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Lower Cost Formation For
Private Limited Company In Singapore

The registration fee for the incorporation of a private limited company in Singapore has been reduced to S$300/- irrespective of the size or currency of authorised share capital . Previously the registration fee was S$1200/- for an authorised capital of S$100,000/- and the fee would increase proportionately with for any increase of authorised share capital . The saving in registration fee is quite substantial for those companies with huge authorised share capital.

With the changes, you can now incorporate a private limited company in Singapore with less than S$1000/- which will include registration cost, company seal, minutes books and also professional charge by secretarial firms.  Of course, some professional firms charge higher depending on the level of service provided by them.

For a sole proprietorship or a partnership, the cost is $65/- which is made up of $15 for the name and S$50 for registration of the business for 1 year. The annual renewal fee has been lowered from $25/- to $20/- with effect from 15th August 2003 onwards.

From May 2003 onwards, private limited company in Singapore will be also be exempted from the appointment of professional qualified company secretary. The company can now appoint a non-professional qualified company secretary. This will reduce some business costs as long as the non-professional qualified company secretary is able to comply with the requirements.

Wth effect from May 2003, exempt private companies in Singapore with annual revenue below $2.5 million will be exempted from statutory audit. In Jun 2004, the law has further been amended to increase the prescribed annual revenue from S$2.5 million to S$5 million for exempt private companies to be exempted from statutory audit for financial year starting on or after 1st June 2004.