5 min read
One of the first questions many aspiring entrepreneurs ask is:
“How much should I budget to start a company in Singapore?”
Many people focus only on the incorporation fee. However, incorporation is just the beginning. Running a company also involves ongoing compliance requirements, including corporate secretarial services, bookkeeping, financial statements and tax filing.
Understanding these costs from the outset will help you budget realistically and avoid unexpected expenses.
👁️🗨️ At a Glance
Expense | Cost |
| ACRA company name application | S$15 |
| ACRA company registration | S$300 |
| Company incorporation professional services | Varies by provider |
| Annual corporate secretarial services | Varies by provider |
| Bookkeeping | Prologue fees from S$150 per year |
| Annual Financial Statements & Corporate Tax | Prologue fees from S$800 |
💡 Professional fees vary depending on the service provider and your business requirements. The ACRA fees shown above are government fees.
One-Time Costs
Company Incorporation
To incorporate a private limited company in Singapore, you must first reserve your company name before completing the incorporation process.
ACRA currently charges S$15 for the company name application and S$300 for company registration.
If you engage a corporate service provider to assist with the incorporation, additional professional fees will apply. These vary depending on the provider and services included in the incorporation package.
Company incorporation services are available through our trusted corporate secretarial partner.
[Contact us for current package pricing]
Ongoing Annual Costs
Corporate Secretarial Services
Every Singapore company must appoint a company secretary within six months of incorporation.
Companies also have ongoing corporate compliance obligations after incorporation, including maintaining the required company records and filing their Annual Returns. Many small businesses engage a corporate secretarial service provider to assist with these requirements.
Corporate secretarial fees vary depending on the service provider and the services included in the package. Additional fees may also apply for matters outside the standard annual services.
Corporate secretarial services are available through our trusted corporate secretarial partner.
[Contact us for current package pricing]
Bookkeeping
Every company must maintain proper accounting records, but the amount of bookkeeping support required will depend on the nature and volume of its transactions.
A small business with relatively few transactions may only require annual bookkeeping support, while businesses with higher transaction volumes or more complex reporting requirements may require quarterly or monthly bookkeeping.
Our bookkeeping services start from:
S$150 per year
Fees depend on factors such as:
- Transaction volume
- Frequency of bookkeeping required
- GST registration
- Payroll requirements
- Complexity of the accounting records
Annual Financial Statements & Corporate Tax Compliance
Singapore companies generally need to prepare annual financial statements and meet their corporate income tax filing obligations. Whether the financial statements must also be filed with ACRA depends on the company’s circumstances.
Our annual financial statements and tax services start from:
S$800
The fee depends on factors such as:
- Quality of bookkeeping records
- Company size
- Accounting complexity
Other Costs to Consider
Incorporation and compliance costs are only part of your start-up budget. You should also consider the operating costs you will incur while getting the business established and how much working capital you may need before the business generates sufficient cash to cover its expenses.
Depending on your business, these may include:
- Business insurance
- Website and domain name
- Google Workspace or Microsoft 365
- Accounting software
- Marketing and advertising
- Rental
- Payroll (where applicable)
- Professional licences (where applicable)
Some of these costs are one-off, while others will recur monthly or annually. When preparing your budget, separate them by frequency and estimate how many months of operating expenses you may need to fund before the business becomes self-sustaining.
How Prologue Can Help
Prologue provides accounting and tax support for Singapore small businesses, while company incorporation and corporate secretarial services are provided through our trusted corporate secretarial partner.
Our fees are structured according to the work your business actually requires, so you can understand the likely costs before deciding what support you need.
📩 Downloadable Resource
📄 Business Start-up Budget Planner
Frequently Asked Questions
Do I need a company secretary if I am the only director?
Yes. Under the Singapore Companies Act, every company must appoint a company secretary within six months of incorporation. The company secretary must meet the statutory requirements and cannot be the sole director of the company.
Can I do my own bookkeeping?
Yes, provided you have the necessary accounting knowledge and sufficient time to maintain accurate and complete accounting records.
When should I engage an accountant?
There is no single point at which every business needs to engage an accountant. However, it may be useful to seek professional advice early if you are unsure how to set up your accounting records, have GST or tax issues to consider, or expect your transactions to be more complex.
Even if you maintain your own bookkeeping, getting the accounting structure right from the beginning can help avoid problems later.
Can Prologue help with both incorporation and accounting?
Yes. Prologue provides accounting and tax services and works with our trusted corporate secretarial partner for company incorporation and corporate secretarial services. This allows the services to be coordinated through a single point of contact.
Continue Building Your Business
Building a successful business is an ongoing journey. Explore our Knowledge Hub for practical articles, guides and checklists designed to help Singapore business owners navigate accounting, taxation, compliance and business growth with confidence.
Need professional support?
If you would rather focus on growing your business while leaving the accounting and compliance to experienced professionals, we would be pleased to help.
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Every business is different. This article provides general information only and should not be relied upon as accounting, tax or legal advice. If you require advice tailored to your circumstances, please seek professional assistance.