Singapore Business License Guide
Some many facts and figures make Singapore an investment destination. It is not surprising that people invade to do some form of business there because of the enormous minds and resources that the country possesses. Here are some facts you might find useful:
- This city has strong international trade links, as its port is one of the busiest in the world in terms of handled tonnage.
- Singapore is the world center for trade, finance, and transport.
- For ten consecutive years, the World Bank ranked it as the easiest place to do business.
- The World Economic Forum (WEF) also recognized this country as the most prepared for technology.
- WEF is also ranked as the 2nd most competitive country in the world.
- It is also the 3rd largest currency center.
- Singapore is the third-largest financial center in the world.
- The country has the 3rd largest oil refining and trade center.
- It is also one of the two busiest container ports since the 2090s.
- Over the past decade, it has been the only Asian country with the highest sovereign AAA rating among all leading rating agencies, including SP, Moodys, and Fitch.
- According to Forbes, is the most influential city in Asia and the fourth largest city in the world.
If you are looking for a healthy environment that is especially good for running a new firm, this city is your only destination. There are opportunities for all types of businesses to thrive here to learn more about the most successful and profitable firm options you can start.
How to get a business license in Singapore?
Singapore business license requirements for retail stores vary greatly depending on the origin and types of goods and services sold by the retail store. This country has many tourists and 5,000 permanent residents. The most popular retail stores are supermarkets, UK-based pharmacies, and stores that sell telecom products.
Start of a construction business
How to get a business license for a construction business in Singapore? There are several permits, approvals, and licenses required to open a construction company. Moreover, you will need to apply to the Ministry of Manpower to obtain work permits and permission to employ foreign workers.
Hospitality or hotel
You must follow many licenses and approvals when establishing a hotel or guesthouse. In addition to the basic Hotel Holder License and approval from the Hotels Licensing Board, several additional licenses will need to be obtained. For example, a license to place TVs in rooms, to organize animation in a hotel, to play author’s music products and videos, to a spa in a hotel, to sell tobacco products, to have a pool in a hotel, and so on. How to apply for a business license in Singapore? It is very good that applications for all licenses can soon be submitted from one site.
You need to obtain a special business license in Singapore to open a spa for massage establishments. Such a license will give you the right to do massage, relaxing foot massages, manicures, spa baths, and other similar services in your spa salon. Spas are incredibly popular, and you have to work very hard to get the spa salon out of business in Singapore.
Opening of a Western-style medical clinic
There are currently three different types of licenses required to open a Western-style medical clinic legally. The Medical Clinic License is compulsory for all institutions involved in healthcare. In addition, licenses are needed to work with potentially hazardous chemicals, a license to use radioactive equipment. You even need a license to buy certain medical products. Naturally, special licenses are also needed to carry out certain medical procedures, including liposuction, abortion, sterilization.
Tourism is both a pleasure and a goldmine, thanks to tax deductions for the development of tourism and cheap flights to various exotic countries. Travel also needs a license to work in this city as a travel agent.
How to apply for a business license in Singapore? Event companies usually host different types of events. The more types of events such a firm plans to engage in, the more licenses such a company will have to obtain. Examples of such licenses are Art Entertainment License, Copyright Permit, Public Entertainment License, Trade Fair Permit, Animal Show License, etc. The topic of public entertainment is very interesting due to the economic activity and the propensity for the joy and happiness of the local people. Tax incentives also help the industry grow effectively.
Real estate agency for sale and rent
From year to year, is becoming more interesting in doing business immigration. Thanks to this, the demand for real estate is also growing. Therefore, relatively recently, a special real estate council was created whose direct task is to regulate the real estate industry. Among the tasks is the improvement of professional standards to protect the interests of consumers. As a result, the council strengthened the Singapore business license requirements for real estate agencies and introduced mandatory registration of all real estate agents. The council also created a new set of rules for real estate agencies. We will talk about all these innovations later in a separate article.
There are several legal requirements and a Singapore business license for companies that want to engage in communications services. Licensing requirements depend on the type of telecommunications services your company plans to provide. Each separate type of business activity related to telecommunications requires an individual license and possibly an additional one.
People in this city are very fond of children and are very kind to them. There is no other firm industry with such an abundance and variation of different licenses as the private education industry. Licenses are required for childcare centers, kindergartens, academic and non-academic schools.
Business registration is an effortless and straightforward procedure. With this procedure, the receiving of business license Singapore has been simplified. In a couple of years, it will become the perfect procedure for obtaining licenses in the world if the government’s idea of improving the licensing process is at least 50% fulfilled.
If you provide all the documents required to obtain a license, there will be no refusal to issue a license. Some questions about obtaining licenses and permits you can answer yourself online, but it is simpler and easier to use the help and advice of professionals.
Business license Singapore
Most businesses require a license of one kind or another. And although you will be allowed to obtain the necessary licenses only after registering your company (registered with ACRA), it is advisable to study the legal field in advance to avoid problems with the law in the future.
You can consult with experts about the specific licenses required for your niche. You may need multiple licenses from different authorities if your future business is in entertainment, finance, education or beer, cigarettes, and other controlled sectors.
Grants for SMEs
Singapore is often cited as one of the easiest places to do firms on earth, and one of the reasons for this is a large number of grants and assistance programs available for small businesses. Many of these schemes are offered by the government agency Enterprise Singapore. They can fund everything from skills development and innovation to new product development and overseas expansion.
A popular scheme is the Tax Administration’s Productivity and Innovation Credit (PIC), which allows your business to receive tax deductions ranging from 400% to $400,000 or 60% cash payments up to $100,000 to invest in innovation and productivity.
There is also a startup grant from ACE, a movement led by private sector entrepreneurs. The grant helps finance Singaporeans starting their first business.
You can register your company by submitting an online application using the ACRA BizFile service.
Log into BizFile using your ID and SingPass to submit your transaction online. You can do this using your computer. You can also use the services of a professional firm such as an attorney, accountant, or licensed clerk to apply online on your behalf. Business registration takes about 15 minutes after the payment of the registration fee. However, this can take anywhere from 14 days to two months if the request is sent to other authorities for approval or consideration. ACRA will issue your company with a company registration number (BRN) that serves as a unique identifier (such as your NRIC) for your company.