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Business Start-Up Costs in Singapore

Updated on Thursday 19th May 2016

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Business-Start-Up-Costs-in-SingaporeOpening a business in Singapore

Foreign citizens have two ways to set up a business in Singapore. One of them is to go to the country and deal with the incorporation procedure themselves or to request the services of specialists in company formation in Singapore. Most of the times the second option is the best because of the significant amount of time spent on the incorporation procedure. Also, when appealing to the services of professionals the only thing they will need is a power of attorney and from there they can handle the whole procedure.

What are the steps for company incorporation in Singapore?

Foreign investors know that setting up business in any country requires certain steps to be taken. When establishing a business in Singapore these steps imply:

  • - drafting the company’s Articles of Association,
  • - drafting a business plan,
  • - selecting a company name,
  • - establish who the shareholders are,
  • - establishing who the Singapore company’s managers are,
  • - choosing a company secretary,
  • - deciding on a registered address.

These are the pre-requisites before the actual company procedure starts. Once the above documents are prepared they must be submitted together with the shareholders, directors, secretary and representatives’ identification documents with the Singapore Accounting and Corporate Regulatory Authority (ACRA).

Once the company is registered, the company will be required to register for taxation purposes, opening a corporate bank account, apply for the business license with the competent Singapore authorities and hire employees.

What are the business start-up costs in Singapore?

All actions for setting up a Singapore company will incur certain costs. Among these are:

  • - the registration with ACRA, which includes the company name reservation and tax registration number,
  • - creating the company’s seal,
  • - registration for the employee compensation insurance.

Obtaining the business license will also involve certain costs. However, considering most operations are done online, the company incorporation procedure in Singapore will take 2 days maximum. The business license will take longer depending on the type of activity of the company.

For personalized business incorporation services and prices, please contact our agents in Singapore.

 

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