How Much Does it Cost to Register a Company in Singapore in 2023
You love helping others with new solutions. Have you ever thought about Singapore business incorporation? Its business environment is highly supportive of new businesses. It will help you make money while you are helping others. Well, what about the cost of registering a company?
Is it costly? No! Here is information on important factors to register company in Singapore.
Important Factors to Register Company in Singapore
Coming up with new ideas to solve customers’ problems and pains is an exciting opportunity for a creative person. Just the thought of doing something new can put wings to your imagination. And company incorporation in Singapore is the most legal way of protecting your ideas, investments, and solutions from copycats.
The process of setting up a new business is simple. However, it is more than just filling out appropriate forms and submitting them to the Company Registrar, i.e., Accounting and Corporate Regulatory Authority (ACRA).
There are legal aspects to the task of Singapore business incorporation. You have to fulfil certain requirements mandated by ACRA. You may need to hire a registered filing Agent. It may drive the cost of registering a company up for you. However, they take care of official fees and submissions to ACRA.
The cost also depends on the legal business structure you want to use to set up your new business. Let us see how much you would need to register a Singapore company.
Official Cost of Registering a Company in Singapore
ACRA, the Company Registrar of Singapore, oversees the registration of all new businesses. And you have to pay its processing fees.
Here, ACRA charges you fees for two tasks. They are part of the company incorporation process in Singapore. They are as follows:
1#. Fees for Registering Your Company Name with ACRA
Submit a list of company names to your agent. Their expert will log into the ACRA’s BizFile+ website to check the available ones.
The agent registers the available company name for your use. It means you have 60 days to use it to register your business. The agent can apply to ACRA to extend the period by another 60 days.
ACRA charges you $15 to register your company name.
2#. Fees for Registering Your Company with ACRA
Armed with the registered company name and necessary incorporation documents, your agent then applies to ACRA to register a new company for you.
Your agent logs into the BizFile+ website and pays ACRA $300 as processing fees.
Company Incorporation Documents
Here is a list of company incorporation documents you will need to submit to ACRA.
- Company name registered with ACRA
- Brief info about business activities
- Registered local office address
- Details of shareholders, directors, and company secretary
- Foreign Owners: A copy of passport & proof of residential address (overseas)
- Foreign Corporates: Memorandum & Articles of Associations (M&AA), Certificate of Incorporation
- Singaporeans: A copy of Singaporean identity card
Ensure all your documents are in English or get translated into them from an authorised source.
So, the ACRA’s cost of registering a company in Singapore to you is at least $315. However, it only covers the fees to process your application. It means there are a few more additional costs that you will need to meet.
Important Factors to Register Company
After the set-up, you will need to spend on securing the corporate compliance of your company. So, the overall cost of registering a company in Singapore is much more than the official cost of $315.
Additionally, cost-wise, here are three important factors you must pay attention to.
Local Registered Address
To set up a new business in Singapore, you must provide a local registered office address on your application. ACRA, the Company Registrar and other government agencies need it for official communication. It may also be where you will conduct your business activities. You cannot use a P.O. box address for this purpose.
You can acquire a local registered address by renting a Singaporean commercial property. However, if you are a foreigner, you cannot do so in your company’s name. It is yet to be registered. You can overcome this difficulty by hiring office or virtual address services from your agent or another provider. It will add to your cost of registering a company.
If you are a Singaporean, you can use your home address under the Home Office scheme. However, you will need to apply to Urban Redevelopment Authority (URA) or Housing & Development Board (HDB) authorities for permission.
Or, you can rent a commercial property. The property’s location will affect how high the rent you will need to pay.
After successfully registering a company, you will need to order a company stamp and seal it. Putting them into your company’s documents adds to their authenticity and makes them look, official.
Business Licenses and Permits
You need to check whether you need any licenses and permits before starting your business activities. It would help if you approached the proper authorities to pay the fees and acquire them.
ACRA’s cost of registering a company is only $315. However, you need to pay much more than that to set up your business to comply with the ACRA’s rules and regulations. There is a way out. Search for a Singapore business incorporation services provider that offers bundled services at discounted rates.