A Quick Guide for All Costing for Startups in Singapore

You can register your Singaporean business as a private limited company, limited liability partnership, sole proprietorship, etc. If you are a Singapore Resident, you can self-register it via ACRA's BizFile+ e-portal. However, many outsource the task to an experienced provider of Singapore incorporation services.

Registered Filing Agent in Singapore

As per the Company Law of Singapore, foreigners cannot self-register their company in Singapore. These individuals too benefit from choosing a competent provider. SBS Consulting has affordable Singapore incorporation packages for foreigners starting from only S$699.

Singapore Company Registration

To self-register, your Singapore company apply to the Company Registrar, i.e. ACRA. The procedure has only 2 steps. ACRA's fees for setting up a new company comes to S$315.

During the process, you will need to provide your company name, registered local office address, residential address, and business type.

Business Permits and licenses

If your business needs any permits and licenses, apply to appropriate authorities and acquire them. These may cost you a few hundred dollars.

Business Finance

There are various ways of financing your business. You could choose to bootstrap or self-finance it. You can also get it from an individual investor, Venture Capitalists, Angel investors, or by crowdfunding. Or, you can approach a bank and ask for a loan.

Setting Up Your Singaporean Business

To establish your new business, you will need to buy or rent an office space, warehouse (if needed), equipment, and furniture. You will also need to invest in business insurance and hire employees.

Office Rental

If you have located a place for your office, rent it. Lock it down by signing a contract with the landlord. Initially, you will need to pay a months rent plus deposit at the time of signing the rental agreement.

Office Renovation

Renovating your rented place will help you in making it more presentable and catchy. You can paint the place in inviting colour, create additional powerpoints, partition it to create meeting rooms. You can also populate it by buying or leasing appropriate furniture, or office equipment like computers and printers. Renovating, even a small office may cost you a few thousands. A major effort may cost you tens of thousands.

Buy Business Insurance

You will need to invest money to buy insurance for you as well as your employees. In fact, you may need general liability insurance to rent office space. You may need to shell out a few hundred dollars in premium to buy substantial coverage.

Hire Employees

Initially, a new business owner should first learn the ropes of the business. Generate cash flow and hire employees only when it makes sense. However, depending on your business goals and budget, you can immediately start hiring employees. Hiring senior or specialists is costly. The employment agencies charge 20% of such candidate's annual salary. Hiring entry-level candidates cost less.

Business Overheads

Once you start your business activities, employee salaries, rental, utility expenses, furniture and leasing of machines will be your major monthly expenses. Depending on the scale of your operation, you may need from a few thousand to hundreds of thousands per month to cover your overheads.

Marketing & Advertising

Marketing of your products and services helps you in reaching your targeted customers. Companies often spend up to 10% of the projected revenue on their marketing campaigns.

Raw Materials

If you are setting up a software company, you will hardly need any raw material costs to develop software. However, if it is a restaurant or a catering company, you will need to spend heavily on the raw material.

Bookkeeping and Accounting

ACRA expects you to do your business bookkeeping and accounting regularly. It is a statutory requirement. However, it also gives you insight into your business finance. Be spot on it. You may have to hire an in-house accountant or a provider of accounting services in Singapore.

Well, it is easy to register a Singapore company. ACRA's official fee is S$315. However, you need more money to run your business. Call us on +65 6536 0036 or email us at info@sbsgroup.com.sg, if you are searching for one of the cost-effective Singapore incorporation packages.