In Singapore there is no single figure in the cost of establishing a company. It is a pile of small, even irritating bills that pile up. Others are fixed and others are dependent on the degree to which you would wish to be practical and others just come into sight after you believed that you were through. See our website here!

Begin with the simple sign up. Registration fee by the government is relatively simple – SGD 315 to get a company name registered and incorporate. A light-hearted part that is. No underhand math.

However, this is where the truth comes in: the majority of the population does not establish a company alone. It will consist of a corporate service provider, which you are most likely to come across. They cost between SGD 300 and SGD 1,500 depending on the package. The low prices are enticing but may not include some of the requirements such as a company secretary or the registered address.

By the way Singapore is enforcing the hiring of a local secretary by all companies within six months. No exceptions. You will contract a company otherwise. Approximately SGD 200-SGD 600 per year. It is not a single hit wonder and it has a repeat.

In it there is the address of registered office. Unless you rent office (most startups do not do so), you will pay to utilize virtual address service. It would be averagely between SGD 100 and SGD 300 per annum. This is smuggled within the package of some providers but not all. Always be sure–and here folks are busting over it.

And here the greatest of foreigners, nominee director services. One of the local resident directorates is Singapore. You will have to employ one unless you are qualified. Prices can vary anywhere, although an average is SGD 1,500 to SGD 3,500/year. And it is going on. This alone can lead to doubling your start up costs.

Bank accounts are also not opened free of charge. Others are paid and others are free but you may pay a couple of hundreds of dollars based on the implication of the bank and service provider. Worse still, time- it might even take weeks particularly during the absence of a person physically in Singapore.

There is no forgetting of costs of compliance. Filing of tax returns and accounting is not optional. Very minimal accounting services can begin at SGD 500 a year with small businesses and explode with increasing transactions. Audit fees? Through certain gates dost pass, But set thyself, when thou pass, stout–no little hurt.

Some small nearly insignificant expenses also exist. Company seal, business licences (where applicable in your business) and even the cost of courier of documents. Individually minor. Together, noticeable.

One may need to spend between SGD 800 and SGD 2000 to put a finger on it in the first year when a local founder will be involved. A foreign founder? SGD 3,000 to SGD 6,000, including the services of the nominee directors, and the additional help.

And here is the actual image. Not scary, yet, by no means, a one-off purchase cost of SGD 315.