By MoneyBees
The cash you need to start a business in Singapore: ACRA fees, fit-out, licences, rent and staff with employer CPF and SDL, for the months until it pays its way.
ACRA charges S$15 to apply for the name and S$300 to register a private limited company. After that, the company pays S$60 each year to file its annual return.
S$15 for the name and S$100 to register for one year, or S$160 for three years. Renewal is S$30 a year, or S$90 for three years.
Only once your taxable turnover passes S$1 million in a calendar year, or you expect it to in the next 12 months. You can register earlier by choice, but you then stay registered for at least 2 years.
For a citizen or PR from the third year, employer CPF is 17% of wages up to S$8,000 a month for staff aged 55 and below. Every employee also carries the Skills Development Levy: 0.25% of monthly wages, at least S$2 and at most S$11.25.
It depends on what you do. Food shops, childcare centres, private schools and many trades need a licence from the agency in charge. GoBusiness lists them by activity, so the calculator takes your own figure.
Count the months until sales cover your monthly costs, then add a buffer for delays. The calculator multiplies your monthly burn by those months and adds the buffer on top of the set-up costs.
No. Registration costs a few hundred dollars. Rent, fit-out and staff usually decide how much cash you need.
Junxiong-WFG Organisation is an authorised representative of AIA Financial Advisers Private Limited (Reg. No. 201715016G).