By The ContactOne Team  ·  Updated 14th March 2026 ·  10 min read

You’ve got the idea. You’ve got the drive. You’ve told your parents, your spouse, and possibly your cat. Now you’re Googling “how to start a company in Singapore” and the first thing you see is: “Register a Pte Ltd from $300.”

And you think… brilliant, that’s cheaper than a month of kopi-o and bubble tea combined. I can do this.

You can. But let’s be completely honest with each other: $300 is just the appetiser. The full meal has a few more courses, and some of them aren’t on the menu. This guide breaks down the real, nothing-hidden cost of getting a company off the ground in Singapore, so you walk in with eyes open and wallet appropriately prepared.

Part 1: The Costs You Know About (And Probably Underestimate)

Company Registration with ACRA

To incorporate a Private Limited Company (Pte Ltd) in Singapore, you file with ACRA, the Accounting and Corporate Regulatory Authority. The government filing fee is $315. That’s the number everyone quotes.

But ACRA doesn’t do your paperwork for you. You’ll need a registered filing agent to prepare your incorporation documents, Constitution of the comapany, submit your application, and make sure everything is correct. A good Corporate Service Provider bundles all of this, ACRA fees, preparation, and filing, for $600 to $800 as an all-in package.

Pro tip: don’t try to DIY this on BizFile+ unless you genuinely enjoy reading government portals at midnight. The forms are manageable, but one wrong entry in your constitution or share structure can cause headaches for years.

Paid-Up Capital

Singapore law requires a minimum paid-up capital of just $1. One. Single. Dollar. So technically, you can start a company with a coin from your pocket.

However banks don’t love this. When you apply for a corporate bank account, they look at paid-up capital as a signal of seriousness. Most founders start with $1,000 to $10,000 in paid-up capital. This isn’t a fee. It’s your own money going into the company account, but it is real cash you need to set aside from day one.

Company Secretary

Under the Companies Act, every Singapore Pte Ltd must appoint a Company Secretary within six months of incorporation. This is not optional, and you cannot appoint yourself if you are the sole director.

A Company Secretary handles your annual returns, AGM documentation, statutory registers, board resolutions, and ACRA filings. Budget $280 to $600 per year for a basic corporate secretarial package from a licensed CSP.

Registered Address

Your company must have a registered address in Singapore from day one, and it becomes public record on ACRA. You can use your home address, but that means anyone searching your company on BizFile+ can find where you live. A registered address service typically costs $120 to $300 per year and is often bundled with secretarial packages.

The ACRA fee is $315. The total cost of getting properly set up is closer to $1,500 (including money injected into the company bank account) before you’ve made your first dollar.

Part 2: The Costs You Forgot About

Corporate Bank Account

You cannot run a business from your personal bank account… well, technically you can, but your accountant will cry, IRAS will be confused, and you’ll spend years untangling personal from business finances.

Opening a corporate account in Singapore sounds simple. It is not. DBS, OCBC, and UOB have all tightened KYC requirements significantly since 2020. Approval is not 100% guaranteed and can take two to six weeks. Don’t worry, if you are clean… you are good! Most traditional SME corporate accounts require a minimum balance of $1,000 to $10,000, fall below that and you’ll pay monthly fall below fees of $15 to $50. Of course you can avoid fall below fees entirely if you sign up for alternative digital bank accounts or something like the DBS Business Multi-Currency
Account Starter Bundle which comes with a fee of $10/month.

Digital business accounts (Aspire, Airwallex) are easier to open and have lower minimums, useful as a secondary account while your main bank account processes.

It is important to make sure the bank account you choose can fulfill all the banking requirements you need. For example, if GIRO, FAST transfer or corporate Paynow is crucial to you, except for the big 3, do make sure the alternative banking solutions you choose support these methods.

Accounting and Tax Services

Here’s what blindsides more new founders than almost anything else: your company must file taxes even if it made zero revenue.

IRAS requires you to file an Estimated Chargeable Income (ECI) within three months of your financial year-end, and a full corporate tax return annually. Miss these deadlines and penalties start at $200 and escalate. Basic accounting, drafting of financial statements and tax filing for a small company costs approximately $700 to $1,500 per year. If you do your own bookkeeping using Xero or QuickBooks, add $30 to $80 per month for the software. The actual amount will largely depend on whether you want to outsource the bookkeeping function or to do it yourself.

Business Licences and Permits

Depending on your industry, you may need additional licences before you can legally operate, and many founders discover this uncomfortably close to their launch date. Food businesses need SFA licences; financial advisory businesses need MAS licensing; employment agencies need MOM approval. Costs range from a few hundred to several thousand dollars, plus processing time that can stretch to months.

Business Insurance

Not legally mandatory for most businesses, but operating without cover is a gamble. Professional indemnity insurance for a small consultancy starts at around $800 to $2,000 per year, depending on industry and coverage. The nature of your business will be the most important factor in deciding how critical is business insurance to you and your business.

Part 3: The Operational Reality

Your Office or Workspace

This is your biggest variable cost. The options honestly:

Work from home: Free forever after paying a one time $20 fee. You can apply for the Home Office Scheme through URA for private homes or HDB for flats. If you are renting, check your tenancy agreement first; some leases prohibit commercial activity.

Co-working space: Hot-desking at JustCo, WeWork, or The Work Project runs $200 to $500 per month. A dedicated desk is $600 to $1,200. A private office for two to four people starts around $2,000 per month.

Traditional office: Budget $4 to $12 per square foot per month for office units. A modest 400 sq ft space runs $1,600 to $4,800 monthly, plus two to three months’ deposit and renovation costs.

Technology and Tools

Modern businesses run on subscriptions. A realistic tally for a small service business: Microsoft 365 or Google Workspace at $12 to $20 per user monthly; a basic website at $200 to $500 to set up and $100 to $300 annually to maintain; video conferencing and project management tools at $50 to $150 per month combined.

Your Own Salary

One of the most common mistakes first-time founders make is not factoring in their own income needs during the startup phase. If you’re leaving employment, you need personal runway to cover living expenses for at least six to twelve months. In Singapore, personal living costs run roughly $2,500 to $5,000 per month depending on lifestyle and dependents.

Marketing and Customer Acquisition

How will people find you? Whatever the answer, be it Google Ads, LinkedIn, networking, referrals… it has a cost. For a local service business, budget at minimum $500 to $2,000 per month on marketing to see meaningful results within Year 1. A professional website that doesn’t look like it was built in 2009 costs $2,000 to $8,000 from a competent developer.

The Full Picture: Year 1 Cost Summary

Here’s a realistic Year 1 total for a typical solo or two-founder service business in Singapore, operating lean but professionally:

That’s a wide range because businesses vary enormously. At the leanest end, working from home, minimal marketing spend, doing your own bookkeeping, creating your own website, using the most basic tech tools, you could come in under $5,000. At the more structured end, proper office, active marketing, full professional support, you’re looking at $40,000 to $55,000 before you pay yourself a single dollar.

Key Takeaways

Have at Least 12 Months of Runway

Before you incorporate, add up your estimated business costs for 12 months, plus personal living costs for 6 to 12 months. That total is your minimum starting capital. Starting underfunded is one of the most common and most avoidable reasons small businesses fail.

Don’t Optimise for the Wrong Number

Saving on corporate compliance by wanting to do them yourself may not be the cheapest option in the long run. A missed annual return costs $300 in penalties. A missed tax return may trigger an estimated tax assessment on your business income and other associated composition fees. Prolonged non filings can cost thousands in fines, penalties and professional fees to fix. Spend wisely on professional support, the compliance costs are small relative to your total expenditure, but the consequences of getting them wrong are disproportionately large.

What You Actually Need to Get Started

• NRIC / passport of all directors and shareholders
• Proposed company name (have 2–3 options ready)
• Intended business activities (SSIC code)
• Shareholding structure (who owns what percentage)
• Registered address (or sign up for a service)
• Company secretary appointed within 6 months
• Corporate bank account
• Basic accounting arrangement in place before first transaction