A One-Stop Guide To Company Incorporation Fees And Packages
Starting a business in Singapore is unquestionably an exciting possibility for both Small and Medium-Sized Businesses (SMBs) and major corporations. For over a decade, the city-state has clearly proven that it provides a conducive business environment – enough to empower both domestic and international firms.
There is, however, one condition. Forming a company in Singapore is more complicated than simply filling out a form and submitting it. There are additional requirements and expenditures associated with it. That said, the pricing range for company incorporation may vary based on the corporate secretarial company used and the estimated complexity of the services.
In this article, we delve into the associated costs to illustrate how much you should budget when registering a company in Singapore.
The cost of registering a company in Singapore
As you may have guessed, the registrar of companies in Singapore, the Accounting and Corporate Regulatory Authority (ACRA), charges a fee for every stage of the incorporation procedure to all kinds of businesses.
So at the least, you will be paying for the following;
- Approval of business name: It costs at least S$15 for the initial step of business name registration. This is paid through the BizFile+ platform when you submit your application. When everything is cleared, ACRA will hold the name for only 60 days.
- Company incorporation: Once your business name has been authorised, you may file for company incorporation. While fees vary depending on the kind of application, the standard cost is S$300.
Overall, the basic answer to registering a corporation in Singapore is at least S$315. However, it is worth noting that S$315 covers only the application procedure – there are a few requirements you would need to complete in order for your application to be accepted. Following registration, you can expect increased corporate compliance obligations. All of these requirements ultimately add additional indirect charges to your final bill. Below, we share 3 key factors to consider when determining how much it will cost to establish a corporation in Singapore.
Three crucial elements that should be considered
ACRA requires business owners to fulfil a few factors before being able to incorporate their business, namely:
1. A registered address
ACRA mandates all registration applications to be supported with a registered address, the official premises in Singapore out of which your firm will operate. In summary, you should first have a legitimate office before applying for incorporation.
Leasing commercial property is a way to do this. In Singapore’s Commercial Business District, a basic serviced office comprising 2 to 3 employees will cost approximately S$2,000 to S$3,000 per month. Adding on to that, you may almost certainly end up paying an additional S$20 to S$50 per hour for each time you use amenities such as meeting rooms, conference rooms, and so on.
Another innovative and far less expensive approach is to use a virtual office address. Instead, your business address can be that of your incorporation agent’s address – of course, it would be wise to discuss beforehand.
2. A company stamp
A company stamp is required in addition to an office address. This is useful when your business is dealing with official papers such as statements and compliance reports. That being said, the price of the corporate stamp itself is determined by the type purchased. Rubber and self-inking stamps, for example, are charged according to the intricacy of your artwork. A conventional business stamp in Singapore typically takes 1 to 3 days to produce. Rubber stamps are often less expensive than self-inking stamps, with costs ranging between S$19 and S$40.
3. Tax reporting
Whilst you will not be paying taxes throughout the incorporation process, tax reporting is among the most crucial compliance procedures that will follow. Every Singapore-incorporated firm is required to file its corporation taxes by the 30th of November (for physical copies) and the 15th of December (for electronic copies). However, it is essential to highlight that while the base corporation tax rate is 17%, the amount you ultimately pay varies greatly depending on the approaches you decide to take.
For instance, you should ideally compute your taxes based on your earnings rather than your total business revenue. Furthermore, you may drastically lower the amounts by capitalising on tax exemptions and incentives strategically.
How OneStop Professional streamlines the processes
If the above sounds somewhat overwhelming, fret not! When it comes to incorporating a company, no one does it better than OneStop Professional. For a straightforward and smooth company incorporation procedure, OneStop’s team of highly-trained, experienced advisors can provide helpful assistance to business owners on how to efficiently establish a new company, in addition to the statutory regulations and legal requirements to be aware of. With our clients’ decision to choose us as their trusted agency reflecting our well-versed team’s thorough grasp of company incorporation procedures as well as our capacity to consistently deliver, have peace of mind as we do our best to streamline the processes for you.
Moreover, at OneStop Professional, we are upfront and transparent about our rates – no hidden charges included.
Below are the fees over at OneStop Professional:
- Incorporation fees: S$468
- Registered address fee: S$180
- Company stamp fee: S$60
- Complete package*: S$2688
*Our complete package includes incorporation, company secretary, registered address, as well as a nominee director.
While incorporating a company in Singapore sounds like a good idea seeing as Singapore is acknowledged as a global business hub, it can be quite intimidating for those unfamiliar with the processes. But with professional and qualified agencies such as OneStop Professional, you can rest assured that you will be able to focus on doing what matters most – running your business.
We are a credible accounting and audit company offering a variety of corporate services, such as company incorporation, financial outsourcing, corporate financing, auditing, and company secretary services in Singapore. With an aim to assist companies in enhancing their business experience, we dedicate ourselves to providing the best solutions for all management aspects, from accounting to finance. Contact us today to learn more.