Introduction to The Cost of Incorporating A Company
It has now become easy to incorporate a company in Singapore. Though it costs almost S$300 to incorporate a company in Singapore there a few additional fees indulged when it comes to running a company successfully in this country.
However, it is important for you to do some financial planning well in advance so that you know where your money is going.
How much will it cost to incorporate a company in Singapore?
If you are still confused that how much to incorporate a company in Singapore then this article will help you out.
For company name application, ACRA charges a flat fee of S$15 and for incorporation S$300. This makes it a sum of total S$315 for the incorporation. But remember that this is just the tip of the iceberg when it comes to running your company successfully.
You need to strictly abide by the documents and requirements desired by the Accounting and Corporate Regulatory Authority (ACRA) of Singapore. In case, you still have any doubts about the cost of incorporating a company in Singapore then take the help of Timcole.
What other costs are involved in incorporating a company in Singapore?
Incorporating a company with the help of ACRA is the primary step in running your business. After you have successfully registered your company, there are a few regulatory requirements that must be submitted under Singapore law.
Some of these agreements’ prerequisite include:
- Having a registered office address in Singapore (up to S$3000/month)
- One Singapore-resident director at least
- Having a company secretary (tentative)
- Having a proper financial account, tax filing along with records of your transactions (maintained for almost 5 years) (S$1000/annum)
- Filing of annual returns with ACRA (S$60)
- The holding of Annual General Meetings (AGM) (S$100)
Three Main Costs Involved in Incorporating and Maintaining a Company
Registered Address (up to S$3000/month)
Before incorporating a company, you need to have a registered physical address in Singapore.
Physical office space is going to cost up to S$3000 a month due to the rental fees and location. However, leasing a physical office space also comprises regular maintenance fees along with electricity bills.
The best solution for this can be to choose a registered office address service that will act as a virtual office space and can be rented from different service providers.
Accounting and Tax (from S$800)
If you are unaware of accounting then this could be a challenge for you. That is why most of the companies hire proper bookkeepers or auditors to assist in their accounting matters.
You need to spend almost S$800 per year as an annual accounting and bookkeeping fees.
Company Secretary (from $0)
If you assume the role yourself, then a company secretary will cost from S$0 to upwards S$250000 per year to hire a full-time staff member.
Therefore, if you are new to this industry then it is always better to take the help of Timcole once.