After going through company setup to incorporate your business in Singapore, you may need to acquire a business permit and or license to be able to operate in the country. The information about whether your business requires a permit will be provided by the Accounting and Corporate Regulatory Authority (ACRA) during the company name approval process.
First, you must make sure that your company has a Singapore executive local director that is already approved by ACRA. This local executive director will be the key to the application for a license such as money changer license, employment license, IDA license, and many others. They are responsible for signing and submitting the application to acquire the licenses you need so that your company can get the license and or permit. This executive director may be a Singaporean citizen or a holder of employment pass but must reside within the country.
Permits and licenses are usually only required to specific types of business such as private education, food, tradings, liquor selling, travel agencies, and such. Common business companies usually can go straight to operate as soon as they get approved without a permit. These industry specific businesses will be able to get their license within two weeks to two months depending on the type of license they are applying for.
1. Trading
A Singapore trading company must open a customs account. This will help your trading business to engage with a local freight forwarder that can help you arrange the import and export of your items. They will also handle the permits and licenses required for the business operation, taxes and fees, the procedure of cargo clearance, and arrange a goods storage.
2. Retail
The licensing requirements for retail shops vary depending on the goods that are offered in the shop. There are three different types of retail business that’s most common, which are supermarkets, pharmacies, and telecommunication stores.
3. Hotel
This also includes the permit and or license that are required for any kind of lodgings such as hostel, inns, and others. A hotel business requires the principal Hotel-Keeper to possess the license and is also approved by the Hotels Licensing Board of Singapore. Permits and licenses will also be required for televisions, playing copyrighted materials such as music or videos, selling tobacco products, having a spa and swimming pool, and such.
4. Construction Business
A permit from the Ministry of Manpower is required for a construction company to be able to hire laborers from outside of the country.
5. Private Education
Business in the private education sector such as childcare centers, kindergartens, and academic/non-academic schools requires mandatory licenses. To apply for your licenses and permits.
Keep in mind that the industry-specific companies mentioned above are not all types of business that require a license and or permit in Singapore. Make sure you check with the ACRA or find information from the internet. In case of confusion and if you find all the steps difficult to follow, you can spare extra cash to hire a professional that will be able to help you through all the company registration process including fulfilling the necessary compliance it needs,
