Business License in Singapore

One of the most important requirements for doing business in Singapore is a business license.

Firstly, you will need to apply registration at Accounting and Corporate Regulatory Authority (ACRA).

The next step is licenses and permits, issued by a Singapore Government agency that allows you to conduct a specific type of business.

The process is quick and easy but you must understand the terms and conditions. The timeframe for license application can vary from a few days to a matter of weeks. Some businesses require license from more than one authority while some require no license.

For most license application, the company must have an executive local director who is a Singaporean or Singapore PR. Besides, application documents will need to be signed and submitted by a local key executive personal/director therefore you need to have such person (SC, PR or employment pass holder) to act for your company.

(1) Retail

Retail business licenses vary depending on the nature of goods and services;

• Pharmacy by “Health Sciences Authority"

• Liquor retail by Liquor Licensing Board

• Pet shop license by AVA

• Telecommunication Dealers License by Infocomm Development Authority

(2) Construction

Construction licenses are a little more complicated than others. To hire foreign workers, you should approach Ministry of Manpower(MOM) to apply for work permits. Professional engineering service must be licensed by the Professional Engineers Board(PEB). Specially the following activities:

• building construction

• building completion

• building installation

• Site preparation work

• mixed construction, etc. must obtain the license.

(3) Hotel

For setting up a hotel in Singapore, approval from Hotels Licensing Board is required. Apart from Hotel- Keeper license, permits or licenses will have to be obtained depending on activities;

• Money Changer’s License

• Swimming Pool License

• Tobacco Retail License

• Localized private network license

• Halal Certification

• Public Entertainment License etc.

(4) Financial Services

To operate a financial service company except bank deposits, general insurance, loans and mortgages, you will need to hold one of the two business licenses;

1. Capital Market License

- Dealing in securities

- Trading in future contracts

- Securities Financing

- Leveraged foreign exchange trading

- Fund management

- Real estate investment etc.

2. Financial Adviser’s (FA) License

- Life insurance products

- Foreign exchange

- Leveraged foreign exchange contrasts and other structured products

(5) Food and Beverages

Starting a restaurant in Singapore?

Food Shop License from National Environmental Agency is required for retailing food and drinks.

• Liquor License

• Registration to import processed Food products and Appliances

• Halal Certifications

• Goods and Services Tax(GST) Registration are additional licenses you need to apply.

(6) Publishing

Newspapers, media, printing services can apply at the "Infocomm Media Development Authority".

(7) Shipping

• Shipping is also complicated in different license types;

• Harbor Graft License- to operate vessels within Singapore’s port

• Port Limit Manning License- for crew members to work on-board your ships and vessels

• Ship Registration Certificate- to transport passengers or goods

• Port Clearance Certificate- to operate vessels beyond Singapore’s port

• Other licenses and permits for related activities

(8) Trading

All importers and exporters are required to activate their account with the Singapore Customs. For import of all goods (controlled and non-controlled) into Singapore, you need an IN permit through TradeNet. For export out of Singapore, an OUT Permit is required. You can read more about "Importing Controlled Goods into Singapore" in particular, as there are some restricted products.

(9) Employment Agency

Basic license required for all categories of recruitment agencies and is governed by the Ministry of Manpower (MOM) of Singapore.

It is best to work with a professional consultant as there is a lot to prepare for applying business license.

Don't forget to contact Stratecx for Business Consulting and Corporate Secretary Services.