• Company Formation
• Taxation of Companies
• How to Register your Company
• Costs and Legal Fees

Starting a business in Singapore is an attractive option due to its robust economy, ease of doing business, and favorable tax policies. However, before launching your company, it’s essential to understand the costs and legal fees involved in the registration process. This ensures you're prepared for all expenses, making your entry into the Singaporean market smooth and hassle-free.

1. Cost of Company Registration in Singapore

- Government Fees: The Singapore government charges a registration fee of SGD 315 (around $235) for incorporating a private limited company. This fee is a standard charge and remains constant.

- Company Name Reservation: Before incorporating a company, you need to reserve a company name through the Accounting and Corporate Regulatory Authority (ACRA). The reservation fee is SGD 15, and the name approval process typically takes a few hours, unless additional checks are needed.

- Business Profile: Once your company is registered, you can obtain an official business profile from ACRA, which costs approximately SGD 5. This is often requested by banks and other institutions when you open business accounts or apply for licenses.

2. Legal and Service Fees

Most entrepreneurs choose to hire our corporate service firm to handle their company incorporation due to the complex legalities involved. Our fees for such services vary depending on the level of support required.

- Company Secretary Fees: Under Singapore law, every company must appoint a company secretary within 6 months of incorporation. The cost of hiring a corporate secretary are SGD 1,000 ($745) per year.

- Registered Address: A Singapore company must have a local registered address (it cannot be a P.O. Box). You can either use your office address (if applicable) or opt for our service. Fees for using a registered address service starting from SGD 400 annually.

- Professional Services (Optional): - Incorporation Services: Our full-service incorporation packages range from SGD 1,500 to SGD 2,000, depending on the complexity of the incorporation. - Tax Consultation and Accounting: Depending on the scope, on your business structure or future filings cost between SGD 200 to SGD 1,500, especially if your company requires specialized advice on tax planning or financial reporting.

3. Additional Costs for Foreign Entrepreneurs

If you are a foreigner planning to incorporate a business in Singapore, there are additional costs you should factor in:

- Local Director Requirement: Singapore law mandates that at least one director of the company be a local resident (either a Singapore citizen, permanent resident, or an Employment Pass holder). If you are not a resident, you will need to appoint a local director, which incurs an additional fee of SGD 2,000 per year.

- Pass Applications: If you plan to stay in Singapore as a director or employee of your company, you may need to apply for an Employment Pass or Entrepreneur Pass. The application process involves government fees ranging from SGD 70 to SGD 150 for the pass application itself, excluding our professional service fees (if applicable).

4. Ongoing Compliance Costs

Once your company is registered, it’s important to remain compliant with Singapore’s business regulations, which may incur recurring costs:

- Annual Filing Fees: The cost for filing your annual return with ACRA is typically SGD 60.

- Audit and Tax Filing: If your company meets certain criteria (e.g., annual revenue exceeding SGD 5 million), you are required to conduct an audit and file annual tax returns with the Inland Revenue Authority of Singapore (IRAS). Audit costs range from SGD 1,000 to SGD 5,000, depending on the size and complexity of your business.

- Corporate Tax Filing: The cost for corporate tax filing starts from SGD 300.

The costs involved in registering a company in Singapore are relatively affordable, especially when you consider the long-term benefits of setting up in a business-friendly environment.

Working with our experts can help streamline this process, providing valuable insights and tailored strategies to ensure successful outcome. Don’t hesitate any longer. Apply to become a client today to work with our experts on legal strategies to overcome barriers.

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