Launching a new company in Singapore can appeal to UK residents looking to serve customers across Southeast Asia from a major regional trade and finance centre. But how much would it cost to do this?

This guide walks through the cost of starting a business in Singapore in 2026, from ACRA registration and resident-director services to work passes, tax, payroll and premises, so you can build a realistic budget in GBP and SGD.

And if you're sending a large amount, you can get a discounted rate applied automatically to your transfer. On a £50k transfer, you could save up to £1,000 with Wise vs your bank.

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Note: Wise Business offers a free Essential plan for basic spending and transferring. If you need to receive money, set up direct debits, or generate invoices, you'll pay a one-time £50 setup fee to unlock the Advanced features.

The figures and costs mentioned in this article are illustrative unless specified otherwise. Fees, eligibility checks, protections and timelines mentioned in this article may vary by customer, business type, application outcome, plan and country. Check official websites and terms and conditions for the most accurate and up-to-date information.

Wise services and features aren't available in all regions, country and product restrictions apply. Visit wise.com to check availability, and for fee details and terms for your region, visit our pricing page for Wise Business.

Summary of things to budget for

Registration, share capital and company-secretary costs

The Accounting and Corporate Regulatory Authority’s fee schedule sets the government cost to apply for a company name and register a local company at S$315: S$15 for the name application and S$300 for registration. The name fee isn’t refundable if an application is rejected or withdrawn. ACRA also charges S$60 for an annual return, so include that recurring registry cost in the first-year cash plan.

A private company limited by shares (often called a Pte. Ltd.) is a common choice for a UK business establishing a separate Singapore subsidiary. A branch remains part of its UK parent. A company that requires share capital can start with S$1, according to ACRA; this is company capital and won’t cover its local-service contracts, payroll or suppliers.

Registration doesn't include a corporate-services package, legal review, tax registration, accountancy or corporate secretary. A Singapore company must appoint a secretary within six months of incorporation. Get itemised first-year and renewal quotes for the secretary, registered address, statutory registers, annual-return filing and any corporate-service provider (CSP) work. The price is commercial and depends on the scope; don't treat it as an ACRA tariff.

Resident-director and work-pass costs for a UK founder

The Ministry of Manpower’s Employment Pass fee page sets the application and issuance fees at S$330: S$105 to apply and S$225 to issue the pass.

A UK shareholder can own shares without living in Singapore, but a local company must have at least one director who meets ACRA’s local-residency requirement. It also needs a Singapore registered office.

If no suitable resident director is available, ask a Singapore corporate-services provider for a written nominee-director quote, including deposit, annual retainer, due diligence, board support and exit terms. Those service fees aren't included in the S$315 registration amount.

The EP is one possible route for a founder who intends to work in Singapore; don't assume company ownership or incorporation grants permission to live or work there. Confirm the relevant work-pass route and eligibility with Singapore's Ministry of Manpower before budgeting for relocation. Other passes have their own conditions and fees.

An EP is a separate immigration and employment cost, not a company-registration fee. Budget separately for professional immigration advice, document certification, medical checks if required, travel and housing. The application and issuance fees can change, so recheck the official Ministry of Manpower fee page before submitting an application.

Tax, GST and payroll costs

The Inland Revenue Authority of Singapore’s corporate-tax rates set the rate at 17% on chargeable income. Qualifying new companies may receive the Start-up Tax Exemption (SUTE) for their first three consecutive Years of Assessment: 75% exemption on the first S$100,000 of normal chargeable income and 50% on the next S$100,000, subject to eligibility conditions.

Use the exemption only after checking ownership, activity and other requirements; it doesn’t remove the cost of tax returns, bookkeeping or tax advice.

The IRAS GST registration guidance sets the current goods and services tax (GST) rate at 9%. A business generally has to register when its taxable turnover exceeds S$1 million under the retrospective or prospective tests. A UK company making taxable supplies into Singapore can have registration and reporting work even if it hasn’t formed a local company, so get advice on the supply and customer before invoicing.

If you employ Singapore citizens or permanent residents, budget for Central Provident Fund (CPF) contributions. For employees aged 55 or younger at the full 2026 rates, the CPF contribution table sets the employer contribution at 17% of eligible wages and the employee contribution at 20%, subject to the applicable wage ceiling and CPF rules.

Foreign employees who aren’t citizens or permanent residents generally don’t receive CPF contributions, but work-pass conditions or levies may apply. Include payroll processing, statutory leave, insurance and any foreign-worker levy that applies to the role.

Accounting, filing and annual compliance costs

S$60 per year is ACRA's annual-return filing fee for a local company. Add a company secretary's charge for preparing resolutions and filing, plus accounting, corporate tax, payroll and GST support where applicable. These are service fees, not government rates; ask for an annual quote that itemises monthly bookkeeping, tax computations, filings, payroll, registered-office renewal and out-of-scope advice.

The cost can rise with transaction volume, inventory, GST registration, employees, audit requirements, related-party transactions and UK-parent reporting. Ask the accountant to include annual financial statements and a compliance calendar. If your UK company funds the Singapore subsidiary, agree how to document paid-up capital, shareholder loans and supplier payments, and price any cross-border tax or transfer-pricing advice separately.

Premises, banking and sector-specific launch costs

Get separate quotes before committing to a lease or service package. A registered office is mandatory, but the place used for statutory notices can differ from a factory or retail site. A virtual or serviced address may suit some activities; it won't meet every operational or licence requirement. Add rent deposit, fit-out, utilities, insurance, equipment and local business licences only after checking the rules for the actual activity.

Bank onboarding can involve account fees, minimum balances, certified company documents and time for source-of-funds checks. Ask the bank what it charges for incoming SGD funds, international transfers, cash deposits and payment services. A regulated or premises-based business may also need approvals, a responsible local professional, insurance or specialist equipment. Price each requirement with the relevant authority or provider instead of using a generic start-up-cost estimate.

If the business will move goods between the UK and Singapore, obtain quotes for freight, customs declarations, insurance and any customs or tax charge that applies to the commodity and origin. GOV.UK’s Singapore trade guidance directs exporters to the tariff tools rather than setting a single tariff rate, so this cost line must be built from the specific product and route.

For a UK-managed company, GBP-to-SGD conversions can change the sterling cost of paid-up capital, a director-service retainer, payroll and supplier invoices. Keep the SGD amount, GBP amount, rate, transfer fee, date and invoice reference in the accounts. Add a cash buffer for bank onboarding delays and recurring fees while the company starts trading.

Disclaimer: The information in this article is for reference purposes only and should not be considered financial advice. All investment decisions should be made after thorough research and consultation with a qualified financial advisor. Remember that investments, even in low-risk funds, are never guaranteed, and your capital is at risk.

Navigate the initial costs of setting up a business in Singapore with Wise Business

The Wise Business account was built with the cross-border needs of businesses in mind - and some of the features offered suit those wishing to open a business in Singapore perfectly.

Wise Business offers a free Essential plan for basic spending and transferring. If you need to receive money, set up direct debits, or generate invoices, you'll pay a one-time £50 setup fee to unlock the Advanced features.

With Wise Business, you can:

🌍 Send money to 70+ countries and pay overseas invoices at the mid-market exchange rate with low, transparent fees and no hidden exchange rate markups (product availability varies by region)
📥 Receive payments in 24 currencies and counting
💵 Get local account details for 8+ currencies, including USD and EUR, to let your customers pay in a currency they know and trust - convenience for them and peace of mind for you
💰 Hold money in 40+ currencies
🔁 Convert currencies anytime at the mid-market exchange rate with low, transparent fees
⚡ Use the batch payments tool to create and send up to 1,000 payments in a single transfer
👥 Run payroll and make international payments for up to 1,000 employees all over the world - including paying suppliers using local payment methods like ACH, SEPA, and Faster Payments
💳 Get business debit cards with 0.5% cashback for you and your team to keep track of team expenses and spend all over the world, with real-time visibility and categorisation. See full cashback terms and conditions
🏢 Manage cash in 55+ currencies across international offices from a single business account and move money between business accounts in seconds (exact speeds can vary depending on individual circumstances and may not be the same for all transactions)
🧾 Connect and sync every business transaction to your favourite accounting software, including Xero, Quickbooks, and more
🔐 Create your own payment approvals process to manage your team better with customised access for different team members, roles and permissions
📑 Create custom professional invoices and schedule invoice payments for future dates
📈 Earn variable returns on GBP, USD and EUR with Wise Interest (Growth not guaranteed. Your balance will go down in the event of a government default or interest rates going negative.)
🔗 Create payment links and QR codes to get paid easily (Card payment acceptance for new Wise Business customers is currently unavailable. Payment methods subject to eligibility and availability.)
⚙️ Automate payouts with the Wise API (comes with 24/7 customer support, a sandbox account to test integrations, API tokens, and clear documents on how to implement and make the most of our API)

Make the wise choice when selecting a business account for your domestic and global needs.

Be Smart, Get Wise.

Wise Interest disclaimer: Growth not guaranteed. Your balance will go down in the event of a government default or interest rates going negative. Taxes may apply. 3.32% variable rate on GBP is based on 7 day performance as of 05 Aug 2026. For full 5-year past performance and fund information, visit https://wise.com/interest. Investments are offered by Wise Assets UK Ltd. (FRN 839689)

Sources:

Sources last checked on 6th October 2026

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