Written by Sneha Patwari, Corporate Secretary Lead
I've guided hundreds of founders through the incorporation process across Hong Kong and Singapore. The questions are always different; the mistakes are usually the same. I write to help people avoid them.
Key Takeaways
The full costs vary from about SGD 4,000 to more than SGD 17,000.
The biggest surprise cost is the nominee director’s security deposit. It is not a fee, but a deposit held against risks associated with the nominee director arrangement. It typically ranges from SGD 0 to SGD 5,000.
Banking or business account opening support ranges from simple introductions to comprehensive application assistance — and, per our latest research round, "remote" doesn't always mean remote.
Most Singapore incorporation packages look alike on the surface. You'll see SGD 3,000–5,000 in fees, a nominee director included, banking support for some, and a "+" or "starts from" hinting that government fees, GST, or other premiums may not be included in the number you're looking at.
We contacted 17 Singapore incorporation providers in two rounds: 11 in March–April 2025, and 6 more in April–June 2026. The goal was to learn how they serve foreign entrepreneurs incorporating a Singapore private limited company remotely. Sixteen gave us usable data. One, Leftright Corporate, is near-complete pending a follow-up on a few details. One declined to respond.
This is a secret-shop investigation. Every figure below (Year 1 Fees, Security Deposits, True Day-1 Outlay, Year 2 Annual) came from direct outreach, not public pricing pages, and none of the 16 providers publish a full bundled Day-1 outlay or nominee-director deposit figure on their own site.
Disclosure: Statrys operates in the same market as the 16 providers reviewed in this article. We have made every effort to present accurate, evidence-based information for each provider, gathered through the direct outreach described above.
The SGD 5,000+ Difference You May Not See in the Advertised Price
The advertised package price is rarely the number you'll actually pay. Our research affirms that the headline price only reveals part of the picture.
Several providers quoted between SGD 3,000 and SGD 5,000. By the time security deposits, GST, and add-ons were factored in, some exceeded SGD 10,000 — and one crossed SGD 17,000.
Instead of comparing package prices alone, we believe the more meaningful metric is the true Day 1 outlay: the total amount you pay to get your company fully incorporated.
See the full price comparison below.
| Provider | Year 1 Fees | Security Deposit | True Day-1 Outlay |
|---|---|---|---|
| Hawksford | ~SGD 12,200 (excl. GST) | SGD 5,000 (joint highest) | ~SGD 17,200+ (excl. GST, ~SGD 18,298 with GST) |
| Piloto Asia | SGD 12,000–13,000 | Not specified | From SGD 12,000–13,000 |
| InCorp Asia | SGD 7,600 (excl. 9% GST) | SGD 4,500 | SGD 12,784 (w/GST) |
| AM Corporate Services | SGD 5,160 (excl. mandatory accounting) | SGD 5,000 (joint highest) | SGD 10,160 (excl. mandatory accounting) |
| IMC Group | SGD 6,700 (excl. 9% GST) | SGD 2,000 | ~SGD 8,700 (excl. GST, ~SGD 9,303 with GST) |
| WLP Group | ~SGD 4,958 | SGD 3,000 + address deposit | ~SGD 8,048+ |
| Conpak | ~SGD 5,280 (corp. shareholder) | SGD 2,400 | ~SGD 7,680 |
| Lanturn | SGD 7,470 (excl. GST) | None | SGD 7,470 (excl. GST) |
| Margin Wheeler | SGD 4,730–4,930 (minimum, excl. deposit) | SGD 2,000 (refundable; escalates if turnover exceeds SGD 1M) | SGD 6,730–6,930 (minimum) |
| 3E Accounting | SGD 4,713 w/GST | SGD 2,000 | SGD 6,713 |
| Counto | SGD 3,550 | SGD 2,000 | SGD 5,550 |
| HeySara (Pkg A) | SGD 3,888 | SGD 1,500 | SGD 5,388 |
| Emerhub | ~SGD 4,985 | None | ~SGD 4,985 |
| Leftright Corporate | SGD 2,645 (incl. SGD 150 corporate-shareholder KYC fee) | SGD 2,000 (refundable) | SGD 4,645 |
| Wealthbridge (Opt A) | SGD 2,650 | SGD 1,500 (waivable if accounting engaged) | SGD 4,150 |
| Statrys | SGD 3,686 (everything included) | None | SGD 3,686 (everything included) |
| BBCIncorp | USD 2,199–2,999 (~SGD 2,969–4,049) | None | ~SGD 2,969–4,049 |
| HeySara (Pkg B) | SGD 3,888 + SGD 120/mo accounting | Waived (accounting bundled) | SGD 3,888 + accounting |
| Wealthbridge (Opt B) | SGD 3,375 | Waived (accounting bundled) | SGD 3,375 |
About this data: The original 11 providers' pricing reflects March–April 2025; the 6 newest (shown in orange) come from direct outreach in April–June 2026. Government fees (ACRA: SGD 315) and GST (9%) were reconfirmed live in August 2026 and remain unchanged.
Shareholder profile note: 14 providers were quoted under a Philippine corporate shareholder scenario. Margin Wheeler and Lanturn were quoted under a Malaysian corporate shareholder profile, which affects both pricing and KYC requirements (see KYC section). Rates and banking terms are broadly comparable, but confirm directly with either provider before assuming full parity.
Important: Terms change without notice. Always reconfirm pricing and requirements directly before deciding.
Where the extra cost comes from
For many foreign founders, the biggest cost difference comes from the nominee director security deposit. A package advertised at around SGD 1,500 could require up to SGD 5,000 more upfront than expected. Across our dataset, the gap between the lowest and highest Day 1 outlay exceeded SGD 14,000.
With Statrys, the quoted price is the Day 1 price — no security deposit, no hidden add-ons.
Year 2 annual renewal
Day 1 isn't the final bill either. Once your company's incorporated, here's what the same 16 providers charge to keep it running each year.
| Provider | Year 2 Annual |
|---|---|
| Hawksford | ~SGD 11,500/yr (incl. mandatory accounting) |
| IMC Group | ~SGD 7,140/yr (excl. GST) |
| InCorp Asia | ~SGD 6,922/yr (w/GST) |
| Lanturn | SGD 6,100/yr flat (one-time fees drop off) |
| WLP Group | ~SGD 4,470/yr |
| 3E Accounting | ~SGD 4,251/yr (mandatory accounting) |
| Margin Wheeler | SGD 4,330–4,630/yr (minimum) |
| Emerhub | SGD 4,120/yr |
| AM Corporate Services | SGD 3,960/yr (excl. mandatory accounting) |
| Counto | SGD 3,650/yr base + XBRL* SGD 500 + accounting from SGD 850 |
| HeySara (Pkg A) | SGD 3,278/yr |
| HeySara (Pkg B) | SGD 3,278 + accounting |
| Leftright Corporate | SGD 3,135/yr |
| Conpak | ~SGD 3,100/yr |
| BBCIncorp | ~SGD 2,970/yr |
| Wealthbridge (both options) | SGD 2,475/yr — lowest confirmed in the full dataset |
| Piloto Asia | Not specified |
| Statrys | Contact us for more information |
*XBRL: eXtensible Business Reporting Language is a structured format that tags each financial figure so it can be read automatically by ACRA's systems, rather than submitted as a plain document.
About this data: The original 11 providers' pricing reflects March–April 2025; the 6 newest (shown in orange) come from direct outreach in April–June 2026.
Wealthbridge's SGD 2,475/yr is the lowest confirmed renewal in the dataset; Hawksford's ~SGD 11,500/yr is the highest, largely due to its mandatory accounting.
The Real Cost of Nominee Directors
Under Singapore law, every company must have at least one locally resident director. If you're a foreigner setting up a company in Singapore and need a locally resident director, appointing a nominee director through a corporate service provider (CSP) is a common way to meet this requirement.
Note: Under the Corporate Service Providers Act 2024, the nominee director must be assessed as suitable and appointed through a registered corporate service provider.
Nominee directors have no access to your company's bank accounts and won't make any operational decisions. Some impose significant restrictions, such as only signing statutory documents. 3E Accounting's nominee director, for example, will step down if a licence application is required.
Despite this limited role, nominee directors carry full legal responsibility as directors under Singapore law. That liability is reflected in the price: standalone nominee director services from a CSP typically cost between SGD 1,200 and SGD 3,600 per year. In practice, this fee is usually folded into company formation packages rather than quoted separately.
Beyond the package price, our research identified 2 factors related to a nominee director that significantly increase what you actually pay: security deposits and accounting.
Security deposits: Capital tied up for the long haul
A nominee director security deposit is a sum of money held by the service provider as protection against risks linked to the nominee director arrangement. It is generally refundable, but is usually only returned when the nominee director is replaced or the company is closed. In other words, it is effectively locked in for the duration of the arrangement.
Among the 16 firms we researched, the security deposits range from SGD 0 to SGD 5,000.
If you're a founder with limited capital or strict budget constraints, these variations can be significant, tying up your capital for an extended period.
| Provider | Security Deposit |
|---|---|
| Hawksford | SGD 5,000 (joint highest in full dataset) |
| AM Corporate Services | SGD 5,000 (joint highest in full dataset) |
| InCorp Asia | SGD 4,500 |
| WLP Group | SGD 3,000 + 3-month address deposit |
| Conpak | SGD 2,400 |
| 3E Accounting | SGD 2,000 |
| IMC Group | SGD 2,000 |
| Counto | SGD 2,000 |
| Leftright Corporate | SGD 2,000 (refundable) |
| Margin Wheeler | SGD 2,000 (refundable; escalates if turnover exceeds SGD 1M — the only such clause we found) |
| HeySara (Pkg A) | SGD 1,500 |
| Wealthbridge (Opt A) | SGD 1,500 (waivable if accounting engaged) |
| Piloto Asia | Not specified |
| HeySara (Pkg B) | Waived (accounting bundled) |
| Wealthbridge (Opt B) | Waived (accounting bundled) |
| BBCIncorp | None |
| Emerhub | None |
| Lanturn | None |
| Statrys | None |
About this data: The original 11 providers' pricing reflects March–April 2025; the 6 newest (shown in orange) come from direct outreach in April–June 2026.
Two terms in the new research round stand out beyond the numbers themselves. AM Corporate Services pairs its SGD 5,000 deposit with a written condition that your bank correspondence must be redirected to its own office address, not just a deposit, but an ongoing operational dependency. Margin Wheeler is the only provider in our full research to let the deposit itself grow if your annual turnover crosses SGD 1 million, meaning the capital tied up can increase after you've already signed on.
Accounting Requirements
Some providers make it mandatory to use their own accounting services as part of their package or as a condition for maintaining the nominee director arrangement. In our original survey, this requirement was confirmed by firms such as 3E Accounting, IMC Group, and Hawksford. Our newest research round found the clearest written examples of this yet: AM Corporate Services and Margin Wheeler both confirmed in writing that accounting, tax, and (for Margin Wheeler) corporate secretary and registered address are mandatory conditions of the nominee director arrangement itself, not just a recommended add-on.
Lanturn, also from our newest round, sits in between: its SGD 2,200/year financial-statements-and-tax-filing package is mandatory as a condition of the nominee director, but bookkeeping itself is explicitly excluded and stays optional, a partial-mandatory case worth naming on its own rather than forcing it into a simple yes/no.
This condition is worth considering. On the one hand, using the same provider for nominee director, corporate secretarial, and accounting services can be beneficial, since the same team handles filings, compliance updates, and financial reporting. This can make communication more straightforward and help avoid gaps between different service providers.
On the other hand, preferences vary, and you may already have an accountant or prefer to choose your own provider. This decision can also have a meaningful impact on long-term operating costs, so both pricing and flexibility should be considered.
Tip: Learn about accounting standards in Singapore
Exit Fees & Termination: The Cost of Leaving
Our original research round didn't capture exit terms, so this section reflects only the six providers in our newest round. It's a genuine gap in the older data, not a claim that the other 10 have no exit fees.
| Provider | Exit Terms |
|---|---|
| Leftright Corporate | Not yet confirmed — follow-up pending |
| Counto | No exit fee — resignation only |
| Wealthbridge (both options) | SGD 300 termination fee if you exit within 6 months of incorporation or appointment; no fee after that |
| AM Corporate Services | Fees and disbursements incurred until the termination date only; no stated flat exit fee |
| Margin Wheeler | 14 calendar days' written notice (auto-renewal otherwise); a replacement Singapore-resident director must be appointed within 7 days of notice, or 3× the prevailing nominee director rate is billed until one is. That's the most aggressive exit clause we found anywhere in this research. No refunds on annual fees already paid. Late payment accrues at 5.33% per year, daily. |
| Lanturn | No exit or termination fees confirmed in writing, regardless of when you switch providers |
About this data: The original 11 providers' pricing reflects March–April 2025; the 6 newest (shown in orange) come from direct outreach in April–June 2026.
What this means for you: before signing with any provider, ask specifically what happens if you want to leave — not just whether there's an exit fee, but how much time you're given to arrange a replacement director and what the penalty is if you miss that window. Margin Wheeler's clause above is the clearest example we've found of why that question matters: a 7-day replacement deadline is tight if your new provider's own onboarding takes longer than that.
What "Banking Support/Business Account Opening" Actually Means
"Banking support" sounds straightforward. In reality, it covers a wide range of help, and it rarely means the provider will actually open a bank account for you.
After incorporation, opening a corporate bank account in Singapore is a separate process with its own requirements and review process. This is also where the gap between wording and actual service becomes most obvious.
Critical finding: "remote" doesn't always mean remote
Across all 17 providers we contacted, AM Corporate Services is the only one to confirm outright, in writing, that most traditional Singapore banks no longer allow remote account opening. A director or authorised signatory must be physically present. Every other provider in our research describes its incorporation and banking process as fully or largely remote. If a provider tells you banking is "remote," ask specifically which bank you'll be introduced to, and whether that claim still holds for that bank today. Policies can differ bank by bank and change without much notice.
Every provider that responded offers some form of banking assistance. The label is consistent, but our research confirms the execution is not. In practice, we saw different levels of support:
- Introduction only, you handle the application yourself: At the lightest level, providers offer simple introductions to banking partners. You are connected to a bank or relationship manager, and the application process is then handled directly between you and the bank. Examples include 3E Accounting (free) and WLP Group (free).
- Assistance, but you stay involved: Some firms help you prepare documents and guide you through the application, but you remain part of the process.
- Full end-to-end, they handle it for you: A step further, some providers manage the entire application on your behalf.
Across the full dataset of 16 providers, 9 now include banking assistance at no additional line-item cost: BBCIncorp, InCorp Asia, and Piloto Asia bundle it into the package; 3E Accounting and WLP Group offer a free introduction; and Leftright Corporate, Counto, Wealthbridge (both options), and Margin Wheeler bundle it in too, with Margin Wheeler adding one complimentary nominee-director bank visit per year (SGD 200/trip after that).
The other 7 charge separately: Conpak (SGD 900/account + SGD 300 signature fee), HeySara (SGD 500 one-off), Emerhub (SGD 500 one-off), Hawksford (SGD 600 one-off), IMC Group (SGD 1,000 one-off), Lanturn (SGD 790 flat, one-time), and AM Corporate Services (free introduction, but SGD 150 per person per visit if physical attendance is required, and per the finding above, it often is).
In many cases, the client is charged for the referral even if the account is not approved.
At Statrys, the business account is not a bank account. It's a multi-currency account built in-house and designed for cross-border transfers. Unlike every provider in this research, including the six newest, Statrys doesn't refer you to a separate bank at all: the application is initiated as soon as your company is incorporated, on the same platform, with no third-party referral, no separate approval process, and no exposure to the physical-presence question raised above. 96% of accounts are opened within 3 business days.
Onboarding Friction: The Time Cost Nobody Quotes
Your financial outlay isn't the only factor that affects the incorporation experience. We also found significant differences in Know Your Customer (KYC) and onboarding requirements.
While providers such as BBCIncorp rely largely on standard documentation and online verification, others request certified documents, notarisation, detailed business information, or additional video calls. If you're incorporating remotely, these requirements can affect both the time and effort needed to complete the process.
ACRA processes most applications quickly, but the overall timeline depends on how fast you complete KYC and submit documents.
| Provider | ACRA Incorporation Timeline |
|---|---|
| Lanturn | Same business day once KYC is complete, documents signed, and application submitted — the fastest confirmed timeline in our full research |
| Wealthbridge (both options) | 1 day possible once forms are signed, KYC video call is done, and payment is received |
| InCorp Asia | 2 working days post-payment |
| WLP Group | 2-3 working days (after notarised documents received) |
| Counto | 2-3 working days after the KYC call and payment are completed |
| BBCIncorp | 3-5 business days |
| IMC Group | 3-5 working days |
| Piloto Asia | 3-5 days from complete KYC |
| HeySara | 5-7 working days |
| Conpak | 5-7 business days |
| AM Corporate Services | 5-7 working days (subject to due diligence document turnaround and full upfront payment) |
| Emerhub | ~1 week from complete KYC |
| Margin Wheeler | ~6 business days end-to-end (1-3 days lodgement + 1-3 days ACRA approval); complex ownership structures may add time |
| 3E Accounting | 2-3 days KYC review + 1-2 days preparation + ACRA processing (same day to up to 60 days in complex cases) |
| Hawksford | ~1 day name approval; 3-14 days if referred to authorities for review |
| Leftright Corporate | Not yet confirmed — follow-up pending |
| Statrys | Typically up and running in 5 days |
About this data: Data for the original 11 providers was collected March–April 2025; the 6 newest (shown in orange) come from direct outreach in April–June 2026.
KYC Requirements — a note on comparability
Margin Wheeler's and Lanturn's KYC document lists were gathered for a Malaysian corporate shareholder scenario, not the Philippine corporate shareholder scenario used for the rest of our research. Both require certified corporate constitutive documents and UBO (Ultimate Beneficial Owner) passport/address proof, broadly in line with the rest of the dataset, but the specific document lists aren't a direct like-for-like with the other providers above, so we haven't merged them into one ranked list.
What Provider Suits You?
As with any professional service, the cheapest provider is not always the best fit, and the most expensive is not necessarily the best either. Higher upfront costs do not automatically mean better value.
A few questions worth asking before deciding:
How much capital can you tie up upfront? If cash flow is a concern, the security deposit matters as much as the package price. A lower headline fee with a SGD 5,000 deposit may cost more on Day 1 than a higher-priced package with none.
Do you already have an accountant? If so, check whether the provider requires you to use theirs, and whether that requirement is a soft preference or a written condition of keeping your nominee director.
How much support do you need with getting a business account? If you're unfamiliar with Singapore's corporate banking requirements, look beyond the label. Ask directly: Will someone help me prepare my application, or just make an introduction, and does the bank they're introducing you to still support remote account opening?
How many shareholders or corporate shareholders are involved? Some providers charge more for corporate shareholders.
What happens if you want to leave? Ask about notice periods and replacement-director penalties before signing, not after. One provider in our research charges up to 3× the nominee director rate if you can't arrange a replacement within 7 days.
Why Founders Choose Statrys
Statrys is a corporate service provider offering Hong Kong and Singapore company incorporation services.
Here's why 1,600+ companies across Hong Kong and Singapore have chosen Statrys to set up their company.
Real all-in-one, for founders who aren't local. No guessing which add-ons you actually need for compliance. It's all bundled in from the start.
No lock-in security deposit. Across our research, providers charge between SGD 1,500 and SGD 5,000 on top of the package fee — money you don't get back until you close the company or switch directors, and in one case, an amount that can grow with your turnover. Statrys charges nothing upfront beyond the package price. What's quoted is what you pay, plus an accounting package that matches your transaction needs.
Costs less, with nothing hidden. At SGD 4,095, Statrys comes in below most providers we researched, and there's no deposit stacked on top, no exit penalty, and no separate bank to be referred to. For accounting that starts at SGD 995/year.
A multi-currency account, built in from day one. Other providers hand you off to a third party and wish you luck. Per our newest research, that third party may not even accept remote applicants anymore. Statrys opens your multi-currency account itself, right alongside your incorporation, and 96% of accounts are live within 3 business days. Statrys account is not a bank account, but it's purpose-built for cross-border transactions. Learn more at Statrys Singapore's multi-currency business account page.
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FAQs
How Much Does It Really Cost to Incorporate a Company in Singapore?
The true upfront cost of incorporating a Singapore company can range from around SGD 4,000 to more than SGD 17,000, depending on the provider, nominee director arrangement, GST, accounting requirements, and optional services. Rather than comparing package prices alone, founders should also ask for details of refundable security deposits, mandatory add-ons, and exit terms, then compare the total Day 1 outlay.
What Is a Nominee Director Security Deposit in Singapore?
A nominee director security deposit is a refundable amount held by a corporate service provider to manage risk associated with appointing a local resident nominee director. It is usually returned only when the nominee director is replaced or the company is closed, meaning the funds may be tied up for the duration of the arrangement. In at least one case in our research, the deposit itself can increase if your company's turnover grows.
How Much Is a Nominee Director Security Deposit in Singapore?
Nominee director security deposits ranged from SGD 0 to SGD 5,000 across the 16 providers in our research. Some providers do not require a deposit at all.
Do All Singapore Incorporation Providers Let You Open a Business Account Fully Remotely?
Not necessarily. Most providers in our research describe their process as remote, but one, AM Corporate Services, explicitly confirmed that most traditional Singapore banks now require a director or authorised signatory to be physically present for account opening. Always ask which specific bank you'll be introduced to and whether remote opening still applies there before assuming "remote" means remote.
Do Foreign Founders Need a Nominee Director to Incorporate a Singapore Company?
For foreign founders, using a bundled incorporation service is often the most cost-effective option. Arranging each requirement separately — such as a nominee director, registered address, corporate secretary, and compliance support — can lead to higher costs, more coordination, and unexpected add-ons. However, do not choose based on the lowest advertised package price alone. Compare the full Day 1 cost, including GST, nominee director security deposits, mandatory accounting fees, additional registered address charges (if any), business account support, and exit terms if you later need to switch providers. A bundled service with transparent pricing, no large refundable deposit, and no exit penalty may offer better overall value than a cheaper-looking package with multiple extra costs.
