that you comply with all relevant laws and regulations.
FAQs
Q: What is the minimum share capital required for a Pte Ltd company in Singapore?
A: The minimum share capital required for a Pte Ltd company in Singapore is SGD 1.
Q: Can I change my company’s name after incorporation?
A: Yes, you can change your company’s name after incorporation. However, you will need to pay a fee to the ACRA and file a notice of change with the Registrar of Companies.
Q: Do I need to register for goods and services tax (GST) in Singapore?
A: Yes, if your company’s annual turnover exceeds SGD 1 million, you will need to register for GST in Singapore. You can register for GST online through the IRAS website.
Q: Can I incorporate a company in Singapore if I am a foreigner?
A: Yes, you can incorporate a company in Singapore if you are a foreigner. However, you will need to obtain an Employment Pass or EntrePass to work in Singapore.
Q: How long does it take to incorporate a company in Singapore?
A: The incorporation process typically takes 1-2 weeks, depending on the complexity of the incorporation and the speed of the ACRA’s processing.
