By MDX Advisory Team
April 29, 2025
While the current global trade wars are rather unsettling, the outlook for Singapore’s healthcare sector continues to be strong over the next few years due to the following factors:
1Pro-Business Government Policies & Initiatives:
Singapore Budget 2025 includes a 50% corporate income tax rebate and cash grant for eligible companies with local employees.
2Open Economy & Global Talent:
Singapore’s open economic policies and extensive network of trade agreements facilitate international business and expansion. Singapore remains an attractive destination for global talents which is crucial for service industries.
3Low Corporate Tax Rate: A flat corporate income tax rate of 17% is one of the lowest in Southeast Asia. Various schemes, such as the Startup Tax Exemption Scheme, aim to support new businesses.
4Ease of Doing Business:
Singapore consistently ranks among the top globally for ease of doing business. Streamlined regulatory environment and strong legal and regulatory framework provides a stable and predictable environment for businesses.
1
The cost of business registration in Singapore in 2025 is affordable but varies depending on the type of business structure you choose. For your convenience, here’s a breakdown of the standard government fees associated with two of the main business types.
Name Application Fee: S$15
Name Application Fee: S$15
Registration Fee: S$100 for 1 year
Registration Fee: S$300
Renewal Fee: S$30 per year
(if you choose the 1-year registration initially)
Total Initial Government Fees: S$315
Apart from the registration fees charged by the government, there are also other compliance services you need to appoint a professional firm to assist you with.
Name Application Fee: S$15
Registration Fee: S$100 for 1 year
Renewal Fee: S$30 per year
(if you choose the 1-year registration initially)
Name Application Fee: S$15
Registration Fee: S$300
Total Initial Government Fees: S$315
Apart from the registration fees charged by the government, there are also other compliance services you need to appoint a professional firm to assist you with.
If you need an obligation-free, professional advice on the type of business structure to adopt, fill up this form and we will get in touch with you.
2
Beyond understanding the incorporation costs listed below, it is important to select a trustworthy company with good experience, and track records working with clients across different sectors to help you with the incorporation, accounting and auditing if you intend to outsource these services.
Typically ranging from S$800 to S$1,200 annually. The appointment of a company secretary is mandatory within 6 months of incorporation.
Between S$3,000 to S$5,000 per year if there isn't a resident director.
A one-time fee that varies from S$600 for basic registration to S$2,000 for a more comprehensive package. These fees exclude government business registration fees.
Costs depend on the company's business size, transaction volume, and accounting complexity, ranging from several thousand dollars annually.
Starting from around S$4,000 per audit, depending on the complexity of the requirements and scale of business. Small companies meeting certain criteria may be exempt from audit requirements.
Fees vary between banks; consider account maintenance fees and transaction costs.
3
These fees depend on the industry your services business operates in. Here are some examples (this is not an exhaustive list and fees can vary):
In the following section, we will highlight some of the important recurring costs you need to include in your budgeting.
1
Whether you are considering renting or leasing a commercial space, it is important for you to consider the security deposits (2 to 3 months’ rent), agent fees, renovation costs, furniture, production equipment costs, as well as IT equipment, software, system setup costs, etc.
Beyond the set-up costs, one of the large recurring costs is rental and it varies depending on location, type of space (fully fitted or not), size, amenities, market conditions, as well as land use zoning.
Land Use Zoning: The Urban Redevelopment Authority (URA) master plan dictates permissible uses for different land zones. Businesses operating in zones designated for specific industries will incur rental costs aligned with the demand and supply for that particular land use. For instance, land zoned for office use in prime Central Business District (CBD) areas typically commands the highest rents due to high demand and limited supply. Conversely, industrial zones located further away may have lower rental costs.
Please note that these are estimates based on available information and market trends in early to mid-2025. Actual prices can vary significantly based on specific location, building quality, lease terms, and market conditions.
It is crucial that you conduct a thorough market research and consult with real estate professionals to obtain the most accurate and up-to-date rental cost information for your specific land use and location requirements.
2
Your start-up capital should be able to sustain your business for at least 3 to 6 months. These operational costs include employee remuneration, utilities and maintenance, sales & marketing costs and more. Since the labour costs make up the largest part of the monthly operating costs, we provided estimates for common job functions to help you get a rough sense of the overall costs. It is imperative that you make an accurate analysis based on the specific positions you need for your business.
Salaries
Do note the following monthly salary estimates do not include CPF contributions, allowances, bonuses, overtime, insurance, employee benefits etc. These figures are median estimates and can vary significantly based on the specific industry, company size, individual experience, and skills. It’s always recommended to consult more specific salary guides relevant to your particular profession and industry for a more accurate understanding
3
As you would know by now, the start-up capital estimate is largely dependent on the specific industry services and the scale of the business you are exploring. Through this article, we provided insights on the various areas you need to consider to have a good financial analysis of the business cost. If you need further consultation, do not hesitate to speak to us!
