Registration and Compliance for Singapore Companies
Setting up a company in Singapore is a straightforward and relatively inexpensive process, though it will still require some financial planning.
This article will provide first-time company owners with an insight into how much it costs to incorporate a company in Singapore, as well as the post-incorporation costs involved.
Please note that the price ranges provided hereon may not be comprehensive and will ultimately depend on the corporate secretarial firm engaged and expected complexity of the services.
How Much Does It Cost to Incorporate a Company?
The company incorporation process in Singapore is fully computerised. For incorporating a company the fee is S$15 fee for name application and a S$300 registration fee, for total administrative fees of S$315.
As a SingPass ID is required to log into the BizFile+ portal, foreigners without SingPass cannot incorporate a company by themselves. Instead, they must engage the services of a corporate secretarial firm to do it for them.
Singapore Citizens with a SingPass ID who are incorporating a company for the first time may also find it useful to obtain such external help to guide them through the process.
Most corporate secretarial firms in Singapore provide incorporation packages costing between S$500 and S$1,500 depending on the precise scope of services needed, though they may charge more for more complex services.
After Incorporated a Company, How Much Does It Cost to Comply with Ongoing Regulatory Requirements?
Once you have incorporated a company, there are several regulatory requirements which must be complied with. In some cases, it might be necessary to obtain external service providers to assist with this.
For an overview of the ongoing compliance requirements and their associated costs are welcome. Just leave us a call back message and we will be in touch to know your requirements and advise accordingly.
General compliance requirements
Under Singapore law, an incorporated company faces a number of compliance requirements. These include having a registered office in Singapore and having at least 1 Singapore-resident director.
In order to ensure that the company complies with regulatory requirements, Singapore law also requires all Singapore companies to appoint a company secretary who is ordinarily resident in Singapore as well a local resident Director.