Cost to register a company in Singapore

Business Registration Singapore

Singapore is one of the best places to set up a business because of the friendly policies and regulations that are being implemented here. That is why hundreds of different business entities go through the business registration Singapore processes. There are hundreds if not thousands of different business entities that are currently residing in Singapore. That is why the Singapore economy remains one of the top ones in the world. That is also the reason why it is one of the safest places for business transactions.

Singapore is not only welcoming of local business entities but also foreign ones. The company registration Singapore processes for foreign companies are also relatively easier and convenient. The easy business registration Singapore procedures are implemented so that Singapore can attract more businesses and contribute to their growing economy. If you are a foreign company that is interested in the company registration Singapore processes, let us talk about the costs and other requirements.

Initial costs

The company registration Singapore procedure requires all business entities to have their name approved first. The name approval cost around S$15 and is processed with ACRA. The business registration Singapore fees are around S$300 which is also done through ACRA. When you are already registered, you should proceed with the incorporation. This step costs less than S$50 and is followed by the secretary fees which range from S$300 to S$600 annually.

After the business registration procedure, you would also have to appoint a director since it is legally required. This aspect costs around S$500 to S$1,500 annually depending on the credentials of the director that you appointed.

Accounting service is also an important part of every business that is why hiring an accounting agency is also highly advisable. Hiring an accounting service agency usually costs S$300 to S$1000 monthly. These costs are just a few of the initial costs that you have to prepare when you want to start the company registration Singapore procedure. Let’s talk about some of the pre-registration requirements so that you can prepare beforehand.

Pre-registration requirements

As mentioned above one of the few things that you have to set beforehand in the business registration Singapore procedure is the company name. The company name should be approved by the accounting and corporate regulatory authority or ACRA. The Singapore government doesn’t allow its companies to have duplicate company names or vulgar ones. That is why this is the first step during the company and decision Singapore process.

Since you are a foreign company you would have to submit an Article of Association and Memorandum of Association. This is one of the most vital parts of the company registration Singapore process as a foreign company. A proof of your identity or valid identification cards should also be submitted before settling the other documents.

As a foreign company would have to submit a brief description of your business activities or the general things that your company would be doing in Singapore. After this documents containing the details of the company directors should also be prepared. Singapore also requires both local and international companies to have corporate secretaries as they acknowledged the importance of their presence.

An office address or a physical establishment is required when you want to set up your business in Singapore. Your physical office should be open for at least six consecutive hours during the regular working hours. In every Singaporean company, it is also important to go into the details of it is shareholders. So, during the business registration Singapore processes, a list of detailed shareholders and their contributions to the company should also be set up.

Important reminders

These documents are important so that you can have a smooth experience during the business registration Singapore procedure. So, it is more advisable that you prepare these requirements beforehand. You should also take note that there are steps to be followed for the registration to be successful. You can visit various Singaporean government websites to know more about the requirements and the procedure. Remember that every step is important so that you can fully and legally operate within the territory of Singapore. Preparing these documents beforehand can also help you save time and money.

Hire a help today

If you are registering your company in Singapore is highly advisable that you get help from a service provider. There are many companies in Singapore that aim to help business entities register and operate their business entities. WLP Group is one of the most trusted service providers when it comes to these kinds of services. You can visit our website today to know more about our wide range of services.

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