INVESTIGATE COMPANY INCORPORATION CHARGES IN SINGAPORE

Understanding company incorporation charges in Singapore is essential for any entrepreneur planning to expand into Singapore. This guide explores the types of fees associated with incorporating a company in Singapore, helping prospective business owners understand the potential expenses and requirements. Additionally, there are ongoing costs for company maintenance, as well as essential support services. By examining each type of charge, investors can make informed financial decisions about establishing their company in Singapore.

What do company incorporation charges in Singapore consist of?

Incorporating a company in Singapore involves multiple fees, primarily classified into government fees and agent fees. These charges vary depending on the specific requirements of the company and the involvement of foreign directors or shareholders.

Government fees

The Singapore government requires two types of fees for company incorporation: the company name reservation fee and the incorporation fee, totaling S$315. The company name reservation fee is S$15, and the incorporation fee is S$300, both payable to ACRA, the government agency overseeing company registration. ACRA also regulates corporate service providers and ensures compliance in the industry. This process is conducted online via the ACRA’s portal, facilitating efficient and secure business registrations in Singapore.

The initial reservation fee of S$15 applies once the chosen company name is confirmed as available. This reservation secures the name for up to 60 days, allowing the business owner time to complete the necessary incorporation steps. Once the name is reserved, the company incorporation process can begin immediately. This step is particularly useful for entrepreneurs who want to secure a unique business name in advance, ensuring it remains available while they prepare the necessary documents.

The government fees include name reservation and incorporation charges to ACRA

The S$300 incorporation fee is payable after completing all required information and documentation. This fee covers the registration process, enabling entrepreneurs to finalize the setup of their company. Typically, both fees are paid together after the registration process, streamlining payment and reducing administrative steps. The online system supports efficient registration, allowing small business structures with fewer directors and shareholders to complete the process in about 20 minutes, although larger structures may require more time.

Agent fees

Beyond government company incorporation charges in Singapore, entrepreneurs, especially foreign nationals, may require additional services from corporate agents. While local residents in Singapore can register a company with only the S$315 government fee, foreign entrepreneurs typically need a Registered Filing Agent (RFA) to facilitate the process. RFAs, or corporate service providers, are authorized by the Singapore government to handle essential tasks like filing incorporation paperwork, acting as company secretaries, and offering guidance on compliance requirements, which can be complex for foreign business owners. These agents ensure that businesses meet Singapore’s regulations and provide peace of mind for international entrepreneurs.

In addition to assisting with the basic registration requirements, RFAs also provide crucial services such as appointing a company secretary and arranging for a local nominee director, both of which are mandatory for every Singapore company. Since a resident director is required by law, RFAs offer nominee director services for foreign-owned businesses. They also help secure a registered company address, an essential element for business incorporation. Depending on specific needs, RFAs may also assist with opening bank accounts, creating company seals, and obtaining the official Certificate of Incorporation.

RFAs help foreign companies manage the branch incorporation cost in Singapore effectively

Other notices in the fee charge in Singapore

Apart from initial registration fees, maintaining a business in Singapore involves recurring annual costs and additional services to ensure legal compliance and smooth operations.

What will the ongoing cost be for a Singapore company?

Running a business in Singapore involves several annual fees to comply with local regulations. The ongoing company incorporation fees in Singapore usually include fees for a company secretary, who manages compliance filings, and a local director, as required by law. Singapore mandates that all companies submit annual returns and tax filings, which RFAs can often handle on behalf of the business. For companies employing foreign staff, additional expenses like Employment Passes are necessary. These passes, renewed annually, ensure that all foreign employees have the required legal status to work in Singapore.

Companies engaging in trade within Singapore may also need to register for Goods and Services Tax (GST), subject to quarterly filings to the Inland Revenue Authority of Singapore (IRAS). GST registration is mandatory once the company’s annual turnover exceeds S$1 million. Failure to register when required can result in fines and legal issues, so companies should monitor turnover closely. Apart from these fees, RFAs can support businesses with additional compliance checks to avoid potential penalties and ensure smooth operation.

What can G2B help you?

G2B offers tailored services to assist entrepreneurs in setting up and maintaining their businesses in Singapore. Renowned as a comprehensive incorporation consultancy, G2B supports international business owners meeting Singapore’s incorporation and compliance requirements. G2B’s dedicated team prioritizes customer satisfaction, offering professional guidance and support throughout the registration process. G2B services are competitively priced to provide outstanding value, ensuring that clients receive expert assistance and a smooth start to their business journey in Singapore.

G2B supports entrepreneurs in company registration with reliable services at competitive prices

G2B’s comprehensive service package includes assistance with incorporation, annual compliance, and bank account setup. By partnering with G2B, businesses can efficiently navigate the administrative requirements of incorporation and focus on core operations. G2B offers not only company establishment services but also ongoing compliance and support for opening local and digital bank accounts. These services ensure that businesses comply with Singapore’s laws from the beginning, reducing legal risks and allowing for smooth, uninterrupted operations.

This guide provides an in-depth look at the costs of incorporating and maintaining a business. By understanding company incorporation charges in Singapore, entrepreneurs can make informed decisions and budget appropriately. For entrepreneurs seeking seamless support, G2B offers end-to-end assistance to guide them through Singapore's incorporation requirements, giving them a solid foundation for success. For more information on business registration in Singapore, contact G2B today to receive comprehensive consulting based on your goal and situation! Let G2B be your trusted partner, guiding you through every stage of Singapore business registration with reliability and dedication.