Singapore, certainly, has a conducive Pro Business environment for both local and foreign-owned businesses recognised by international organisations.
Singapore has one of most business-friendly regulation in the world. Investors have also come to admire the high levels of transparency and reliability in business, economic and regulatory affairs in Singapore. To fully maximise the benefits of Singapore’s business policies, important factors such as processes and fees have to be considered.
Thus, for a hassle-free company formation in one of the world’s top ranking country for doing business, it is important to know the fees and costs. Read through this blog for the breakdown of fees and other advice for an efficient company formation in Singapore.
Fees and Costs to Consider For Company Formation in Singapore
Generally speaking, forming a company would require thorough budgeting on the business owner’s part. Knowing the fees and costs ahead of time will ensure economical expenditure. Additionally, this will help you to better manage your company resources and not hinder the development of the company.
The next sections will provide an overview of the fees and processes involved when setting up a company in Singapore.
Fees and Costs for Company Registration Process
Before starting business operations, the company has to be incorporated in ACRA. However, the fees involved in ACRA incorporation are for the name approval and registration [Accounting and Corporate Regulatory Authority].
Registration Fee
| Name Approval Fee | $15 |
| Registration Fee | $300 |
| Total | $315 |
EntrePass Application Fee
For foreigners who wish to relocate to Singapore and be appointed as the company director, an EntrePass must be secured. Here’s a breakdown of the processing fee of an EntrePass [Ministry of Manpower]:
| Submission of Application | $70 per pass |
| Upon the issuing of the Employment Pass | $150 for each pass |
Employment Pass Fee
For a Representative Office business structure, the representative does not need to be an ordinary resident. However, the chief representative officer from the parent company must relocate to Singapore. Thus, an Employment Pass must be secured for the representative to run the office. Here are the fees involved for Employment Pass application [Ministry of Manpower]:
| Submission of Application | $70 per pass |
| Upon the issuing of the Employment Pass | $150 for each pass |
The fees mentioned above only cover the basic government fees. For foreign investors who would be incorporating a business in Singapore, it is advisable to engage with professional corporate services to register on your behalf. However, the service fees will vary on the preferred corporate service agent.
Considerations That Needs To Be Taken
It can seem daunting to assemble all the necessary information together and deduce how much resources are needed to set up your business in Singapore today. There might also be other unknown cost involved which you might not have realised.
If you need any advice from a company formation expert, drop us an enquiry and let us help you.
References:
Singapore Company Options for Foreign Individuals, Rikvin.com
Registering a Foreign Company, Acra.gov.sg
