Setting up a private limited company in Singapore involves various costs, which include both one-time registration fees and recurring expenses. While the exact costs may vary depending on specific requirements and professional services engaged, it is possible to estimate the overall expenses involved.
The first step is to register the company with the Accounting and Corporate Regulatory Authority (ACRA) in Singapore. The registration fee is typically SGD 300. Additionally, engaging the services of a professional firm to assist with the incorporation process may incur additional costs, ranging from SGD 1,000 to SGD 3,000.
To meet the legal requirements, every company in Singapore must appoint a qualified company secretary. The cost of engaging a company secretary can range from SGD 500 to SGD 3,000 annually, depending on the complexity of the business.
Another recurring expense is the mandatory filing of annual financial statements, which must be prepared by a qualified auditor. The audit fees can vary based on the company’s size and complexity but typically range from SGD 2,000 to SGD 8,000 per year.
Apart from these obligatory expenses, there are also optional costs to consider. These include renting office space, hiring employees, obtaining relevant licenses or permits, and engaging professional services for taxation, legal compliance, or business consulting.
It is worth noting that Singapore offers various tax incentives and grants to support businesses, which can help offset some costs. It is advisable to consult with a professional service provider or seek guidance from government agencies to explore available options and understand the specific costs associated with your business needs.
Overall, while the cost of setting up a private limited company in Singapore involves several factors, a conservative estimate would suggest that the initial setup and annual recurring expenses could range from SGD 3,000 to SGD 10,000 or more, depending on the complexity and scale of the business.