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How much money do I need for my start-up business?

Young female start-up business owner in Singapore talking on the phone while using a stylus tablet with packages on the table

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Starting a business is not easy. You will need a lot of money to cover start-up costs in Singapore, and it takes time to find funding or a working capital loan for your business.

If you don’t have enough money to start your own business, there are ways to borrow money from friends and family or even take up a business loan from financial institutions such as Synergy Credit. Other ways include crowdfunding or getting assistance from government grants.

Let’s break down the costs of starting a business in Singapore:


The first thing you need to consider is where you want to set up your business. Depending on the type of business, the ideal location has good transport links and is easily accessible by people who work there. It should also be located near business hubs to increase your chances of getting clients.

If you are considering setting up your business in a commercial space, you have to consider the rental fees. These can range between $2,000 and $20,000 per month depending on the location and size of the space.


Next, you have to consider the number of staff that you need to hire. It is recommended that you start your business with 2-3 staff members to begin with to keep costs lean at first, so that less labour costs eat into your business profits. Once the profits and scale of the business increases, you can consider expanding manpower from there.

The minimum salary for hiring a full-time worker in Singapore starts at $2,140 per month on average.

An alternative option would be hiring freelancers that work fewer hours at a lower cost. The cost of hiring freelance workers in Singapore is approximately $500 per week; they can work up to 20 hours per week.

Operating Costs

You also have to consider the operating costs like utilities and office supplies. Other operating costs include renting a vehicle and buying a new computer system. These costs are relatively low as compared to other expenses involved in running a business. For example, the average cost of utilities is $300 per month.


The initial cost of renovation is the biggest expense you will incur when starting a business. The cost of setting up the interior and exterior of your office space can range from $15,000 to $50,000. If you are operating a retail business, you will require more money for renovations, since the space has to be attractive enough to attract potential customers. You’ll need a renovation budget of about $100,000 to $150,000.


The average cost of furniture for a start-up business is between $5,000 to $15,000. Costs will vary depending on the location, size, and amount of employees you plan to hire.

Computer system and software

In Singapore, all businesses must have a computer system. The cost of setting up hardware for your office computer system ranges from $500 to $1,500. The cost of software ranges from $200 to $300 per month while the average operating cost per month is approximately $300.


Another expense that you will incur when starting a business in Singapore is insurance for your property and assets as well as your staff’s health and life insurance. This will cost you $300 to $500 per month for a small business and can go as high as $2,000 per month for a larger business.

Legal Fees

Another one of the start-up costs in Singapore is the cost of legal fees. You may need to hire a lawyer to help with your business registration and setup. This will cost at least $300 per hour.

Accounting Fees

You will also need to pay an accounting firm to handle your bookkeeping. This will cost you approximately $200 per month.


Finally, you will need to set aside a certain amount of money for marketing. You can choose to hire a marketing consultant or an agency to handle your marketing. Alternatively, you can do it yourself if you have the knowledge and skills. The average cost of hiring an agency is between $2,000 and $20,000 per month depending on the industry and location of your business.

Other Costs

Some other start-up business costs include buying a new vehicle if needed, as well as the cost of getting a business license from the government.

So, how much money do I need for my start-up business?

Graphic table on the monthly and initial outlay costs needed for a start-up business

You will need about $11,220 monthly and $20,800 minimally as an initial outlay.

This is based on the lowest possible estimated costs based on the above criteria. However, do note that this amount can vary widely depending on the scale, industry, and requirements for your start-up business.

Starting a business in Singapore is not easy, and you will need to consider many costs. To help you get started and gather enough funding to cover these costs in Singapore, consider taking a working capital loan with Synergy Credit.

We assume no responsibility or liability for any errors or omissions in the content on this website. The information contained on this website is provided with no guarantees of completeness, accuracy, usefulness, timeliness, or any warranties of any kind whatsoever. The content on this website is for informational purposes only and should not be construed as professional advice.

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