When planning to register a company in Singapore, whether for the first time or not, it is paramount that you understand all the costs that you will incur. Singapore is a business-friendly city-state and tries to minimize the cost of registering a business. This applies whether the entrepreneur is a local or a foreigner. Once you understand the costs, making a budget and looking for the appropriate agents will then follow with ease. For your information, one can save a lot of money when you compare the agents’ fees and choose the one who has the best offer.
Making a Budget
The first thing you must do is to include the cost of incorporating your company in Singapore when making a business plan. For the locals, this step is less expensive because they can take themselves through the process. The basic fees will cost everyone an average of $15 for the name approval and $300 for the registration of the business. However, this will vary depending on the type of business.
On the other hand, foreigners are not allowed to self-register a business, and they must use an agent. Most of the agents, if not all, have packaged their services in ways that offer more services than just business registration for foreigners. Therefore, it is important to choose the agent wisely to get the best package.
Choosing the Appropriate Package
Although locals can still use an agent to incorporate their business for a fee, foreigners are the ones who typically use these services. The most reputable agents like One Visa usually have the best packages for you to choose from. The aim of most agents is to add value to a package through benefits like offering consultancy services, providing a secretary and address. Since the extra services provided vary, it is easy to choose one package over another. A typical package would include services like business name approval, business incorporation, secretary services, company registration services and a business profile for around $750.
Because this is a typical example, you will notice that there are other packages that are higher or lower than $750, which is the average for most agents. So, one has to be careful when choosing because cheaper packages may compromise on a few things that your company really needs. But of course, you can omit things that look exaggerated, and you can easily find certain things like a business address for a very reasonable price.
Other Costs Incurred
Apart from this main cost, you will also find that there are other costs that are related to incorporation. These include the telephone charges associated with follow-ups and even the transport costs you incur when running these errands. It is crucial to include all these no matter how small they may sound to record the total amount spent.
By now, it is clear that business incorporation in Singapore has a cost that depends on whether you are a local or a foreigner. But most important is choosing an affordable option with all the services that your business requires.