How Much Does It Cost to Set Up a Company in Singapore? A Comprehensive Breakdown of Registration Fees, Annual Compliance Costs, and Regulatory Requirements

Registering a company in Singapore involves far more than just a single “registration fee.” Many people see service quotes of a few hundred Singapore dollars and assume the process is complete-only to be hit later with additional charges for annual filing, tax returns, bank account opening, and compliance audits. It’s not uncommon for the total cost to double by the end of the first year. This article avoids vague ranges and marketing jargon. Instead, it breaks down every foreseeable, verifiable expense-from initial registration through ongoing operations-based on real-world procedural timelines.

Core Registration Costs

1. Company Name Approval Fee: SGD 25-payable upon submission, non-refundable regardless of approval outcome;

2. Company Registration Fee: SGD 300-charged by the Accounting and Corporate Regulatory Authority (ACRA); this is the sole official platform fee;

3. Registered Address Service Fee: Typically SGD 300-600 for the first year. The address must be a genuine local location capable of receiving official correspondence; virtual mailboxes are not accepted by ACRA;

4. Corporate Secretary Service Fee: Minimum approximately SGD 400 for the first year. Singapore law mandates that every local company appoint a resident corporate secretary; directors or shareholders cannot serve in this role themselves;

5. Director/Shareholder Identity Verification Fee (if applicable): Remote KYC verification-including video authentication and document notarization-may incur an additional SGD 80-150 per person, depending on the service provider.

First-Year Hidden but Mandatory Expenses

1. Bank Account Opening Minimum Deposit: Most local banks require an initial deposit of SGD 500-2,000 to activate the account. Some digital banks waive this requirement, but traditional banks remain preferred for physical business operations;

2. Company Seal Engraving: A combination of metal stamp and atomic stamp typically costs SGD 120-180. While not legally mandatory, seals are widely required by banks and for contract execution;

3. Tax Registration & GST Registration Consultation Fee: Companies forecasting annual revenue exceeding SGD 1 million must register for Goods and Services Tax (GST). Professional advisory and filing services generally cost SGD 200-400.

Annual Fixed Maintenance Costs

1. Annual Return Filing Fee: SGD 60, payable to ACRA each year for submission of financial summaries and updated director information;

2. Corporate Secretary Renewal Fee: From Year 2 onward, typically SGD 400-600 annually-covering continued use of the registered address, meeting minutes archiving, and statutory deadline reminders;

3. Accounting and Tax Filing Services: For small-scale companies (no employees, no local operations), basic bookkeeping and IRAS income tax filing-including bank statement reconciliation, tax return preparation, and financial statement compilation-costs approximately SGD 800-1,500 per year;

4. Business License Renewal Fee (if applicable): Regulated sectors such as food & beverage, education, and tourism require specific licenses. Annual fees range from SGD 200 to several thousand, depending heavily on industry classification.

Compliance-Triggered Costs Often Overlooked

1. Audit Exemption Certification: Private limited companies meeting all three criteria-annual turnover ≤ SGD 1 million, total assets ≤ SGD 1 million, and ≤ 5 employees-may apply for audit exemption. However, a qualified accountant must issue a formal compliance statement, costing approximately SGD 300-500;

2. Shareholder Resolutions & Board Meeting Minutes Archiving: Each formal meeting requires legally compliant documentation, which the corporate secretary must prepare and file. Per-session administrative fees average SGD 80-120, with frequency dependent on actual business activity;

3. Registered Address or Director Change Processing Fee: Each ACRA filing for address or director changes incurs a SGD 70 government fee. Combined with secretary handling time, total cost typically reaches SGD 150-250 per change.

The above represents a detailed, quantifiable, and empirically validated breakdown of expenses incurred during company registration and the first year of operation in Singapore-drawn from numerous real-world cases. If you have further questions-or wish to understand cost structures tailored to your specific industry, revenue projections, or team setup-we recommend consulting a service provider officially registered with ACRA. Request a line-item quotation and carefully verify whether all statutory, mandatory services are explicitly included.