How Much Does It Cost to Start a Company in Singapore? A Clear Breakdown of All Fees and Hidden Expenses

Singapore has long been a top destination for entrepreneurs across Southeast Asia. Known for its strong legal framework, favorable tax policies, transparent business environment, and strategic location bridging East and West markets, it’s no surprise that startups, small business owners, and even freelancers are setting their sights on this city-state. But while many are drawn to the idea, one question often comes up “How much does it actually cost to register a company in Singapore?”

It sounds like a simple question - but the answer isn’t so straightforward.

As a rough estimate registering a standard private limited company typically costs between 1,500 and 3,000 SGD roughly 8,000-16,000 RMB. That said, this is just a ballpark figure. The actual amount depends on whether you do it yourself or hire an agent, what type of company you set up, and any additional services you might need down the line.

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1. Basic Registration Fee Can You Really Do It for Just a Few Hundred?

The core cost is the government fee paid to the Accounting and Corporate Regulatory Authority ACRA. Currently, registering a local private limited company costs 300 SGD ~1,600 RMB, broken down into

- 15 SGD for name reservation

- 285 SGD for official registration

This fee is fixed - no matter who handles the process, you’ll have to pay it.

If you choose to handle everything online through ACRA’s BizFile+ system, in theory, all you need is that 300 SGD, a local registered address, and one locally resident director which could be you or someone you appoint - and you’re done. Sounds cheap, right?

In practice, though? It’s rarely that simple.

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2. Agent Service Fees Paying for Convenience and Expertise

Most people don’t go the DIY route. Instead, they turn to professional incorporation agents - a well-established industry in Singapore with clear pricing.

Typical basic packages range from 800 to 1,500 SGD, and usually include

- Company name search and submission

- Drafting of the company constitution

- One year of registered office address

- Appointment of a corporate secretary

- Assistance with bank account opening

Don’t underestimate the importance of two items here registered address and company secretary.

Under Singapore law, every company must have

- A physical local address P.O. Boxes don’t count

- A qualified corporate secretary

If you're not a Singapore resident, securing these on your own can be tough - if not impossible. Most foreigners rely on third-party providers, which means ongoing annual fees.

For example

- Corporate secretary 500-1,000 SGD/year

- Registered address around 500 SGD/year

These may seem minor at first, but over time, they add up - becoming part of what we call the “hidden” recurring costs.

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3. Opening a Bank Account Getting Tougher and More Expensive

Once your company is registered, the next step is usually opening a corporate bank account. But in recent years, major banks like DBS, OCBC, and UOB have tightened their KYC Know Your Customer checks - especially for founders from China or those managing operations remotely.

Banks now often require

- Detailed business plans

- Shareholder background info

- Proof of fund sources

- Video interviews

Some agencies offer “guaranteed bank account opening” as part of their service - but expect to pay extra, often 500-1,000 SGD more. And even then, success isn’t guaranteed.

Recent reports show some startups getting rejected due to incomplete documentation or unclear business models, forcing them to apply at multiple banks - wasting both time and money.

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4. Annual Maintenance Costs The Real Expenses Start After Registration

Many think once the company is registered, the job is done. In reality, that’s just the beginning.

Ongoing annual costs include

- Annual filing fee to ACRA ~60 SGD

- Corporate secretary renewal From 500 SGD/year

- Registered address renewal Around 500 SGD/year

- Accounting tax filing For small companies, this ranges from 1,500 to 3,000 SGD/year, depending on complexity

- Audit fees if applicable Required if your company meets certain thresholds e.g., revenue >5M SGD or >20 employees, with costs varying significantly

Add it all up, and your annual fixed expenses can easily exceed 3,000 SGD.

So yes - registration is just your entry ticket. The real financial commitment kicks in afterward.

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5. Other Hidden or Overlooked Costs

There are several other expenses people tend to forget

- Trademark registration If you want to protect your brand, file with IPOS Intellectual Property Office of Singapore - about 410 SGD per class.

- Virtual office or coworking space Beyond a registered address, some opt for meeting rooms or flexible workspaces - ranging from hundreds to over a thousand SGD per month.

- Work visa fees If you plan to move to Singapore to run the business, you may need an EntrePass entrepreneur visa. Application fee 105 SGD. Approval comes with conditions like minimum salary and investment requirements.

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6. Smart Tips to Save Money

Want to keep costs under control? Here are a few practical suggestions

1. Compare agent services carefully

Not all agents are equal. Look beyond price - check what’s included especially secretary and address, and read reviews about customer support.

2. DIY where possible

If you’re comfortable with English and have time, consider handling the registration yourself via BizFile+. You could save hundreds in agent fees.

3. Watch for promotions

Occasionally, ACRA runs campaigns waiving certain fees like annual return charges. Keep an eye on official announcements.

4. Use bundled services

Many coworking spaces like WeWork or JustCo offer package deals including registration + address + secretary services, often at better value than buying each separately.

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Final Thoughts

Setting up a company in Singapore might look easy and affordable at first glance - but there are details everywhere. From a few hundred dollars upfront to thousands in annual upkeep, every expense serves a purpose.

The key is knowing what’s essential, what can wait, and where you can optimize.

After all, entrepreneurship isn’t about spending the least - it’s about building something sustainable.

In fact, many tech startups today use Singapore as a launchpad into Southeast Asia, leveraging its mature financial and legal systems to scale quickly. Whether you're running an e-commerce store, fintech platform, or consulting firm, getting your corporate structure right from the start lays the foundation for smoother growth ahead.

And sometimes, paying a little more upfront saves a lot of headaches later.