Setting up your business requires monetary resources, and it is a known fact anywhere, not only in Singapore. Although it is easier to start a business in Singapore compared to other countries, expenses remain one of the deciding factors whether to invest in a new business venture or not.
That being said, knowing how much it would cost to set up your own company in a booming business landscape plays a vital role in achieving success. Suppose you are just starting to get around Singapore’s business hub and think about forming a company. In that case, there is a high possibility that you bump into various information on what is required and an array of price rates.
It is easy to get different information about the cost of starting a business in Singapore because anyone has access to a few sources online. However, not all of them are reliable. Thus, doing your research and digging a bit deeper into multiple search engines will be worth it.
This blog will explain how some factors dictate the cost of company incorporation and the importance of company incorporation services Singapore. Learn more by reading through this article.
What Are the Factors That Affect the Cost of Company Incorporation Services Singapore?
Many factors affect the cost of company incorporation services in Singapore. All of them are regulated by the government, and that is why you have to cherry-pick the service provider you entrust your business’s incorporation process. Ensuring that each step in the process is not missed is essential for setting up a business in Singapore flawlessly.
When it comes to government transactions, you will not have a problem with complete transparency because they will provide the related costs of the services in Singapore. You can check their website for added assurance. There might be changes as the rules and regulations over Singapore’s businesses are consistently changing.
Every business in the country had to take the first two major steps that lead them to entrepreneurship. Check on the Accounting and Corporate Regulatory Authority’s (ACRA) website as they provide the details of the following for company incorporation:
- Company Name Application
- Company Registration
These requirements have associated fees and have to be maintained after your business is successfully established. After the preceding requirements are sorted out, start complying with the other essentials of business formation in Singapore. Get familiar with the following:
- Approved Company Name
- Registered Office Address
- Shareholder
- Director
- Share Capital
Although you can be as creative as you want in naming your business, it has to be approved by ACRA first. Your office address can be a commercial or residential place in Singapore. However, PO boxes are not permitted by the law. If your business is one of the private limited companies, it is required to appoint at least one, up to a maximum of 50 shareholders. Singapore’s laws allow 100% foreign ownership, and you might want to consider this.
Moreover, as a startup owner, you need to appoint a local director (resident director) who has Singaporean citizenship or a permanent residence in Singapore. A person with a working Employment Pass is also qualified to be a local director. You can now appoint a limitless number of resident and non-resident directors when a local director is appointed.
Lastly, to register your company in Singapore successfully, you only need a minimum of S$1 worth of issued share capital. Even though you are no longer required to have a minimum paid-up capital, startups in a regulated industry are subject to different requirements for the minimum share capital.
Corporate Secretary as a Part of Company Incorporation Services in Singapore
The last thing contributing to the cost of company incorporation services in Singapore is a corporate secretary. A startup is required to appoint a corporate secretary within six months of its formation. Your corporate service provider will also provide this for your business.
As a business trying to have a breakthrough in a saturated and competent corporate landscape like Singapore, it can be overwhelming to handle everything at once. Thus, to pave the way to a profitable business, you must hire the right people. One of the employees onboard your company should be a corporate secretary.
A starting business may face challenges in its first year of operation. Because of this, you have to explore all available resources to help you achieve your goals and be a better business. The best thing you can do is engage in a corporate secretary. They are professionals who will work with you in managing your company’s administrative and technical tasks in line with incorporation, taxation, and bookkeeping, among others. With them on board, you will have peace of mind knowing that everything is taken care of.
Importance of Company Incorporation Services in Starting a Business
Now that you already know the factors affecting the costs of company incorporation services in Singapore, you probably ask why a startup should engage in such services? But before that, take note that the best way to determine the costs of company incorporation services in Singapore is by consulting a service provider itself. Get in touch with them and talk to them about what you want to get done.
Professional company incorporation services take the weight off your shoulders through expert solutions that will help you establish, run, and grow your business in Singapore. They do not only assist you in setting up your business, providers of company incorporation services in Singapore also offer extra services that may come in handy for your business.
Are You Looking for Company Incorporation Services in Singapore?
If you are looking for a provider of company incorporation services, turn to ContactOne now. We can help with setting up your business in Singapore. We are well aware of the statutory requirements needed to put a business successfully. You know that we are reliable because our firm is approved by ACRA.
With our several years of experience in the industry, we guarantee fast and smooth transactions with the appropriate offices. Call us on +65 6333 0633 or +65 8666 3633. ContactOne will be your long-term partner in delivering high-quality corporate services.
