If you are thinking of starting a business in a foreign country, a great place to check out is Singapore. Being a business owner in Singapore has a lot of benefits. One of them is the numerous tax exemptions. Another advantage is 100% foreign ownership and 100% sales repatriation. Thus, if you want a beneficial start-up business in a foreign country, you should undergo the company incorporation Singapore process.
However, incorporating a business in Singapore is not free. There are costs that every business owner should pay for to succeed in the business registration Singapore application. To help you get familiar, this article will tackle the fees that will help you determine how much it is to incorporate a company in Singapore.
Company name application fee
The first step in the company incorporation Singapore process is to register your business name. The business name should be pre-approved by ACRA, the Singapore business regulatory authority. This is done prior to the business registration application to ensure that the company name passes all its qualifications.
The cost of getting a company name registered at ACRA is SG$15. This may be a small amount but it is a separate fee from the company incorporation fee. This means that it will not be deducted from the business registration Singapore fee. Thus, when you apply for company name registration, prepare to pay SG$15.
Business registration Singapore fee
After getting your business name approved, the next step is to register the company itself to ACRA. This company incorporation Singapore process is done online through the BizFile+ portal. This is where the entrepreneur will fill out the application form and upload the required documents to ACRA. This step can take only an hour if there are no issues with the application.
A business registration Singapore fee of SG$300 should be paid during the registration process. This is no small amount which is why it should be prepared beforehand. This can be paid in many ways but the most common and fastest way is via credit card. That is why you should ensure that you have enough balance on your account in order to pay this company registration fee.
Company incorporation Singapore service fee
This next company incorporation Singapore fee is only applicable to foreign entrepreneurs. That is because a foreign business owner cannot apply for the business registration application directly. In order to access the portal, you need to supply the SingPass number. Only Singaporean citizens have SingPass numbers. However, a foreigner can still incorporate a business in Singapore with the help of a company incorporation agency.
A company incorporation agency is an accredited company that can register a business on behalf of the owner. This means ACRA recognizes these companies and will approve businesses registered through their services. However, these business registration Singapore services are not free. It can cost a foreign entrepreneur at least SG$500 to obtain these services. It can even cost up to SG$2,000 if the business owners prefer a more precise scope of company incorporation services.
However, you can discover more affordable services. Some companies like WLP Group offer free company incorporation Singapore assistance if you avail their secretarial services. Therefore, it is a must that you look for the best prices and quality services before you select an incorporation firm to partner with.
Other company incorporation Singapore costs
There are more costs that every business owner should take note of when they incorporate a company in Singapore. One of them is the business accounts at Singapore banks. It isn’t free to open an account at a bank especially if it is to be used for business purposes. That is why you should research the Singaporean banks and see which provides the best deals when opening a business account.
Another cost is the paid-up capital which is a business registration Singapore requirement. It only takes SG$1 to be eligible for the company incorporation. However, you need more than that to start your business operations. You need to make sure that your paid-up capital is sufficient to cover business expenses such as office rent, employee salaries, and operational costs.
Incorporate your business with WLP Group
Those are only some of the upfront costs in incorporating a business in Singapore. A business is an investment thus as a business owner, you will always input money here. That is why you need to understand every cost that will be covered by your business investment. If you are a foreigner looking to incorporate your business in Singapore, you should consult with agencies like WLP Group. That is because they can give you an overview of how much you need to be able to set up a business in Singapore. Contact WLP Group now!