We Reached Out to 10 Singapore Incorporation Firms: Here's What the Advertised Price Doesn't Tell You

Most Singapore incorporation packages look similar at first glance. You'll see fees between SGD 3,000 and SGD 5,000, a nominee director included, banking support mentioned for some, and a small "+" or "starts from" somewhere on the page, a quiet signal that government fees, Goods and Service Tax (GST), or other ‘premiums’ may or may not be in the number you're looking at.

We reached out to 11 Singapore incorporation providers to learn about their services for foreign entrepreneurs looking to incorporate a Singapore private limited company remotely. Ten firms responded, while one declined to provide information. Here are our findings. 

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.

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.

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. 

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 1,500 and SGD 5,000 per year, with most reputable firms starting from SGD 2,400. 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 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.

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 survey, this requirement was confirmed by firms such as 3E Accounting, IMC Group, and Hawksford. 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.

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.

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. Example includes 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. 

Out of all the list, 5 providers include assistance at no additional cost — BBCIncorp, InCorp Asia, and Piloto Asia bundle it into the package, while 3E Accounting and WLP Group offer a free introduction. The other 5 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), and IMC Group (SGD 1,000 one-off).

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. The application is initiated as soon as your company is incorporated, with no third-party referrals or external coordination. 96% of accounts are opened within 3 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. 

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. 

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?

How many shareholders or corporate shareholders are involved? Some providers charge more for corporate shareholders.

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. Every other provider charges 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. 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 many providers — and there's no deposit stacked on top. 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. Statrys opens your multi-currency account itself, right alongside your incorporation — 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.