Clementi Moneylender | Synergy Credit

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

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

Starting a business is not easy. You will need a lot of money to cover startup costs in Singapore, and it takes time to find funding or working capital loan for your business. It is estimated that the average start-up requires $600,000.

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 and even leveraging on your credit card!

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. The ideal place is one that has good transport links and is easily accessible by people who work there. It should also be located near business hubs to increase the 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 staff that you will need to hire. It is recommended that you start your business with 2-3 staff members to begin with. The cost of hiring a full-time worker in Singapore starts at $1,000 per month for a junior staff member. This can go as high as $2,800 per month for an experienced retail supervisor. 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, $100,000 to $150,000 is recommended.


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.


In Singapore, it is mandatory for all businesses to have a computer system. The cost of setting up hardware for your office computer 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.

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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 insurances. 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 set up. 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 costs include buying a new vehicle if needed, furniture for your office space, computers and software, the cost of getting a business license from the government and purchasing a new vehicle if needed.

Starting a business in Singapore is not easy. You will need to consider a lot of things before you can start your business. You can consider taking a working capital loan with Synergy Credit to help you get started on your business.

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