Singapore Company Incorporation: A Breakdown of the Costs and Fees You Need to Pay

Singapore Company Incorporation: A Breakdown of the Costs and Fees You Need to Pay

Singapore is a popular destination for businesses due to its business-friendly environment, low taxes, and high standard of living. If you are planning to set up a company in Singapore, it is essential to understand the costs and fees involved in the process. In this article, we will provide you with a comprehensive breakdown of the costs and fees you need to pay to incorporate a company in Singapore.

Company Registration Fees

The first step in incorporating a company in Singapore is to register it with the Accounting and Corporate Regulatory Authority (ACRA). The registration fee for a new company in Singapore is SGD 300 (approximately USD 220). This fee is non-refundable and must be paid at the time of application.

Additionally, you will need to pay a registered office address fee of SGD 400 (approximately USD 290) for the first year. This fee is also non-refundable.

Business Registration Package Fees

Many companies in Singapore offer business registration packages that include additional services such as company secretary, registered office, and accounting services. The cost of these packages varies depending on the provider, but you can expect to pay between SGD 800 and SGD 2,000 (approximately USD 580 to USD 1,400) for a basic package.

If you choose to opt for a premium package that includes additional services such as nominee director, share registration, and tax compliance, the cost can range from SGD 2,500 to SGD 5,000 (approximately USD 1,800 to USD 3,500).

Other Costs and Fees

There are several other costs and fees you need to consider when incorporating a company in Singapore, including:

• Business Registration Certificate: SGD 200 (approximately USD 140)
• Business Name Search: SGD 100 (approximately USD 70)
• Company Secretary: SGD 500 to SGD 1,000 (approximately USD 350 to USD 700) per year
• Accounting and Tax Services: SGD 1,000 to SGD 2,000 (approximately USD 700 to USD 1,400) per year

Conclusion

Incorporating a company in Singapore can be a complex and time-consuming process, but with the right guidance, it can be a smooth and successful experience. By understanding the costs and fees involved, you can better plan and budget for your new business venture. Remember to also consider the additional costs and fees mentioned above to ensure you are fully prepared for the process.

FAQs

Q: What is the minimum capital required to start a company in Singapore?

A: The minimum capital required to start a company in Singapore is SGD 1,000 (approximately USD 700).

Q: How long does it take to incorporate a company in Singapore?

A: The incorporation process typically takes 1-2 weeks, but it can take longer if there are any issues with the application or additional information is required.

Q: Can I use a nominee director or shareholder in Singapore?

A: Yes, many companies in Singapore offer nominee director or shareholder services for an additional fee.

Q: Are there any other requirements or restrictions for setting up a company in Singapore?

A: Yes, there are several other requirements and restrictions, including a minimum of one local director and one local secretary, and a minimum of SGD 1,000 in paid-up capital.