Singapore · Edition 006Tuesday, 3 November 2026
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The $500 Ladder

Primary sources. Published arithmetic. No courses.

$500 idea · Pattern break · Singapore · Edition 006

Singapore’s telecom licence is free and the interconnection deposit behind it is S$20,000.

IMDA’s own fee schedule for Services-Based Operators lists “Resale of public switched telecommunication services” at No fee payable, caps the fee for an operator running services under more than one class licence at S$200, and states that “No renewal is required for SBO (Class) licences”. The toll gate is one document further on. Singtel’s Reference Interconnection Offer — which, being an agreement with a Dominant Telecommunication Licensee, “will not be effective until approved by IMDA” — requires at clause 2.5(e) that a first-time requester whose “paid up capital … is less than S$1,000,000” lodge S$20,000 as a banker’s guarantee or security deposit. One dollar of paid-up capital either side of S$1,000,000 is the whole of that sum. Operating without any licence at all is S$100,000, three years, and S$10,000 a day while it continues.

Jump to the ladder

The $500 Ladder — Singapore Tuesday, 3 November 2026 Edition 006 12 sources
Context

Singapore’s phone and internet services are sold to the public by a handful of household names, and most people assume that getting into that business means becoming one of them. Behind those names sits a second tier the public never sees: resellers, who buy capacity from the big networks and sell it on under their own brand and their own bill. The regulator keeps a register of these resellers and, for most of what they do, charges nothing to join it. This edition reads that fee schedule, and then reads the contract a reseller has to sign before it can plug its own equipment into the incumbent’s network, to find where the real gate stands and what it costs to pass.

Start with the money. At 1 USD = 1.2812 SGD — the European Central Bank’s daily euro reference rates for 3 November 2026, crossed through the euro — US$500 is S$640.60 and US$5,000 a month is S$6,406.00, or S$76,872 a year. The entry cost is unusually legible here because every piece of it is published. ACRA charges S$15 to apply for a business name and S$100 to register a sole proprietorship. The IMDA class registration is free for resale of public switched telecommunication services and S$200 for internet-based voice and data services, with S$200 the maximum for every class service you run put together. Call it S$315 to be lawfully in business, which is 49.17% of the capital, and nothing recurring after it.

The shape of the fee schedule is the first thing worth staring at. An SBO (Individual) licensee pays S$4,000 a year for the first S$50 million of annual gross turnover, then 0.5% of turnover to S$100 million, then 0.8% above it. Read that as an effective rate rather than a sum. A licensee turning over S$100,000 pays 4.00% of its revenue for the privilege; a licensee turning over S$50 million pays 0.008% of its revenue for the identical privilege. The small operator’s effective licence rate is 500 times the large one’s. That flat S$4,000 is not a fee so much as a floor, and the Class tier — no fee, no renewal, no expiry — is the state’s own escape hatch from it.

The gate is in the interconnection contract, not the licence. The RIO defines the Requesting Licensee as “an FBO or SBO which uses switching or routing equipment to provide telecommunication services to the public” — a test of equipment, not of size or turnover. Buy a switch and clause 2.5(e) applies on the first request: S$20,000, at your option a banker’s guarantee or a deposit, because your paid-up capital is under S$1,000,000. Clause 22.2(a) then keeps it there, at “2.5 times the amount of the recurring Charges that the Requesting Licensee has incurred in a month” or S$20,000, whichever is greater — so the collateral is flat at S$20,000 until the monthly interconnection bill passes S$8,000, and only then starts to track traffic. Against S$640.60 of capital, S$20,000 is 31.22 times everything you have.

The consensus read is that Singapore telecommunications is a licensing oligopoly and the licence is the moat. The documents say the licence is the cheapest thing in the industry and the moat is somewhere else entirely — partly in collateral, and partly in the price of a minute. Schedule 9 of the RIO, the IMDA-approved charges, prices call origination and call termination at 0.78 cents a minute at peak and 0.39 cents off-peak, billed in per-second blocks. MyRepublic, a Singapore licensee, publishes local outgoing calls on its business SIP trunk at from 0.75 cents a minute. The regulated peak input therefore costs 1.04 times the published retail output. Off peak the spread is 0.36 cents, and earning S$6,406 a month on it needs 1,779,444 minutes — 29,657 hours, or 40.60 calls in progress continuously, day and night, for a whole month.

Which settles what a person with S$640.60 should actually do, and it is not minutes. Stay on the side of clause 2.2 that owns no switch, stay a registered Class operator, and sell seats on somebody else’s trunk. At the S$10 a month that Happy2Call publishes as its starting SIP trunking price, 640.60 seats bills the target exactly — one seat for every dollar of starting capital. Keeping it is a different number: after a 50% gross margin, S$400 a month of overhead, compulsory Medisave and Singapore resident income tax, the target needs 1,532.24 seats, which is 2.392 times the number that bills it. Break-even is 80 seats. That gap between billing and keeping is the whole of this week’s honesty.

SECURITY DEMANDED OF A REQUESTING LICENSEE · RIO CLAUSES 2.5(e) AND 22.2(a) GREATER OF S$20,000 AND 2.5 × THE RECURRING CHARGES INCURRED IN A MONTH S$20,000 FLAT, WHATEVER THE TRAFFIC 2.5 × MONTHLY CHARGES · S$50,000 AT S$20,000 A MONTH KINK AT S$8,000 A MONTH 20,000 ÷ 2.5 · BELOW IT THE DEPOSIT IGNORES YOUR SIZE PAID-UP CAPITAL S$1,000,000 OR MORE · FIRST-TIME SECURITY S$0 S$20,000 = 31.22 × THE S$640.60 OF CAPITAL, WHICH SITS 3 PIXELS OFF THE AXIS 0 5,000 10,000 15,000 20,000 RECURRING INTERCONNECTION CHARGES PER MONTH, SINGAPORE DOLLARS 0 10,000 20,000 30,000 40,000 50,000 SECURITY REQUIRED, SINGAPORE DOLLARS THE CLASS REGISTRATION ITSELF IS S$0 FOR RESALE OF PSTN AND AT MOST S$200 FOR EVERY CLASS SERVICE TOGETHER A CLASS OPERATOR THAT OWNS NO SWITCH IS NOT A REQUESTING LICENSEE AT ALL · IT NEVER REACHES THIS CHART
The deposit does not care how small you are. Clause 2.5(e) asks a first-time requester with paid-up capital under S$1,000,000 for S$20,000, and clause 22.2(a) holds the requirement at the greater of S$20,000 and 2.5 times the recurring charges incurred in a month — so the green line is flat across the whole left of the chart and only begins to slope where 2.5 × the monthly bill overtakes S$20,000, at S$8,000 a month. That flat stretch is the mechanism: between a reseller carrying S$200 a month of traffic and one carrying S$7,900, the collateral is identical. The amber line is the same requester with S$1,000,000 or more of paid-up capital, which under clause 2.5(e) lodges nothing at all on a first request; the gap between the two lines is therefore what a single Singapore dollar of paid-up capital is worth at the threshold. The starting capital of S$640.60 plots 3.33 pixels above the axis at this scale and is drawn as the lower end of the measure at left: S$20,000 is 31.22 times it. The chart is also an argument for staying off it — clause 2.2 makes you a Requesting Licensee only if you “use switching or routing equipment to provide telecommunication services to the public”, so a Class operator reselling someone else’s trunk never appears here. Scales: 0.0285 px per Singapore dollar across, 0.0052 px per Singapore dollar up.

The evidence

11 findings
RegulationIMDA, Guidelines for Services-Based Operations · Version 5b, 20 June 2022 · ss 2.4, 3.7, 3.8, 4.4 · read 3 November 2026

“Resale of public switched telecommunication services” — No fee payable

The SBO (Class) fee table carries a line per service. Resale of public switched telecommunication services: no fee. Store-and-retrieve value-added network services where no leased circuits are used: no fee. Public Chain Payphone Service: no fee. Audiotex, call-back and call re-origination, internet-based voice and data, international calling card and store-and-forward value-added network services: S$200 each, one-time. Footnote 13 caps the lot: “The maximum fee payable by an operator who runs specified telecommunication systems and services falling within more than one class licence is $200.” Section 3.8: “No renewal is required for SBO (Class) licences.” Section 4.4: class applicants are registered, not licensed, once they submit complete information and pay any registration fee. Section 2.4: “SBO (Class) Licensees shall not collect monetary deposits and/or use prepaid cards” to collect payment. IMDA, SBO Guidelines v5b (PDF)

RegulationIMDA, SBO Guidelines · s 3.7, the Individual fee · read 3 November 2026

The tier above costs S$4,000 a year from the first dollar of turnover

SBO (Individual) annual fees: S$4,000 on the first S$50 million of annual gross turnover from licensable activities, 0.5% of AGTO on the next S$50 million, 0.8% above S$100 million; live audiotex only, S$200 every five years. AGTO is defined in footnote 12 as “the annual fair value of the consideration received or receivable for licensable activities”. Individual licences run five years and are renewable; a licensee that collects deposits or issues prepaid cards needs paid-up capital of at least S$100,000 at the point of licensing. Mobile Virtual Network Operation, public internet access, IP telephony, managed data network services and every prepaid version of a class service sit in this tier. IMDA, SBO Guidelines v5b, s 3.7

Regulator filingSingapore Telecommunications Limited, Reference Interconnection Offer · main body, IMDA consultation version of 15 April 2026 · read 3 November 2026

Clause 2.5(e): S$20,000 from a first-time requester with paid-up capital under S$1,000,000

Clause 2.2 defines the counterparty: “An FBO or SBO which uses switching or routing equipment to provide telecommunication services to the public” and which submits a Notification of Acceptance “shall be known as the Requesting Licensee”. Clause 2.5(e) applies “if the Requesting Licensee is requesting for service under this RIO Agreement for the first time” and “the paid up capital of the Requesting Licensee is less than S$1,000,000”, requiring “either a banker’s guarantee or security deposit (at the Requesting Licensee’s option) for the amount of S$20,000”. Clause 22.1A imposes the same S$20,000 on any requester taking Schedule 2A, 2B or 2C services with no security already lodged. Clause 22.2(a): if paid-up capital falls below S$1 million during the term, notify Singtel within ten business days, and Singtel may require security of “2.5 times the amount of the recurring Charges that the Requesting Licensee has incurred in a month” or S$20,000, whichever is greater. Clause 22.4 repeats that formula after a payment failure, clause 22.5 adds S$20,000 per additional service requested during a payment-related suspension, and clause 22.6 gives twenty business days to comply. Clause 21.1 requires an FBO to hold a S$10 million public liability policy and states that “where the Requesting Licensee is an SBO, there is no requirement to procure any such policy of insurance”. Clause 15.4 caps liability at S$1,000,000 an event and S$3,000,000 a calendar year. Clause 4.2(d) ends the agreement five years from 18 December 2023. Singtel RIO, main body (PDF)

Regulator filingSingtel RIO · Schedule 9, Charges · read 3 November 2026

The regulated minute: 0.78 cents peak, 0.39 cents off-peak

Per call minute, billed in per-second blocks: call origination (Schedule 2A) and call termination (Schedule 2B) at S$0.0078 peak and S$0.0039 off-peak; transit (Schedule 2C) at S$0.0005 and S$0.0002; emergency calls at S$0.0037 and S$0.0019. Peak is 0800 to 1800, Monday to Friday, public holidays excluded. One-off and recurring items read on the same page: interconnect testing application S$79.75 a request and S$982.35 a day; Schedule 2A/2B/2C implementation S$694.31 an application, S$2,131.48 per IGS, S$2,158.92 per SGS; co-location ordering S$43.21 an order, project study S$1,528.54 a site, co-location space S$3,225.21 per square metre a year, power S$444.74 per fused amp a year, manpower S$46.10 an hour in office hours and S$69.15 after them; local loop provisioning S$87.63 and a recurrent S$42.73 to S$175.34 a loop a year. The general section states that “SingTel reserves the right to adjust these Charges from time to time subject to approval from the Authority”. Singtel RIO, Schedule 9 (PDF)

StatuteTelecommunications Act 1999 · ss 5 and 33 · Singapore Statutes Online · read 3 November 2026

Skipping the free registration costs S$100,000

Section 33(1) makes it an offence to operate a telecommunication system or provide a telecommunication service in Singapore “without a licence granted under section 5”. Section 33(2): on conviction, a fine of up to $100,000, imprisonment of up to 3 years, or both, and for a continuing offence a further fine of up to $10,000 for each day the offence continues after conviction. Section 2 defines a telecommunication licensee as “a person to whom a licence has been granted under section 5 or 7”. The asymmetry is the point: the registration that avoids all of this is free for resale and capped at S$200 for everything else. Telecommunications Act 1999, SSO

RegulationIMDA, Code of Practice for Competition in the Provision of Telecommunication and Media Services · ss 4.4.3, 4.4.6, 5.3, 5.4.2 · read 3 November 2026

The deposit sits inside a document the regulator itself approves

Sub-section 5.3(a)(i): where one party is a Dominant Telecommunication Licensee, an interconnection agreement “will not be effective until approved by IMDA”. Sub-section 4.4.3(a): a Dominant Entity offering a wholesale service must do so at “prices, terms and conditions that are just, reasonable and non-discriminatory”. Sub-section 4.4.6: IMDA-approved tariffs must be published on the dominant entity’s website no later than when it begins providing the service. Sub-section 5.4.2: interconnection services provided to other licensees must be “at least equivalent in quality to the quality that the Facilities-based Licensee provides to itself”. Section 2.3(c) carries forward any licensee classified dominant under the 2012 Code. The S$20,000 is therefore not a private demand — it is an approved term of a regulated offer, applied equally to everyone below S$1,000,000 of paid-up capital. IMDA, Telecom and Media Competition Code (PDF)

Regulator filingIMDA index of published RIO agreements · document titles read 3 November 2026, individual agreements not opened on this run

The counterparties who actually signed, by name

IMDA publishes the executed interconnection agreements, split into “RIO agreements with FBOs” and “RIO agreements with SBOs”. The SBO-side documents name Chesterfield Communications Pte Ltd, Sunpage Communications Pte Ltd, Phoenix Communications Pte Ltd and Tele-Access & Comms Pte Ltd. The FBO-side documents name StarHub Pte Ltd, MyRepublic Limited, SP Telecommunications Pte Ltd, Indosat Singapore Pte Ltd and Google Singapore Pte Ltd. Four named services-based operators have been through clause 2.5(e) and out the other side, which is the strongest available evidence that the door opens — and also a measure of how few walk through it. The agreements themselves were located but not read on this run, so no execution dates or negotiated variations are claimed. IMDA, Singtel’s Reference Interconnection Offer

Platform documentationMyRepublic Singapore, Business SIP Trunking · page modified 8 August 2025 · Happy2Call Singapore · both read 3 November 2026

The retail minute, published: from 0.75 cents

MyRepublic’s Singapore business SIP trunking page states local outgoing calls “from 0.75¢/min”, a service starting at 5 channels supporting “up to 330 Direct Dial In numbers” and scaling to 30 channels; its IDD 1550 rates are 6¢ a minute to India, Hong Kong and the USA, 12¢ to China and 16¢ to Indonesia. The page quotes no monthly price — it says to contact sales — and does not label the cents as Singapore cents, though the service is sold in Singapore. Happy2Call, a Singapore SIP and cloud telephony provider, publishes starting prices of S$5 for cloud telephony and S$10 for SIP trunking, with no period stated on the page and no per-seat or DID detail. These two pages are the entire retail side of this edition and both are thin: one headline rate and two starting prices. MyRepublic, Business SIP Trunk · Happy2Call

Regulator filingIMDA public consultation on Singtel’s RIO for IP-based interconnection for voice · 28 July 2025 · read 3 November 2026

The regulated minute is scheduled to go to zero, with no date attached

IMDA consulted on 28 July 2025 on Singtel’s preliminary RIO for IP-based voice interconnection, a phased migration off SS7 “starting in early 2026” to support IP-based measures against scam calls, migrating licensees that already hold SS7 interconnection first. Paragraph 9: IMDA will review RIO service prices after Singtel completes its IP network, and current published prices “will remain unchanged until after such review”. Paragraph 10: bill-and-keep for fixed call termination — required by the 18 April 2022 competition-code closing note — “will be reflected in the RIO” once Singtel finishes migrating all existing Requesting Licensees. No completion date is given anywhere in the paper, and the submission deadline was 26 August 2025. The 0.78 and 0.39 cents above are therefore live but terminal, on a clock nobody has published. IMDA consultation paper, 28 July 2025 (PDF)

Platform documentationGoBusiness Licensing, SBO (Class) · ACRA fee schedule, last updated 6 February 2026 · both read 3 November 2026

Twenty minutes, one entity, S$315

The GoBusiness licence directory entry for the Services-Based Operations (Class) Licence states an application fee of “N/A or S$200 (for selected services)”, no expiry and therefore no renewal, an estimated 8 working days where manual approval is needed, and about 20 minutes to complete the form. Eligibility is an ACRA-registered company or business, an LLP or an LP, applying through Corppass. The licence covers leasing network elements from any IMDA-licensed Facilities-Based Operator and reselling the services of FBOs or other services-based licensees to third parties, with the standing condition that the licensee must not collect monetary deposits or use prepaid cards. ACRA’s published fees, last updated 6 February 2026: S$15 to apply for a business name, S$100 to register a sole proprietorship or partnership, S$30 to renew. GoBusiness, SBO (Class) Licence · ACRA, sole proprietor and partnership fees

Derivedarithmetic shown · rate 1 USD = 1.2812 SGD

640.60 seats bills the target and 1,532.24 keeps it

Rate: 1 USD = 1.2812 SGD, from the European Central Bank’s daily euro reference rates for 3 November 2026 crossed through the euro; a market mid of 1.2795 for the same day was read as a cross-check and is 0.13% away. Capital US$500 = S$640.60. Target US$5,000/month = S$6,406.00/month = S$76,872/year.
Entry: 15 + 100 = S$115 with the free class service, or 115 + 200 = S$315 with a S$200 one, which is 315 ÷ 640.60 = 49.17% of capital.
Licence as an effective rate: 4,000 ÷ 100,000 = 4.00%; 4,000 ÷ 50,000,000 = 0.008%; the ratio is 500×. S$4,000 a year is 4,000 ÷ 12 ÷ (10 × 0.50) = 66.67 base-case seats of margin.
Deposit: 20,000 ÷ 640.60 = 31.22× capital. The clause 22.2(a) kink is 20,000 ÷ 2.5 = S$8,000 of recurring charges a month.
Minutes: peak 0.0078 ÷ retail 0.0075 = 1.0400, so the regulated peak input is 4.00% above the published retail minute and the peak spread is −0.0003. Off-peak spread 0.0075 − 0.0039 = 0.0036; 6,406.00 ÷ 0.0036 = 1,779,444 minutes a month = 29,657 hours; 29,657 ÷ 730.5 hours in an average month = 40.60 calls in progress continuously.
Seats: 6,406.00 ÷ 10 = 640.60 seats to bill the target. To keep it: contribution = seats × 10 × 0.50 − 400; net trade income = contribution × 12; Medisave 8% capped S$7,680; chargeable = NTI − 1,000 earned income relief − Medisave; tax on the resident bands IRAS states from YA2024; solving net ÷ 12 ÷ 1.2812 = US$5,000 gives 1,532.24 seats, S$15,322.36 a month of billings and NTI S$87,134.17 — a ratio of 2.392× the seats that bill it. Break-even = 400 ÷ (10 × 0.50) = 80 seats.
Cases: base 600 seats, S$10, 50% margin, S$400 overhead → S$6,000 gross, S$2,600 contribution, NTI S$31,200, Medisave S$2,496, tax S$154.08, net US$1,856.98/month. Best 1,500 seats, S$18, 55%, S$800 → net US$9,560.18/month. Downside 120 seats, S$5, 45%, S$400 → contribution −S$130 a month, nothing to tax.
Plotted in the figure: y = max(20,000, 2.5x) from x = 0 to x = 20,000, with the kink at (8,000, 20,000); the amber line at y = 0; the capital measure from y = 640.60 to y = 20,000. x scale 570 px ÷ 20,000 = 0.0285 px per dollar from x = 90; y scale 260 px ÷ 50,000 = 0.0052 px per dollar from y = 320, which puts S$640.60 at 3.33 px.
Assumptions, flagged: the 50% gross margin on a resold seat, the S$400 of monthly overhead and the S$10 seat price carried from a published starting price are not read from any wholesale contract and are the three numbers most likely to be wrong; the operator is assumed a Singapore tax resident under 35 with no other income and no relief beyond earned income relief; no premises, insurance or bad debt is modelled; and MyRepublic’s 0.75¢ is a headline “from” rate on a different product from Singtel’s interconnection minute, so the 1.04× is a comparison of two published prices, not of two quotes for the same thing. ECB euro foreign exchange reference rates

The ladder

From $500 to $5,000 a month · S$641 → S$6,406

GoBusiness requires an ACRA-registered company or business, an LLP or an LP, applying through Corppass. A sole proprietorship qualifies: S$15 for the name, S$100 for the registration, S$30 a year later to renew. This is the only money that has to move before you are licensable.

  1. Register the entity, because the free licence still needs one

    GoBusiness requires an ACRA-registered company or business, an LLP or an LP, applying through Corppass. A sole proprietorship qualifies: S$15 for the name, S$100 for the registration, S$30 a year later to renew. This is the only money that has to move before you are licensable.

    15 + 100 = S$115 of the S$640.60

  2. Register, do not apply — and pick the service by its fee line

    Section 4.4 of the guidelines says class applicants are registered, not licensed, once the form is complete. Resale of public switched telecommunication services costs nothing. Internet-based voice and data, international calling cards, store-and-forward and the rest cost S$200 one-time, and S$200 is the cap for all of them together. Nothing expires and nothing renews.

    S$0 or S$200 · once · no renewal

  3. Do not buy a switch

    Clause 2.2 of the RIO defines the Requesting Licensee by equipment, not by size: “an FBO or SBO which uses switching or routing equipment to provide telecommunication services to the public”. Own one and clause 2.5(e) wants S$20,000 on the first request. Resell somebody else’s trunk and you are not a Requesting Licensee at all, and the deposit never arises.

    S$20,000 ÷ S$640.60 = 31.22× your capital

  4. Never sell it prepaid and never take a deposit

    Section 2.4: a Class licensee “shall not collect monetary deposits and/or use prepaid cards” to collect payment. The prepaid version of the same service is an Individual licence at S$4,000 a year, and running one on a class registration is operating without a licence under section 5 — S$100,000, three years, S$10,000 a day while it continues. Bill monthly in arrears and the trap is closed.

    s 33(2) · $100,000 / 3 years / $10,000 a day

  5. Read Schedule 9 anyway, because it prices the rung above

    Origination and termination at 0.78 cents a minute peak and 0.39 off-peak, transit at 0.05 and 0.02, implementation S$694.31 an application and S$2,131.48 per IGS, testing S$982.35 a day. Against MyRepublic’s published retail floor of 0.75 cents, the peak input is 1.04× the retail output. The interconnected voice business is not waiting for you.

    0.0075 − 0.0039 = 0.0036 → 1,779,444 min/mo

  6. Sell seats, not minutes, and count the two different numbers

    At the S$10 a month Happy2Call publishes as a starting SIP trunking price, 640.60 seats bills S$6,406 — one seat for every dollar of capital. On a 50% gross margin and S$400 a month of overhead, keeping US$5,000 after Medisave and tax takes 1,532.24 seats and S$15,322 of billings. Break-even is 80 seats, which is the only cheerful number here.

    1,532.24 ÷ 640.60 = 2.392×

  7. Know the price of the gate before you walk at it

    There are exactly two ways past clause 2.5(e): lodge S$20,000, or hold S$1,000,000 of paid-up capital, which removes the first-time requirement altogether. Between them is a single Singapore dollar. Decide which one you are aiming at before you spend a year building traffic that assumes neither.

    S$999,999 → S$20,000 · S$1,000,000 → S$0

Interested in the actual playbook?

Sources

12 primary documents
  1. IMDA, Guidelines for Services-Based Operations, Version 5b, 20 June 2022 — read 3 November 2026
  2. GoBusiness Licensing, Services-Based Operations (Class) Licence — read 3 November 2026
  3. Singtel, Reference Interconnection Offer — main body (IMDA consultation version, 15 April 2026) — read 3 November 2026
  4. Singtel RIO, Schedule 9 — Charges — read 3 November 2026
  5. IMDA, Code of Practice for Competition in the Provision of Telecommunication and Media Services — read 3 November 2026
  6. Telecommunications Act 1999, Singapore Statutes Online (ss 5, 33) — read 3 November 2026
  7. IMDA, Public Consultation on Singtel's RIO for IP-based Interconnection for Voice Services, 28 July 2025 — read 3 November 2026
  8. IMDA, Singtel's Reference Interconnection Offer (RIO) — index of published agreements — titles read 3 November 2026
  9. ACRA, Service & transaction fees: Sole proprietorships & partnerships — page updated 6 February 2026; read 3 November 2026
  10. MyRepublic Singapore, Business SIP Trunking — page modified 8 August 2025; read 3 November 2026
  11. Happy2Call Singapore — read 3 November 2026
  12. European Central Bank, euro foreign exchange reference rates — 3 November 2026; 1 USD = 1.2812 SGD crossed through the euro

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