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Best company incorporation service providers in Singapore

Review By FinestInCity.com
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Best company incorporation service providers in Singapore

Are you planning to incorporate your company in Singapore? Since it is no breezy task, most business owners ask for help from company incorporation services Singapore providers. The expert incorporation consultants will offer the best company incorporation services in Singapore.

Company incorporation services Singapore firms will guide you with the step-by-step process on how to set up a business in Singapore. Are you for the hunt for the best company incorporation services Singapore consultants but are not sure where to start? Well we have got that covered for you and we’re here to help. After some research, we have compiled the most trusted company incorporation services Singapore providers with long years of experience, excellent track record and at reasonable rates.

We hope that by reading this article, it will help to narrow your list and you can get started on work. Here is a list of the top 5 company incorporation services Singapore providers. 

1. WLP Group 

WLP Group is a company incorporation services Singapore consultancy firm. Founded in 2013, their mission is to offer corporate services striving towards 3 concepts: efficiency, consistency and integrity. They have an experienced team of company incorporation services Singapore consultants. Their consultants have helped many entrepreneurs through the process of business formation in Singapore.

2. Lanturn 

Lanturn is best known for their easy and streamlined process when it comes to their company incorporation services Singapore systems. They offer services in company incorporation, corporate secretary, accounting and tax, immigration and visas, and virtual CFO. They are accredited with experiences and professional directors and advisors. They will go the extra mile to reduce the burden carried by small business owners. They offer the best all-inclusive company incorporation services Singapore packages.

3. Leftright Corporate

Leftright Corporate is a company incorporation services Singapore provider best known for for being the goldilocks of reliable business-related services. Leftright Corporate’s mission is to turn be the advisor of new entrepreneurs, especially during the new company setup process.

4. IMC Group 

Founded in 1979, IMC Group has grown to be one of the more reputable incorporation and corporate services providers in Singapore. They are best known as a company that offers a one-stop solution. This includes corporate secretary services, company formation, immigraption, accounting, taxation, and trademark registration. They have competitive rates for their streamlined and simplified process of company incorporation. 

5. Fastcorp 

Just like their name, Fastcorp services are best known to be quick. They offer company incorporation services, corporate secretary and employment pass. One factor they have that’s different to other company incorporation services Singapore providers, are the years of experience. With 20 years of experience, they have helped thousands of business owners set up their companies in Singapore. They are reliable, affordable and fast. They can handle all company registration requirements in under an hour.

In summary

Being one of the most competitive industries, there are thousands of company incorporation services Singapore providers. However with the right background research, you can find the best and most trusted option for your company to work with. We hope that we narrowed that list down for you. If you want to know more about the Top 5 in Singapore, FinestInCity has all the answers for you. Explore our website for more! 

Best Company Incorporation Service Providers In Singapore

WLP Group

+65 6493 2970

Lanturn

+65 6304 8087

Leftright Corporate

+65 3159 4755

IMC Group

+65 9234 0891

Fastcorp

+65 6817 9888

5 questions to ask regarding Singapore company incorporation fees

Starting a business is an investment. Therefore, you would want your investment to be profitable. That is why many entrepreneurs had been planning to start a new company set up in Singapore. There are many great reasons why you should set up company in Singapore. Two of the reasons are the tax incentives and low corporate tax.

Are you planning to set up company in Singapore? You need to know how to incorporate a company in Singapore. Are you familiar with the new company set up policies? If not, you should seek the services of a consulting firm that helps set up company in Singapore. One of the factors you should ask them is about the Singapore company incorporation fees. Here are the 5 Singapore company incorporation fees questions that you should ask.

Question #1 – How much is the new company set up registration fee?

Company registration is the first of the new company set up steps. It is fully computerized and is done through the BizFile+ portal. Thus, this is the first Singapore company incorporation fees that you should be aware of.

Company name registration is the first step to set up company in Singapore. ACRA charges a fee of S$15 for the company name approval. Then, another S$300 will be charged for the last registration. In total, S$315 is the total Singapore company incorporation fees for registration. That is what you’ll pay if you did the registration on your own.

However, only a SingPass ID holder can access the BizFile+ portal. This means that foreigners can’t access the said portal. Therefore, They will need the assistance of a incorporation firm to set up company in Singapore. Most of the new company set up agencies that offer service packages. This will cost you S$500 to S$1,500 depending on the service package you choose. Having a new company set up firm to guide you with registration is also recommended even for first-time SingPass ID holders.

Question #2 – How much does it cost to comply with the new company set up requirements?

Accounting requirements

ACRA requires every new company set up in Singapore to have an accounting system. Each business needs to properly keep the financial transaction statements of the company. It should be kept for at least five years since the transaction is made. This can be very complex if you do it on your own.

That is why many businesses choose to outsource their accounting system. A new company set up the accounting system can cost at least S$350. This is usually a one-time fee. Another one of the Singapore company incorporation fees is bookkeeping. This can range from about S$250 to S$2,500 per month. Lastly, a compilation of financial statements can cost at least S$400.

General Compliance

For general compliance, you’ll need a registered office in Singapore. A provision of a registered office address can cost at least S$110 annually. Hiring a resident director and company secretary in Singapore is required and will be added to your fees.

A cheaper option is to seek help from their respective firms.  A directorship service can cost at least S$1,800 annually. On the other hand, a company secretary service can at least cost S$280 per year.

Filing of annual returns

Every business is required to file an annual return to ACRA. That also includes every new company set up in Singapore. The filing of annual returns has Singapore company incorporation fees of S$60. This is accomplished by the company secretary.

If you do not have an in-house secretary, you can acquire the services of secretariat firms. However, it should be specified if the Singapore company incorporation fees of the firm include the S$60. 

Tax filing

Every company set up in Singapore is required to pay corporate taxes. They should pay the consumption tax (GST form) if they have an annual turnover of over S$1,000,000.

Taxes can be confusing especially if there are a lot of compound income transactions. An accredited accounting firm can take this load off of your company. This service prices at S$350 to S$500 per filing.

Audit

An auditor should be appointed within three months of the incorporation of a new company set up in Singapore.

A new company set up is exempted from audit if it is a small company or a dormant one. Otherwise, a Singapore company incorporation fees of S$3,000 per audit should be paid.

Question #3 – How much will it cost to set up company in Singapore office?

Setting up your company remotely is the cheapest option that you can do. If it does not apply to you, the next option is to rent a co‐working space. For a hot desk, you can be charged for at least S$250. Singapore company incorporation fees for a dedicated working space can cost at least S$350. These office fees can be cheaper the farther you are from the Central Business District. In addition, this option will save you on office equipment and utility bills. However, if you prefer to rent or buy commercial property, that is fine too, as long as you have the budget.

Question #4 – How much will it cost to open a business bank account?

A bank account is needed in a new company set up in Singapore. You’ll need it for your company’s payment system. There are two types of bank accounts that you can open for your company set up in Singapore. The first one is a business digital account. Usually, it will require an initial deposit of S$1,000. There is also a monthly account maintenance fee of S$18.

The other one is a multi-currency account. This is recommended if you have overseas business transactions. It needs a maintaining balance of S$10 thousand and an initial deposit of S$3,000. As for the maintenance fee, it will cost you around $40. These bank Singapore company incorporation fees are just estimated prices. If you can find banks that offer lower fees, go for it.

Question #5 – Can you tell me about other business expenses?

You should ask your company incorporation specialist about marketing and HR expenses. Marketing and HR are not related to company incorporation. However, a good company incorporation specialists in Singapore should have a great idea on other business expenses. As a new business owner, it’s always wise to seek help from others, especially in areas that you might be unfamiliar with.

For example, websites cost differently depending on the type of business. An e-commerce website is more complicated than a simple company info website. Thus, it can cost around S$2,000 to hire a web developer to do this. There are also website maintenance fees that you need to pay to keep the site secure and easy to use.

Want to recommend a good company incorporation service provider in Singapore?

At FinestInCity, we are constantly looking to promote amazing small local businesses. If you are an accountant, or know of a good company incorporation service provider in Singapore, contact us to get the company incorporation service provider featured. We are always on the lookout for honest, experienced and amazing local businesses.

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