The Ultimate Handbook on Singapore Company Incorporation Fees: Fees, Fines, and Taxes
Singapore is a popular destination for businesses, with its business-friendly environment, low taxes, and corruption-free governance. However, incorporating a company in Singapore can be a daunting task, especially for foreigners who are new to the country’s regulations. One of the most crucial aspects of company incorporation is the fees, fines, and taxes associated with it. In this article, we will provide you with a comprehensive guide to the fees, fines, and taxes involved in Singapore company incorporation.
Fees for Company Incorporation in Singapore
The first and most important fee is the registration fee, which is SGD 300. This fee is paid to the Accounting and Corporate Regulatory Authority (ACRA) for processing the company registration application. The registration fee is non-refundable, and it is paid once the application is submitted.
Another important fee is the business registration fee, which is SGD 300. This fee is paid to the Urban Redevelopment Authority (URA) for the registration of the company’s business name. The business registration fee is also non-refundable, and it is paid once the application is submitted.
There are also various other fees associated with company incorporation, including the following:
- Business registration fee: SGD 300
- Company name search fee: SGD 50
- Business registration search fee: SGD 50
- Registered address service fee: SGD 50
- Company secretary service fee: SGD 500
Fines for Late Payment of Fees and Fines
Fines for late payment of fees and fines are applicable in Singapore. If you fail to pay the registration fee or any other fee within the specified time frame, you will be liable to pay a fine. The fine for late payment of fees is 5% of the amount due, and it is capped at SGD 100.
Taxes in Singapore
Singapore has a low-tax environment, with a corporate tax rate of 8.5%. The tax rate is applicable to all companies, including foreign companies. However, there are certain tax exemptions and reliefs available for foreign companies, including the following:
- Foreign-sourced income tax exemption: 100% tax exemption on foreign-sourced income
- Foreign tax relief: 100% tax relief on foreign tax paid
Conclusion
Incorporating a company in Singapore can be a complex process, but with the right guidance, it can be a smooth and successful one. In this article, we have provided you with a comprehensive guide to the fees, fines, and taxes associated with company incorporation in Singapore. From registration fees to taxes, we have covered it all. With this guide, you can confidently navigate the process of company incorporation and set up your business in Singapore.
FAQs
Q: What is the registration fee for company incorporation in Singapore?
A: The registration fee is SGD 300.
Q: What is the business registration fee for company incorporation in Singapore?
A: The business registration fee is SGD 300.
Q: What is the fine for late payment of fees and fines in Singapore?
A: The fine for late payment of fees and fines is 5% of the amount due, capped at SGD 100.
Q: What is the corporate tax rate in Singapore?
A: The corporate tax rate is 8.5%.
Q: What are the tax exemptions and reliefs available to foreign companies in Singapore?
A: Foreign-sourced income tax exemption of 100% and foreign tax relief of 100% are available to foreign companies.
Note: This article is designed to provide general information and is not intended to provide specific legal or tax advice. It is recommended that you consult with a professional advisor or accountant to determine the specific fees, fines, and taxes applicable to your company incorporation in Singapore.
