When it comes to forming and running a business in Singapore, there are three major costs to consider:
- Before they may be formed, all firms must have a registered physical location in Singapore. Because of leasing costs and location, physical office spaces might cost several thousand dollars each month. Aside from that, renting a physical office space includes ongoing maintenance and electricity bills.
- One approach would be to use a registered office address service. This is essentially a virtual office space hired from several different service providers.
- The advantage of this choice is the ease of a virtual office membership, which means reduced leasing rates. It also means you’ll have more capital to invest in building your firm rather than paying for space you don’t need.
Accounting and taxation
If you’re not familiar with accounting, this may not be easy. As a result, many businesses use professional bookkeepers or accountants to assist their accounting needs.
Accounting and bookkeeping expenses can run into hundreds of dollars each year. Setting up an accounting system, bookkeeping, annual reporting, and transaction monitoring are common examples.
Every Singapore-registered firm is expected to keep adequate financial records of its commercial dealings. These are projected to be in place for at least the next five years.
Dealing with numbers can be difficult if you’re unfamiliar with accounting or tax procedures. Nobody wants to run into accounting issues with ACRA. Hiring a business secretary can take care of these issues for you!
Secretary of the Corporation
Before you may incorporate in Singapore, you must have a company secretary. But what is the significance of a business secretary? Hiring a business secretary is the most convenient approach to handle your accounting and yearly filing requirements.
When it comes to your firm, the company secretary is in charge of all administrative tasks. This involves ensuring that the firm follows regulatory and legislative processes.
According to Singapore legislation, the individual who occupies this function must be a Singapore resident, a citizen, a permanent resident, or an employment permit holder.
You’ll also be more ready to handle other ad hoc management needs, such as planning for an AGM, if you hire a corporate secretary.
This is one of the most significant expenses when beginning a new firm. As a result, many aspiring business owners choose incorporation services and membership costs.
These few major pieces of information for cheap singapore company incorporation.