Many people want to put up their own company in Singapore but lack funds to do so. If you are looking forward to registering a company in Singapore, you need to be sure you have enough funds first. That way, you can complete the incorporation process and still have some money left over to live on during the first few months.
Cost of Company Registration
Singapore company registration is a relatively easy process because it was designed to proceed smoothly and quickly. You may progress rapidly as long as you have the necessary funds and signed documents ready.
Look For a Corporate Secretarial Services Company
Foreigners have to pay for a Corporate Secretarial services company too. This is because the government does not allow foreigners to do company incorporation by themselves. The Corporate Secretarial services provider will guide foreigners in the incorporation process.
Singaporean citizens who are new to Singapore company registration may also find it necessary to hire secretary services. This is because some aspects of the process may be confusing or could be complicated for newbies.
Either way, you can expect to pay somewhere between $500 to $1500 to hire a Corporate Secretarial services company. The more complicated your incorporation situation is, the higher is the price you pay.
You will also need to retain a Corporate Secretarial services company throughout the life of your new company. You can expect to pay between $290 to $800 per year for this.
Other Fees Your New Company Will Pay For
You may think that once your Singapore company registration has culminated it will be easier. Actually, you have to pay other fees as well, once your company is fully registered.
Your company will require its own computerized accounting system. This may cost between $350 to $400 for a one-time setup. Bookkeeping is a monthly recurring expense (ranging from $250 to $2500). Then, there is the compilation of monthly statements which will cost a minimum of $400.
You have to buy a new computer (or more than one) for your new company since everything is now in digital format and computerized. So, your company may need IT personnel to set up and maintain the system. The price will differ widely based on the computing and memory capacity of the computer system. Don’t forget to factor in the training to learn how to maximize the usage of your equipment.
You may also have to bring in your own company accountant, especially since your new company will pay taxes to the Singaporean government. Your company may pay $350 to $500 for every tax filing. You should be ready for periodic audits of your company, especially when business is going full steam ahead. To comply, the Singaporean government requires every new business to hire its own company auditor. You may hire an auditor within three months from the time of incorporation onwards (though some small companies are exempted from this).
As you can see, there really are many costs to factor in when you register your new company in Singapore. Some companies do hire new employees once they are deemed ready for operation already. Though that is not part of the registration process, do bear that cost in mind as well.