How Much Does It Cost to Start a Company in Singapore? This Guide Helps You Understand All the Expenses!

How Much Does It Cost to Start a Company in Singapore? A Comprehensive Guide to the Cost Structure

In recent years, with the evolving global startup landscape and sustained economic activity in the Asia-Pacific region, Singapore’s position as an international financial center and business hub has become increasingly solidified. More entrepreneurs and business owners are setting their sights on this Southeast Asian garden city, hoping to establish a company and expand into the Asian market. However, for many who are new to Singapore’s business environment, one of the most pressing questions is How much does it really cost to start a company in Singapore?

This guide provides a detailed breakdown of the cost structure for setting up a company in Singapore, incorporating recent business developments to help you better understand the total cost of starting a business.

1. Company Registration Fees

The most basic cost of starting a company is the registration fee. According to the Accounting and Corporate Regulatory Authority ACRA, registering a private limited company costs 315 SGD approximately 1,575 RMB. If you choose to use a registration agent, such as a corporate services provider or a lawyer, you will need to pay additional service fees, typically ranging from 500 to 1,500 SGD.

Notably, in 2025, Singapore introduced a series of pro-entrepreneurship policies, such as partial fee waivers for first-time founders, further lowering the barrier to entry.

2. Company Secretary Service Fees

Under the Singapore Companies Act, every company must appoint a company secretary within six months of incorporation. The secretary’s responsibilities include ensuring compliance, filing annual returns, and maintaining company records. These services are usually provided by professional secretarial firms, with fees varying based on the scope of service and company size.

Typically, basic company secretary services cost between 1,000 and 3,000 SGD per year. More comprehensive services, such as tax filing assistance and legal compliance advice, may incur higher fees. For startups, selecting a cost-effective secretary service is a key part of managing expenses.

3. Registered Office Address Fees

Singapore requires all companies to have a legal registered office address. This address cannot be a residential one unless the property has obtained the necessary approvals. Many startups opt for commercial address services offered by professional providers, which usually cost between 300 and 800 SGD per year.

If you plan to set up a physical office, rental costs will be another significant expense. According to Q1 2025 data, average office rents in central business districts range from 8 to 12 SGD per square foot per month, depending on the area and office size.

4. Corporate Bank Account Setup Fees

After registering your company, you’ll need to open a corporate bank account. Most local banks, including DBS, OCBC, and UOB, offer corporate banking services. Account opening fees generally range from 100 to 300 SGD, and some banks may also charge annual or management fees.

It’s important to note that banks have different requirements for account opening-some may require company directors to be present in person or submit a detailed business plan. When choosing a bank, it’s advisable to research service fees and application procedures in advance.

5. Tax and Accounting Service Fees

Singapore’s tax system is known for being simple and transparent. However, startups still often require the assistance of a professional accountant for tax filing and financial reporting. Annual accounting fees for small businesses typically range from 1,500 to 5,000 SGD, depending on the complexity of operations and transaction volume.

Singapore operates a single-tier corporate tax system, with a flat rate of 17%. However, to encourage innovation and support early-stage companies, the government offers multiple tax incentives. For example, newly incorporated companies can enjoy tax exemptions of up to 100,000 SGD on their first three years of taxable income.

6. Human Resource and Employment Costs

If you plan to hire employees in Singapore, labor costs must be considered. Although there is no mandatory minimum wage, average salaries are relatively high. According to data released by the Ministry of Manpower in 2025, the average monthly salary for local employees is approximately 4,500 to 5,500 SGD excluding costs related to foreign workers.

Hiring foreign workers requires paying for work permit or Employment Pass EP applications and complying with the Foreign Worker Levy FWL, which varies by industry and number of foreign workers, typically ranging from 300 to 900 SGD per person per month.

7. Other Potential Expenses

In addition to the main costs outlined above, entrepreneurs should also consider the following potential expenses

Business Insurance Such as liability and property insurance, with annual premiums ranging from 500 to 2,000 SGD.

Intellectual Property Registration Including trademark and patent registration, with fees varying by category.

Marketing and Branding Initial marketing budgets are often recommended to be between 5,000 and 20,000 SGD.

IT Systems and Office Equipment Budgets vary depending on business needs and can be adjusted flexibly.

Conclusion

While starting a company in Singapore involves multiple cost components, the country’s transparent legal framework, efficient services, and well-developed business infrastructure make it an attractive destination for entrepreneurs. By carefully planning your budget and selecting the right service providers, you can effectively manage costs and streamline the company setup process.

For investors considering starting a business in Singapore, understanding the cost structure and planning your finances in advance is the first step toward success.