Important Determinants of Company Incorporation Costs in Singapore

Accounting & Company Secretarial Services in Singapore

Are you looking to start a company in Singapore and wondering about the company incorporation cost? Here, we have discussed the various expenses involved in incorporating a company in Singapore so that you can make an informed decision.


Government Fees:

For company incorporation in Singapore, there are certain government fees that need to be taken into account including the registration fee and the name application fee.


Engagement of Professional Services:

Engaging professional services, such as a corporate service provider or a law firm, is highly recommended during the company incorporation process. These professionals can guide you through the legal and administrative requirements, ensuring compliance and a smooth incorporation process. The costs associated with professional services may vary depending on the level of assistance required, such as company name reservation, preparation of necessary documents, and application for necessary licenses and permits.


Company Secretary:

According to Singapore’s Companies Act, every company must appoint a qualified company secretary within six months of incorporation. The company secretary plays a crucial role in ensuring compliance with legal and regulatory obligations. The cost of engaging a company secretary can vary based on the level of expertise and services provided. It is important to choose a reputable and experienced company secretary who can fulfill the required responsibilities efficiently.

Recommended post: All that you need to know about a company secretary in Singapore


Registered Office Address:

Singapore requires every registered company to have a local physical address as its registered office. This address will be used for official correspondence and must be accessible during normal office hours. Companies can either rent office space or engage the services of a registered office address provider. The cost will depend on the location, size, and facilities associated with the chosen option.


Work Visas and Employment Passes:

This is another cost that you may have to consider while incorporating a company in Singapore especially if you want to hire foreign talents. The costs to obtain work visas can vary depending on the type of pass and the applicant’s qualifications.


Business Licenses and Permits:

If the nature of your business falls in such a category that requires a business license or permit, you need to consider this in your overall company incorporation costs. Examples include licenses for financial services, import/export activities, food establishments, and employment agencies. Call a business consultant in Singapore to know more about business license costs.


Conclusion:

Incorporating a company in Singapore involves various costs that need to be considered for proper financial planning. Understanding the expenses related to government fees, professional services, company secretary, registered office address, work visas, licenses and permits, and annual compliance will help you estimate the overall incorporation costs. It is important to allocate sufficient resources and work with reputable professionals to ensure


Hire a business consultant who can provide you with the reliable yet affordable company incorporation services in Singapore!

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ACRA Cancels Registration of Filing Agent and Qualified Individual for AML/CFT Breaches

The Accounting and Corporate Regulatory Authority (ACRA) had cancelled the registrations of filing agent (RFA) and qualified individual (RQI) on 18 January 2024. The registrations were cancelled in view of breaches of anti-money laundering and countering the financing of terrorism (AML/CFT) controls under the ACRA (Filing Agents and Qualified Individuals) Regulations 2015 (the “ACRA Regulations”).

Some of the basic AMT/CFT controls that a RFA and RQI are required to exercise are as follows:

(a) perform additional customer due diligence measures when a customer is not physically present during onboarding;

(b) inquiring if there exists any beneficial owner in relation to some of its customers; and

(c) perform risk assessments i

RQIs and RFAs provide corporate secretarial services for business entities, such as helping customers to incorporate companies, file annual returns and fulfil other filing requirements under the Companies Act 1967 or other Acts under ACRA’s purview. RQIs and RFAs are required to perform customer due diligence measures in accordance with the ACRA Regulations, and conduct their business in such a manner as to guard against the facilitation of money laundering and the financing of terrorism. RQIs and RFAs must also satisfy statutory requirements such as being fit and proper persons, to be registered or continue to be registered.

RQIs and RFAs who breach their statutory obligations may be subject to enforcement actions, such as financial penalties of up to $10,000 or $25,000 per breach respectively or have their registrations with ACRA suspended or cancelled.

Therefore, RQIs and RFAs play an important role in helping to detect and combat illicit activities.

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