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Lower Fees For Businesses

15 July 2003

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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.

MINISTRY OF FINANCE

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