Singapore has come up as a growing hub for business enterprises. Government policies, strategic location, accessibility and strong anti-corruption policies are some of the major factors which are attracting businessmen from all over the world to establish their business in Singapore.
Another important factor which attracts the foreign businessmen is the amount of share capital payment which is needed to start up the business. The share capital amount is the amount committed by shareholders. Moreover, the shareholder’s liability is restricted to the share capital amount which is committed by him. The minimum share capital amount is as low as SGD$1. Below is given the expected range of pricing for company incorporation.
As per Singapore Companies Act section171, appointing a qualified company secretary within six months of company’s formation is mandatory. The rule applies to all kinds of companies. Below is given a breakdown of the types of secretarial costs.
- Compliance cost: The appointed secretaries need to perform a complete screening of all the shareholders as well as directors of the company. This has to be done before the start of the company. This process is a regular event. These checks have to be carried out every year. The secretarial firms need to be registered and licensed. The licensing cost is around $200 per annum.
- Secretary cost varies depending on professional qualification: Average salary of a mid-level secretary who has a professional knowledge of handling annual compliance is approximately $3,500. However, this cost may go up to $7000 in case the company hires a senior level secretary.
- Administrative cost: This cost ranges from $50-$200.
Secretarial cost form an integral part of the total cost which a company needs for incorporation. In order to set up an A1 Business, it is important to have a complete understanding of the total amount of funds required and its breakdown.
The Expected range of pricing for Company Incorporation
As discussed above, the average cost one can expect to spend on hiring a professional secretarial firm comes out to be $600-700 per annum. However this price may further to up to $3000. The prices charged by the professional secretary firms is based on the services provided, required skill set etc. moreover this price also depends on the type of company i.e. if it’s a local or a multinational firm.
In conclusion, one can expect a cost of $800-$1000 for a good service.
The decision of getting the service of their own or hiring a professional firm lies with the firm itself. In case of being a foreign entity, it is advisable to go for professionals. There are lots of professional and A1 Singapore company setup firms which not only take care of the company’s incorporation but also, provides secretarial services for a year or so. The packages provided by these firms can easily be tailored to meet all the needs and requirements of the upcoming firm. These include secretarial services, virtual office, local registered office address, round stamp and many more. You can simply visit the website https://www.a1corp.com.sg/singapore-virtual-office-address/ for knowing more about it.