ACRA, the company registrar of Singapore charges fees of S$15 for the registration of the company name. For registering the company it charges S$300. ACRA stands for Accounting and corporate regulatory authority. It governs the overall procedure, which is to be followed for setting a company in Singapore.
Steps for the registration of a company in Singapore.
– Apply and get the name of your company approved from ACRA.
– Documentation for the company’s incorporation.
– Submission of an application to ACRA.
It is not possible for foreigners to self-register their company. An agent is required to be hired for this task. It depends upon the respective services which a company will provide, to calculate the total cost of setting up a company.
If you are a new entry to the ecosystem of business in Singapore and have been researching for setting up a company here, you should be aware of the needs and wide variety of price ranges. Before starting your investment, you must have got some most common questions like –
– The factors which influence the cost of a company incorporation
– The price range which you should expect from the service providers.
– Is there any hidden fee?
– Why are their packages and services cheaper?
– Should you engage a professional form for the incorporation task or not?
The minimum requirements to incorporate a company in Singapore
Before incorporating a private limited in the city, you have to be aware of the minimum requirements for that. They are- Minimum 1 director, one shareholder, one secretary, a minimum paid-up capital of S$1, and one registered address.
Generally, there are three major factors, controlling the cost of private service firms –
1. Compliance
2. Servicing
3. Administration
1. Compliance cost for secretarial firms
• According to the companies act of Singapore, having a corporate secretary just near the incorporation of your company is necessary. He helps your business by preventing any sort of combat terrorist financing and money laundering.
• You can reasonably access the cost of compliance with a small to medium size firm to be near $200-$500 per year per company. This cost includes professional exams and listening.
2. Cost of professional service and knowledge.
• The median salary which a corporate secretary possesses to handle annual compliance is around $3500 per month. Senior-level CS could cost you between $5000 to $7000 per month. However, if each CS can entertain 100 clients, so this sum of amount does not look large.
3. Administrative cost
• These costs are incurred for filing annual returns, special resolution, EGM, change of directors, and shareholders. This cost might revolve between $50- $200.
• The services like provision of company seal & chop by corporate secretaries could cost from $100-200.
What ranges you should expect from Singapore?
Taking a minimum necessity expense, of a secretarial cost the breakeven cost can be expected around $S600- S$700 per annum for a single company. When you have looked around long and hard enough, you will find that these ranges fall from 300 to 3000 Singapore dollars.
A range of S$800 – S$1,000 would be the recommended range for a good start.