Three Simple Steps to Business Incorporation in Singapore
- Posted by Lee Bon
- On 21.03.2017
With a tourist economy booming there are many entrepreneurs who are trying to figure out how to set up a company is Singapore. This is not the typical company set up that you would go through in the United States or Europe there are special circumstances and additional hoops to jump through as well in order to get your company up and rolling as quickly as possible.
According to research, Singapore has a booming economic retail section, which provided over twenty thousand retailers a combined gross income over forty billion dollars. That was a year of economic hard times in America, so you can imagine what the demand is for starting a retail company in Singapore today. Most of the major American retailers are present already in Singapore and the economy seems like it will be able to support more businesses.
The Singapore Companies Registrar or ACRA must have your business incorporated in order to allow for a retail business to begin operation in their country. Fortunately, Singapore is one of the easiest places in the world to do business and the paperwork can be completed quickly. Usually this can take less than twenty four hours. This is a far cry from what you would expect in a Western country and one of the reasons that Singapore is such a draw to businesses.
This process can also be completed online so there is no need to visit an office in person. Before a company decides to incorporate they should have a business plan put into place that will guide the actions of your business. It is probably a good idea to bring something new to the already bright and bustling Singapore business district. There is also a requirement for a Singapore Entrepreneur Visa that needs to be completed before your business can physically move into the country and start making money.
There may Be more Licensing
There may be further steps that you have to take in order to register your business in Singapore depending on what type of retail store that is being established and company set up. For example if you are going to start a pharmacy then there is a requirement for a certificate of registration to be filed with the HSA, (Health Sciences Authority). This will allow for you to operate a pharmacy.
Should you wish to start a supermarket which serves either raw or uncooked foods then there will be a need to apply for a supermarket license. This is a mandated by the Singapore Environmental Public Health Act. This is designed to make sure that all retail business owners in this market are following established protocol involving cleanliness and food safety. These are also available online and the license is generally done and completed within a timeframe of five working days.
It is almost impossible to look into how to set up a retail store in Singapore without understanding the process involved in selling alcohol. Much like the US any retail business that participates in the sale or service of alcohol is going to require a liquor license from the Liquors Licensing board. All applicants have to be a native of the Singapore and a permanent resident, or possess a FIN issued by the Singapore Immigration and Customs Authority or an Entrepass from the Ministry of Manpower.