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Press Releases

Lower Fees For Businesses

15 Jul 2003

1. During the launch of the E-government Action Plan II on 15 July 2003, DPM Lee announced that the Registry of Companies and Businesses ("RCB") will be reducing the registration fee for business firms from $100 to $50. The annual renewal fee will also be lowered from $25 to $20. The new fees will apply to registrations and renewals from 15 August 2003.

2. The fee reductions are part of the government's on-going efforts to encourage entrepreneurship and reduce business cost. In January 2002, RCB reduced the incorporation fee for companies from a sliding fee starting from $1,200 to a flat rate of $300.

3. Since the launch of its electronic filing system (Bizfile) in January 2003, RCB is able to provide greater convenience to its customers by offering its services with shorter turn-around time and at lower costs. Moving forward, RCB will continue to look for ways to improve its service quality and to lower the costs for its customers.