How Much Does It Cost to Set Up and Run a Singapore Company in Year One?

Short answer: Setting up and running a simple Singapore private company for its first year costs from about S$5,115 for a local founder using Raffles Corporate Services, covering ACRA fees, incorporation, company secretary, registered office, bookkeeping, XBRL financial statements and tax filing. A foreign founder needing a nominee director should budget from about S$7,515, plus a S$3,000 refundable deposit.

Raffles Corporate Services works with a panel of experienced Singapore law firms who offer cost-effective and efficient legal service and advice. This article is general information only and is not legal advice.

What are the government fees to incorporate a Singapore company?

ACRA’s fees to set up a private company limited by shares total S$315: S$15 to apply for the company name and S$300 to register the company. There is no separate government fee for the company’s constitution if you adopt the model constitution.

These figures are from ACRA’s published service and transaction fees for companies, last updated on 29 January 2026. The only other routine ACRA fee in a normal year is S$60 to file the annual return, which falls due seven months after the financial year end for a private company. If your first financial year end is late in the year, that first annual return may fall in your second calendar year.

Share capital is not a fee. Whatever amount you put in remains the company’s money, available for its business, so it should not be counted as a set-up cost. See how much share capital a Singapore company should start with.

What does the incorporation package cover, and what does it cost?

The Raffles Corporate Services Incorporation of Company Package is a one-time S$450 for a private company. It covers the ACRA name check, the name registration, the company constitution and the company business profile.

Incorporation is typically completed within one business day of receiving complete documents and clearing compliance checks. The model constitution is used, and additional share certificates are S$100 each. Optional items include a company stamp from S$35 and a company seal from S$90.

The steps are straightforward:

1. Choose a company name and confirm it is available.
2. Confirm the directors, shareholders, company secretary and registered office.
3. Provide identity documents and complete customer due diligence, including a video call for remote transactions.
4. Sign the consents and incorporation documents.
5. Raffles Corporate Services files the application on Bizfile and you receive the business profile.

For a walk-through of the full process, read how to register a company in Singapore from start to finish.

What are the ongoing compliance costs in year one?

After incorporation, the recurring costs are the company secretary, the registered office, bookkeeping, financial statements and the corporate tax return. For a small company with simple records, these come to about S$4,350 a year at Raffles Corporate Services’ published prices.

The registered office is in Singapore’s CBD, with a digital mailbox and document storage in Raffles Vault and physical mail collection at the office. Clients also get a personalised WhatsApp group with a dedicated team.

Higher volumes cost more: the Standard accounting tier is S$1,100 a quarter for up to 75 transactions a month, and GST-registered companies add from S$300 a quarter. Our guide to your Singapore company’s first year of compliance sets out when each of these obligations falls due.

What extra costs does a foreign founder face?

A foreign founder who does not live in Singapore needs a director who is ordinarily resident here, and is subject to additional customer due diligence. At Raffles Corporate Services, that typically adds a nominee director fee from S$2,000 a year, a S$3,000 refundable deposit and a compliance check fee.

Nominee director

Section 145 of the Companies Act 1967 requires every company to have at least one director who is ordinarily resident in Singapore. A Singapore citizen, permanent resident or a foreigner with a valid pass residing in Singapore can fill the role. If none of the owners qualifies, a nominee director can.

The Raffles Corporate Services nominee director service starts from S$2,000 a year, with a S$3,000 refundable deposit held by Raffles Corporate Services. The deposit is released to the nominee director only if the company’s legal or administrative matters require the nominee to incur disbursements, and it is refunded to the client within seven working days after the service ends. A reduced deposit is accepted where the accounts are done in-house by Raffles Corporate Services. Monthly bank statements must be sent to the firm, and the nominee director may resign if the company is non-compliant.

Under the Corporate Service Providers Act 2024, in force since 9 June 2025, a person may not act as a nominee director by way of business unless the appointment is arranged by a registered corporate service provider that has assessed them as fit and proper. Read more in our guide to nominee directors in Singapore.

Compliance check fees

Because corporate service providers must carry out customer due diligence, compliance check fees apply where required: S$80 for work pass holders, S$250 for non-resident entities and S$400 for non-resident individuals. Remote incorporations require a video call with the relevant parties.

Relocating to Singapore

If the founder plans to move to Singapore and work in the company, a work pass is a separate cost. Our associated company, Little Big Employment Agency Pte Ltd, is licensed by the Ministry of Manpower; its fees are listed at singaporeemploymentagency.com. Once the founder holds a valid pass and resides in Singapore, they can generally be the local director, removing the need for a nominee.

How much does year one cost in total? Local founder vs foreign founder

For a simple, audit-exempt company that is not GST-registered and has up to 30 transactions a month, year one costs from S$5,115 for a local founder and from S$7,515 for an overseas founder, plus the refundable deposit.

The examples exclude bank charges, GST, payroll, work passes, licences specific to your industry and any corporate tax payable. Qualifying new companies may claim IRAS’s start-up tax exemption for their first three consecutive years of assessment: 75% of the first S$100,000 of normal chargeable income and 50% of the next S$100,000 are exempt from tax, and the 17% corporate tax rate applies to the chargeable income that remains.

Which costs can you reduce, and which should you not cut?

You can reduce costs by keeping transaction volumes tidy, using one bank account and one currency, and having a resident founder act as director. You should not cut the statutory items, because late filing penalties quickly exceed any saving.

• Keep business and personal spending separate, so bookkeeping stays within the Starter tier.
• Avoid multi-currency accounts until you need them; multi-currency books carry a 25% uplift.
• Do not miss the annual return: ACRA’s late lodgement penalty is S$300 up to three months late and S$600 beyond that.
• Confirm the company secretary within the six-month window, and keep the registered office current.

For what to do in the weeks after incorporation, see the first 30 days after incorporating a Singapore company.

Frequently asked questions

Can a foreigner own 100% of a Singapore company?

Yes. There is no local shareholding requirement for a private company. The requirement is for at least one director who is ordinarily resident in Singapore, which a nominee director can satisfy.

Is the S$3,000 nominee director deposit a fee?

No. It is a refundable deposit held by Raffles Corporate Services and returned within seven working days after the nominee director service ends, unless it has been used for disbursements the nominee had to incur for the company.

Does the S$450 incorporation package include the ACRA fees?

The package covers the name check, name registration, constitution and business profile. The worked examples in this article show the S$315 ACRA fees as separate lines so the total is not understated; your quotation will confirm the exact breakdown.

Do I need an auditor in year one?

Most new private companies do not. A company under two years old qualifies for audit exemption if it meets at least two of the three small company criteria (revenue up to S$10 million, total assets up to S$10 million, 50 or fewer employees) in the current financial year.

Can I use my home address as the registered office?

The registered office must be a Singapore address where the company’s records can be kept and notices received. Raffles Corporate Services offers its registered office only together with the Annual Corporate Package, at S$200 a year.

Last reviewed: 4 October 2026. The Editorial Team, Raffles Corporate Services.