Analysis of Singapore Company Registration Costs Key Factors to Know

Analysis of Singapore Company Registration Costs Key Factors You Must Know

In recent years, with the global business environment constantly evolving, more entrepreneurs and investors have turned their attention to the Southeast Asian market. As a regional economic hub, Singapore continues to attract investment from around the world due to its political stability, strategic location, efficient business environment, and pro-business policies.

According to data released by the Accounting and Corporate Regulatory Authority ACRA, the number of newly registered companies in Singapore continued to grow in 2025, particularly in sectors such as technology, finance, and green energy. For entrepreneurs planning to establish a company in Singapore, understanding the cost structure of company registration is a crucial step in setting up an initial budget. This article analyzes the key cost components involved in Singapore company registration, helping you clarify essential expenses and offering practical guidance.

1. Basic Registration Fees

The most fundamental costs when registering a Private Limited Company in Singapore include government filing fees and company secretary service fees. According to ACRA regulations, registration applications must be submitted through the official BizFile+ platform, which charges a processing fee of SGD 315 approximately RMB 1,575. This is a fixed cost and does not vary based on the type or industry of the company.

Singapore law requires every company to appoint at least one local company secretary, who ensures compliance with the Companies Act-such as timely submission of annual returns and maintaining corporate records. Most startups opt to outsource this role to professional secretarial firms, with annual fees ranging from SGD 500 to SGD 1,500 depending on the scope and expertise of services provided.

2. Office Address Rental Costs

Singapore mandates that all registered companies must have a valid local address for official correspondence, and residential addresses are generally not allowed unless special permission is granted. Many startups choose to rent commercial office space or use virtual office services.

Popular providers like JustCo and Regus offer virtual office addresses with monthly rental fees typically between SGD 100 and SGD 300. If a physical office is desired, rental costs can rise significantly depending on the location. For example, prime areas such as Marina Bay and Raffles Place may command rents of SGD 9 to SGD 15 per square foot per month.

3. Bank Account Opening and Maintenance Costs

After successfully registering a company, opening a local bank account is a critical next step for business operations. Singapore is home to internationally renowned banks such as DBS, OCBC, and UOB, which offer business banking solutions.

While some banks waive management fees for the first year for new businesses, ongoing maintenance costs typically range from SGD 100 to SGD 300 annually. Additional transaction fees may also apply for frequent cross-border transactions or fund settlements. Banks usually require detailed documents such as business plans and shareholder profiles during the account application process, which means entrepreneurs should allocate time and effort to prepare these materials accordingly.

4. Tax Agent and Accounting Services Fees

Singapore maintains a low corporate tax rate of 17%, along with various tax incentives. However, despite the simplified tax system, businesses are still required to comply with strict financial reporting and tax filing obligations.

Most small and medium-sized enterprises SMEs opt to hire professional accounting firms or tax consultants. Industry research shows that basic bookkeeping and annual report preparation services typically cost between SGD 300 and SGD 800 per month. More complex services such as tax planning and audit engagements are often charged on a project basis, with fees potentially reaching several thousand dollars.

Choosing a reputable and experienced service provider not only helps mitigate compliance risks but can also yield significant tax savings.

5. Other Potential Expenses

Beyond the main categories above, there are additional potential costs associated with company registration

1. Trademark Registration If branding is part of your strategy, you can file an application with the Intellectual Property Office of Singapore IPOS. The standard fee is SGD 341 per class of goods/services.

2. Business License Application Certain industries such as food beverage, healthcare, and education require permits from relevant authorities, with fees varying by sector.

3. Visa and Work Permit Processing Foreign entrepreneurs seeking to reside in Singapore for business purposes need to consider costs related to Employment Pass EP or self-employment visa applications, which can range from several thousand to over ten thousand Singapore dollars.

Conclusion

Overall, the initial costs of setting up a company in Singapore are relatively moderate. However, for entrepreneurs, it is vital to understand the breakdown of these expenses and plan budgets accordingly. Given Singapore’s continuous efforts to improve its business environment and introduce supportive measures for SMEs, the current climate presents an excellent opportunity to enter this vibrant market.

With proper preparation and a clear understanding of core cost elements, entrepreneurs can gain a competitive edge and achieve sustainable growth in the international marketplace.