Singapore Expats Forum

what's the cost of having a small company in singapore

Discuss your views about Singapore business & economy, current policies & issues, starting a business in Singapore.
sunweaver
Newbie
Newbie
Posts: 3
Joined: Fri, 17 Apr 2009

what's the cost of having a small company in singapore

Postby sunweaver » Fri, 17 Apr 2009 10:24 am

I am preparing to setup a new company (a very small one) but as i've never had a company before, i need to know what kind of expenses i need to have for initial setup and yearly.

Will appreciate if some can contribute.


Initial setup :
expenses cost
1. register company S$300-450.00
2. furniture S$500.00(table & chair only)
3. rental deposit depends (looking at $500/month will make it around 1500 - 2 months deposit + 1 month rental)


Yearly expenses
Expenses cost / year
1. office rental/electricty depends
2. secretary service S$600.00
3. audit/accounting S$1500.00
4. fix phone/fax S$600.00


Any other things i need to consider ?
I have already had my own notebook + handphone.

Thank you

User avatar
Strong Eagle
Moderator
Moderator
Posts: 10402
Joined: Sat, 10 Jul 2004
Location: Off The Red Dot
Contact:

Postby Strong Eagle » Fri, 17 Apr 2009 11:48 am

What you have posted is 'overhead' or fixed expenses. These are things like phone, internet access, website, subscriptions, legal fees. Do a google search on 'chart of accounts' and you'll see lots of examples of fixed costs.

The thing you have left out in building a budget and a plan is 'cost of sales'... what does it cost you to provide the product that you want to sell at a profit (you hope).

For example, if you are thinking of buying products in China wholesale, packing and selling retail, your costs of sales might include: the wholesale product cost, the shipping cost from china, your inventory costs, package costs, storage costs, packing and shipping costs.

sunweaver
Newbie
Newbie
Posts: 3
Joined: Fri, 17 Apr 2009

Postby sunweaver » Fri, 17 Apr 2009 9:06 pm

Thank's Strong Eagle.

I am dealing with software so theoratically, i do not have any 'cost of sales'.
I do have cost on my broadband/hp/server cost (i colocate my servers), but well, i am paying them out of my pocket at the moment (it's wrong i know, well anything is always blurred to programmer like me) :-)

By the way, does anyone know whether i need to contribute cpf if i pay bonus to my sales staff ?

thank you

User avatar
ksl
Governor
Governor
Posts: 6005
Joined: Mon, 19 Jul 2004
Location: Singapore
Contact:

Postby ksl » Fri, 17 Apr 2009 10:16 pm

sunweaver wrote:Thank's Strong Eagle.

I am dealing with software so theoratically, i do not have any 'cost of sales'.
I do have cost on my broadband/hp/server cost (i colocate my servers), but well, i am paying them out of my pocket at the moment (it's wrong i know, well anything is always blurred to programmer like me) :-)

By the way, does anyone know whether i need to contribute cpf if i pay bonus to my sales staff ?

thank you


Even if you are a software programmer, you will have costs involved in marketing yourself, like advertising your services in a local paper, or even online in Singapore, nothing is free, so if you want to create awareness of yourself and your talent, you have costs involved even though you think not,,,,,

If you are to sell yourself, you will still have lots of cost involved, just sit down and plan the costs, so that you can maximise your selling features. Is it presentation of your work, is it seminars, who is your audience and your potential clients, how will you notify them you are available? Make a plan, a strategy and spread the cost over the full year,...you still have to work out a breakeven point, even without a tangible product.

So sit down and think about the costs involved getting yourself noticed in Singapore. You need to book all business expenditure (All Costs) not forgetting expenses for networking.

User avatar
jpatokal
Moderator
Moderator
Posts: 3014
Joined: Tue, 09 Dec 2003
Location: Terra Australis Incognita

Re: what's the cost of having a small company in singapore

Postby jpatokal » Tue, 28 Apr 2009 5:27 pm

sunweaver wrote:I am preparing to setup a new company (a very small one) but as i've never had a company before, i need to know what kind of expenses i need to have for initial setup and yearly.

Why pay rent for a "very small" company, which is presumably just you yourself? Work out of your own home until the business is successful and you need to expand. Or, if you need to get out to stop going crazy, look into coworking:

http://www.talentpreneurhub.com/yeh/ind ... &Itemid=55
http://www.geekterminal.com/web/
Vaguely heretical thoughts on travel technology at Gyrovague


  • Similar Topics
    Replies
    Views
    Last post

Return to “Business in Singapore”

Who is online

Users browsing this forum: No registered users and 0 guests