Is It Expensive to Register a Company in Singapore? A Guide to Cost Breakdown and Money-Saving Tips

How High Is the Cost of Registering a Company in Singapore? A Comprehensive Breakdown of Costs and Strategies for Saving

Singapore, as one of the world's most competitive business hubs, continues to attract investors from around the globe with its efficient business environment, stable economy, and favorable tax policies. According to the World Bank’s 2025 Doing Business Report, Singapore remains at the top of the global rankings and is one of the most attractive investment destinations in Asia. For small and medium-sized enterprises SMEs and entrepreneurs seeking to expand internationally, incorporating a company in Singapore is an appealing option.

However, one of the most common concerns among potential investors before taking the first step is How much does it cost to register a company in Singapore? This article will comprehensively analyze the cost structure, influencing factors, and cost-saving strategies to help investors better evaluate their investment and returns.

1. Cost Structure of Registering a Singapore Company

Registering a company in Singapore involves multiple stages and is not a one-time expense. The major components of the cost are as follows

1. Company Registration Fees

The Accounting and Corporate Regulatory Authority ACRA oversees company registration in Singapore, and the fees are relatively transparent. According to ACRA's official website, the combined fee for name approval and company registration is S$315 approximately RMB 1,575. If the proposed company name is already taken or rejected, multiple submissions may be required, increasing the cost.

2. Corporate Secretary Service Fees

Under Singapore law, every company must appoint a local corporate secretary within six months of incorporation. Most startups choose to outsource this role to professional service providers. The annual fee for secretary services varies depending on the size and complexity of the company, typically ranging from S$800 to S$2,000 approximately RMB 4,000 to RMB 10,000.

3. Registered Address Fees

Singapore law requires every company to have a valid local registered address. If entrepreneurs do not have their own office space, they can opt for a virtual office or use a registered address service provided by a secretary firm. This typically costs between S$200 and S$600 per year approximately RMB 1,000 to RMB 3,000.

4. Bank Account Opening Fees

Opening a local bank account is essential for business operations. While some banks waive the account opening fee, they may require a minimum initial deposit or impose ongoing balance requirements. Some banks may also charge annual or transaction fees, depending on the type of account and services offered.

5. Accounting and Taxation Service Fees

Singapore operates a corporate income tax system, and businesses must submit financial statements and file tax returns regularly. Many startups outsource these tasks to professional accounting firms. Basic accounting and tax filing services typically cost between S$2,000 and S$5,000 annually approximately RMB 10,000 to RMB 25,000.

6. Optional Service Fees

These may include trademark registration, business insurance, HR management, and other specialized services. These costs vary by business needs and are generally not included in the basic registration package.

2. Key Factors Affecting Registration Costs

Beyond the basic fees, several factors can influence the overall cost of registering a company in Singapore

1. Use of Local Registration Agents

Foreign investors unfamiliar with the registration process often hire local agents to assist with incorporation, including company registration, secretary services, address leasing, and bank account opening. While this increases initial costs, it helps avoid delays or penalties caused by improper handling.

2. Company Type and Business Scale

Common business structures in Singapore include Private Limited Company, Branch Office, and Representative Office. Among these, the Private Limited Company is the most popular due to its separate legal entity, limited liability protection, and tax benefits. Different company types require different documentation, approval processes, and ongoing maintenance costs.

3. Application for Tax Incentives or Subsidies

To attract foreign investment, Singapore offers various tax relief programs, such as the Startup Tax Exemption UTE and Partial Tax Exemption PTE. Although these incentives do not directly affect registration costs, they can significantly reduce long-term operational expenses.

3. Practical Strategies to Reduce Registration Costs

While the overall cost of registering a company in Singapore is manageable, startups and budget-conscious investors can adopt the following strategies to further reduce expenses

1. Choose an All-in-One Service Provider

Many local secretary firms offer comprehensive registration packages that include company registration, address leasing, secretary services, and bank account opening. These bundled services are often more cost-effective than purchasing each service separately. For example, some basic packages start from S$800 to S$1,500 and include essential services.

2. Optimize Secretary Service Plans

For small businesses with simple operations, opting for annual or on-demand secretary services instead of fixed monthly fees can be more cost-efficient. Additionally, sharing a secretary among multiple companies can help reduce individual costs.

3. Leverage Subsidies and Incentive Programs

Enterprise Singapore ESG and the Economic Development Board EDB offer various grants and funding programs for eligible businesses. For instance, the Startup SG Grant provides up to S$30,000 in funding to support eligible startups with registration, legal, and accounting expenses.

4. Self-Handle Certain Procedures

Investors familiar with Singapore’s regulations may choose to handle certain steps themselves, such as company name search and registration submission, to reduce intermediary costs. However, improper handling may lead to rejection or additional expenses, so caution is advised.

Conclusion

The overall cost of registering a company in Singapore is reasonable and well justified by the numerous business advantages the country offers. For companies looking to expand globally, understanding the cost structure, planning the budget wisely, and leveraging available incentives are key to achieving efficient registration and long-term success. As Singapore continues to strengthen its position in the global economy, more entrepreneurs are setting their sights on this dynamic market. Mastering cost control strategies will help you gain a competitive edge in the global arena.