Analysis of Singapore Company Registration Costs Understanding Setup Expenses and Procedures for Foreign Enterprises

How Much Does It Cost to Register a Foreign Trade Company in Singapore? A Comprehensive Analysis of Costs and Procedures

With the acceleration of global economic integration, an increasing number of Chinese businesses and individual entrepreneurs are turning their attention to overseas markets. As one of the world’s most competitive financial and business hubs, Singapore has become a top choice for foreign trade professionals looking to establish offshore companies, thanks to its stable environment, efficient legal system, and strategic geographical location.

So, how much does it really cost to register a company in Singapore? This article provides a detailed breakdown of the associated costs, registration procedures, and key considerations.

I. Basic Costs of Registering a Singapore Company

The total cost of registering a Singaporean company is composed of government fees, service agent charges, office address rentals, and bank account opening expenses. Based on current market rates and different service providers, the overall cost generally ranges from RMB 8,000 to RMB 25,000, depending on the selected services and operational needs.

1. Registration Fees

Company registration in Singapore is handled by the Accounting and Corporate Regulatory Authority ACRA. The standard fee for registering a Private Limited Company is SGD300 approximately RMB 1,500, which includes both name approval and company incorporation. Additional fees may apply if the desired name is unavailable or multiple applications are submitted.

2. Company Secretary Service Fee

Under Singapore law, every company must appoint a local company secretary. This role is usually provided by professional service firms, with annual fees ranging from SGD600 to SGD1,200 RMB 3,000-6,000. Some registration packages include the first year's secretary service.

3. Registered Address Rental

Singapore requires all companies to have a valid local registered address. Most agents offer virtual office addresses, with annual fees between SGD200 and SGD500 RMB 1,000-2,500. For those requiring physical office space, rental costs will be significantly higher.

4. Professional Agency Service Fee

For those unfamiliar with the process, hiring a professional agency is common. Fees vary based on service quality, typically ranging from RMB 5,000 to RMB 10,000. Premium packages may include tax consultation, trademark registration, and assistance with bank account setup.

5. Bank Account Opening Fees

Opening a local Singapore bank account is crucial for international trade. While the account opening itself is often free, some banks charge monthly or annual maintenance fees, and there may be minimum deposit requirements. In-person visits to Singapore may also incur travel expenses.

II. Step-by-Step Registration Process

Once you understand the costs, let’s walk through the full registration process

Step 1 Determine Company Type and Structure

The most common structure is a Private Limited Company, suitable for most small-to-medium enterprises. You’ll need to decide whether to appoint a local director, determine shareholder structure, and set up share capital.

Step 2 Prepare Required Documents

Documents typically include

Company name approved by ACRA

Identity documents of directors and shareholders

Registered address details

Drafted constitution by-laws

Shareholder agreement if applicable

Step 3 Submit Registration Application

Applications can be submitted online via ACRA’s BizFile+ portal. Upon approval, you’ll receive a Business Profile company registration certificate.

Step 4 Appoint a Company Secretary and Open a Bank Account

Within six months of registration, a company secretary must be appointed. At the same time, setting up a corporate bank account should be prioritized to facilitate business operations.

Step 5 Compliance and Tax Registration

Depending on your business type, you may need to register for GST or other licenses with the Inland Revenue Authority of Singapore IRAS.

III. Recent Policy Changes and Industry Trends

In recent years, Singapore has continued to improve its business environment with various pro-investment initiatives. Starting in 2025, ACRA further streamlined the registration process, enabling more types of companies to complete registration online quickly. However, in response to global anti-money laundering efforts, background checks for foreign investors have become stricter.

According to the South China Morning Post, new company registrations in Singapore increased by over 15% year-on-year during the first half of 2025, with a significant rise in Chinese investors, especially in tech, cross-border e-commerce, and consulting services. This trend reflects the growing momentum of Chinese companies expanding overseas, with Singapore serving as a solid launchpad into Southeast Asia and beyond.

Meanwhile, the Monetary Authority of Singapore MAS is actively promoting digital banking, offering more flexible financial solutions for international businesses - particularly beneficial for foreign trade companies reliant on cross-border payments.

IV. Common Questions and Recommendations

Q1 Is a Physical Office Mandatory in Singapore?

No. Many startups and foreign trade companies opt for virtual office addresses to meet legal requirements while keeping costs low and management simple.

Q2 Can Companies Enjoy Tax Benefits in Singapore?

Yes. Singapore follows a territorial tax system, taxing only income sourced within the country, and at relatively low rates. Additionally, Singapore has numerous double taxation agreements in place.

Q3 Can the Entire Registration Process Be Done Remotely?

Most steps can now be completed online. However, bank account opening usually still requires an in-person visit. Some banks have started piloting video verification services, improving convenience.

Conclusion

Registering a company in Singapore involves various costs including government fees, agency services, secretary fees, and address rentals, with a realistic budget ranging from RMB 8,000 to RMB 25,000. Given the favorable business climate and Singapore’s strategic role in international trade, setting up a company there has become a smart move for many businesses aiming to expand globally.

By planning ahead and choosing reputable service providers, the entire process can be smooth and efficient - making Singapore not just a gateway to Asia, but a powerful base for global growth.