In Singapore no single figure is in the cost of establishing a company. It is a heap of little, even annoying bills that accumulate. There are others that are fixed and others that are dependent on the level to which you would prefer to be practical and others that just come into view when you thought that you were over. Go here to get most interesting topics!
Start with the easy sign up. Government registration fee is comparatively easy – SGD 315 to have a company name registered and incorporated. An amusing role that is. No underhand math.
But this is where the reality comes in: most of the population does not start a company by himself or herself. It will be a corporate service provider, of which you are likely to encounter. They range between SGD 300 to SGD 1,500, depending on the package. The cheap rates are luring yet they might not contain some of the requirements like a company secretary or the registered address.
Incidentally Singapore is implementing the requirement of all companies to hire a local secretary within six months. No exceptions. You will otherwise contract a company. About SGD 200-SGD 600 annually. It is not a one-hit wonder and it has an encore.
There is also the address of registered office in it. You will be paying to use virtual address service unless you rent an office (most startups do not rent office). It would be averagely SGD 100 to SGD 300 in a year. It is smuggled in the package of some but not all providers. Always make sure–here people are exploding at it.
And here the biggest of foreigners, nominee director services. Singapore is one of the resident directorates. You will either need to hire one or you must be qualified. The prices are subject to change, but on average, it is SGD 1,500 to SGD 3,500/year. And it is going on. This in itself can result in a doubling of your start up costs.
There is no free opening of bank accounts as well. Others paid and others free but you can pay a few hundreds of dollars depending on the connotation of the bank and service provider. Better still, time- it may even take weeks especially when no one is present in Singapore physically.
Costs of compliance are not forgotten. Submission of tax returns and accounting is not a choice. The smallest accounting services start with SGD 500 a year with small businesses and skyrockets with the transactions. Audit fees? Through some gates dost pass, But set thyself, when pass, stout–no little hurt.
There are certain minor- almost trivial costs involved. Company seal, business licences (where necessary in your business) and even the price of courier of documents. Individually minor. Together, noticeable.
Between SGD 800 to SGD 2000 may be required to place a finger on it within the first year when a local founder will be engaged. A foreign founder? SGD 3,000 to SGD 6,000, and the extra assistance, including the services of the nominee directors.
And here is the real image. Not intimidating, and by no means, a single time purchase cost of SGD 315.