How to incorporate a company in Singapore?
Yeah, Osome is pretty good. Switched to them recently. 👍
Otonomos is dead unfortunately.
- you do need a nominee director
- you need to be present in-person to open a bank account
- keep in mind that all corporate banks require a minimum balance value
I've been looking at Osome. How long have you been using them and how much work is still required on your side of things?
Thanks. Can you please answers the following questions?
- Do I need to find a nominee director myself or Osome will handle it?
- How much do I need to pay him (salary)?
- How much is the minimum balance value?
- What happens if I will withdraw all my balance? Will bank close my account?
- How much money will it cost me in total including all fees, salaries, minimum balances to make all this happen?
- How long will it take from the first contact with Osome to actually starting using a bank and make it all working?
Osome can offer a nominee director S$2000 a year (S$ - Singapore Dollars)
Nominee directors can be anywhere from S$600-3000 per year
Ranges from bank to bank:
No minimum balance for the first 6 months.
Thereafter, maintain a monthly average balance of S$5,000
Minimum balance - SGD 10,000 or equivalent
Minimum initial deposit - SGD 3,000 or equivalent
Other options Standard Chartered, Citi, Maybank, HSBC (non-startup friendly at all).
OCBC, DBS and Standard Chartered are the most friendly for tech startups. Most companies & founders that I know in SG are on these 3.
Your account probably won't be closed right away. But you'll be charged a fee (S$25-50) for falling below the minimum balance threshold.
About S$7,800-8,500 :👇
Incorporation + Corporate Secretary — S$600/year (Osome)
Nominee director — S$2000/year (Osome)
Bank Account — S$5000/year
Bank Account opening assistance — S$200 (Osome. You physical presence might be required…)
Might need a registered address — S$240 (Might be optional)
Incorporation in Singapore is generally fast. Takes 2-3 days. Osome is also pretty fast. So it'll take a week to incorporate, and about a week to open a bank. From initial contact to company+bank — will take you 2 weeks. 3 weeks maximum. … if you have the $$$ and proper documents, of course.