Last Updated on April 21, 2025 by Caesar
When selecting the jurisdiction for your business start-up or expansion, the cost of registering the company in Singapore is an important factor. The jurisdiction of Singapore presents numerous benefits for the incorporation of a company, including a simple regulatory structure and low taxes. Furthermore, Singapore is a modern, multicultural city with excellent infrastructure focused on business and a very high standard of living.
When planning for company registration in Singapore, it’s crucial to consider the various services available to streamline the process. Many businesses opt for professional assistance to ensure compliance with local regulations and to expedite the setup. Utilizing incorporation services singapore can be a strategic move, as these services offer comprehensive support, from preparing necessary documentation to liaising with government bodies. This approach not only saves time but also reduces the risk of errors that could lead to costly delays. By integrating these services into your budget, you can focus on other critical aspects of launching your business in Singapore.
Breaking Down the Costs: Budgeting for Company Registration in Singapore
● Government Fees
When registering a business, there are government fees to be paid, just like in any other nation. Name reservation fees and company reservation fees are the two types of government fees that must be paid to register a private limited company in Singapore. These fees are as follows:
- Company name reservation fee: $15.00
- Company registration (incorporation) fee: $300.00
Fees must be paid to ACRA, the government organization in charge of registering companies in Singapore and setting up the necessary regulations for public accountants and company registration consultants. Registering a company in Singapore is done online at bizfile.gov.sg.
Once your new company name is shown to be available in the system, you will need to pay a 15 Singapore-dollar company reservation fee. It is immediately reserved for a maximum of sixty days. After it’s reserved, you can go ahead and incorporate your business right away. If you have two to three directors and shareholders, the entire process can be completed online in about twenty minutes. It might take a little longer if there are more people in the organizational structure because more personal information needs to be entered for each person.
The registration fee of $300 Singapore dollars will be paid after the entry is completed. After the registration process, the name reservation and incorporation fees are usually paid together. To prevent the name from being taken by someone else, you may reserve your unique company name in advance, even before all the required documentation is ready.
- Office Space
A company doesn’t need to register in Singapore to have a physical office. You can consider renting an office or using virtual office services if you need a physical business address. Singapore offers a wide range of office rental options, from spacious Grade A offices in the Central Business District (CBD) to workstations in coworking spaces. The location, size, and amenities offered all affect how much office space costs. In Singapore, the monthly rental cost of a small office space can range from SGD 1,500 to SGD 5,000 on average. The cost of virtual office services, which include mail forwarding and a registered office address, usually ranges from SGD 200 to SGD 800 per month.
● Agent Fees
It will be important for all foreign owners or directors to work with a certified Singaporean agent who is authorized to offer these services. They are called Registered Filing Agents (RFA) or corporate service providers. Beyond just registering a company, they offer these extra services, which account for the additional expenses.
The agent will also include the following expenses in addition to the government fees:
- Incorporation work, such as drafting the required paperwork and time spent online registering the business;
- Usually appointed on the first day of business, though the law requires one to be appointed within six months of incorporation;
- A local nominee director is required by Singaporean law and must be appointed in every company. You will need this service unless you are already a lawful resident of Singapore, in which case your agent will probably offer it to you;
These are all the expenses required to set up and prepare a business for operation. Additionally, a lot of agents will try to charge you right away for extra options like opening a bank account or small items like an official certificate of incorporation or company seal.
● Ongoing Costs
Annual payments for the services the agent still offers (local director, company secretary) are part of the ongoing expense, along with extra costs for annual filings. Annual returns and taxes must be filed by every business each year.
Local businesses may need to register for Goods and Services Tax (GST) and submit quarterly reports. These costs are directly related to the accounting work and may be given as a single package. They are billed on a monthly, quarterly, or annual basis.
Accounting fees can range widely from a few hundred to several thousand dollars per year, depending on the size and activity level of the company. This is especially true if your business needs an audit.
An annual business cost with low accounting costs can range from $3,000 to $5,000.
