It’s relatively easy to incorporate a company in Singapore. Although it only costs around S$300 to incorporate a company in Singapore, there are additional fees involved when it comes to running a company. Some financial planning is needed to understand where your money is going into.
These include annual tax filings and other compliance requirements your company will need to keep up with year on year.
ACRA charges a flat fee of S$15 for company name application, and S$300 for incorporation. This adds up to a total of S$315 for the incorporation process. However, this is only the tip of the iceberg when it comes to running a company.
Don’t forget to adhere to the documents and requirements needed by the Accounting and Corporate Regulatory Authority (ACRA) of Singapore.Unsure of what you need to provide in order to get your business up and running? Find out how to incorporate a company in Singapore here.
Incorporating a company through ACRA is just the first step in running your business. Once you’ve successfully registered your company, there are some regulatory requirements that must be complied with under Singapore law.
Some of these compliance requirements include:
All companies are required to have a registered physical address in Singapore before they are able to be incorporated.
Physical office spaces can cost up to S$3000 a month because of rental fees and location. On top of that, renting a physical office space also includes regular maintenance fees and electricity bills.
One solution for this would be to opt for a registered office address service. This is essentially a virtual office space that can be rented from a variety of service providers.
The upside to this option is the convenience of having a virtual office subscription—meaning lower rental fees. It also means that you would have more capital to invest into growing your business instead of forking out cash for space you don’t need.
If you’re unfamiliar with accounting, this could pose as a challenge. That’s why many companies hire proper bookkeepers or accountants to assist in their accounting matters.
Annual accounting and bookkeeping fees can cost upwards of S$800 per annum. This usually includes setting up an accounting system, bookkeeping, annual reports, and transaction tracking.
Every company registered in Singapore is required to keep proper financial accounts of their business transactions. These are expected to be maintained for at least five years.
What’s more? Companies are required to file their annual returns with ACRA via the BizFile+ portal. This incurs an annual filing fee of S$60.
Handling numbers might be tricky if you’re new to accounting or tax related processes. No one wants to bump into accounting problems with ACRA. Hiring a company secretary can take these dilemmas off your hands!
A company secretary could cost anywhere from S$0—if you assume the role yourself—to upwards of S$250000 per annum to hire a full-time staff member.
You must have a company secretary before you incorporate in Singapore. But why is a company secretary so important? Hiring a company secretary is the easiest way to sort out your accounting and annual filing needs.
The company secretary handles all administrative work when it comes to your business. This includes ensuring that the company adheres to compliance with regulatory and statutory processes.
According to Singapore law, the person who fills this role will have to be a Singapore resident—citizen, permanent resident, or employment pass holder.
With a company secretary, you’ll also be more equipped to handle other ad hoc management requirements, such as preparing for an AGM.
This is one of the most hefty costs when starting a new business. Which is why many upcoming business owners opt for incorporation services and subscription fees.
If you’re a first time business owner dipping his or her toes into the industry, things can get really overwhelming. At Aspire, we understand that running a business is hard work. That’s why we’ll take care of the nitty gritty details, so that you can focus on growing your company.
One of Aspire's packages is free incroproation and all you need to pay is for company secretary:
Save on miscellaneous fees with Aspire’s incorporation packages. Incorporate your company in Singapore, and complete your annual filing from S$294—that’s cheaper than if you incorporated yourself!
Say goodbye to racking your brains over handling administrative work. Get your business off the ground with Aspire today.