Taking note and adhering to various compliance requirements and processes is important before setting up a business in Singapore. Being a “Fine City”, failing to conform often results in hefty penalties. Among the many, one key process that you may want to pay a little more attention to is checking the licenses or permits required for the business you are setting up.
Although most businesses do not, certain industries are regulated by approving authorities and may require a business license to operate. Listed below are some common industry-specific business licenses in Singapore.
Food and Beverage
Depending on the nature of your business, here are some licenses you may need in the Food and Beverage industry.
- Mandatory Food Shop License from the National Environment Agency (NEA) to operate an eatery in Singapore. NEA’s Code of Practice of Environmental Health must also be complied with.
- Approval from Agri-Food & Veterinary Authority for importing foreign-sourced ingredients.
- License by the Liquor Licensing Board to serve alcohol in your restaurant.
- HALAL certification by the Islamic Religious Council of Singapore (MUIS) to be certified HALAL. Strict requirements must also be met.
Publishing
Be it newspapers, newsletters, or magazines, there are regulating authorities in this industry.
- Newspaper Permit from Infocomm Media Development Authority (IMDA) for printing or publishing of newspapers.
- General Radio-communication Station License from IMDA to operate radio stations.
- Printing Press License from IMDA to operate a printing press. Online news sites must also be registered with IMDA.
Trading
Depending on the goods that you are importing and exporting, there are various licenses you may have to apply for from different authorities.
- Import and Export Permit from Singapore Customs.
- Phytosanitary Certificate from country of origin for importing plants.
- Cargo Clearance Permit from Agri-Food & Veterinary Authority for plants
- Import permit endorsed by IMDA for video games and films.
Construction
Running a business in this industry involves obtaining several approvals and licenses from various government authorities.
- Professional Engineers Board to provide professional engineering services.
- Builder License (Class 1, Class 2, Specialist) for carrying out building works where plans are required to be approved by the Commissioner of Building Control and areas which have a high impact on public safety.
- A permit from HDB to carry out renovation works in your home.
- Sale Licence from URA to commence construction works and to commence the sale of units after obtaining building plan approval
- No Sale Licence from URA to commence construction works ONLY.
Financial Services
Mostly regulated by the Monetary Authority of Singapore (MAS), there are licenses in this industry that you must obtain before engaging in certain activities.
- Capital Markets Services License for funds management, securities, or future trading.
- Financial Advisers License for financial advisers to provide advice on investment products.
- Approval from ACRA for accounting entities to provide accounting services.
Banks and insurance companies however are exempted from the above requirements. They are regulated separately by the MAS.
Conclusion
It may seem relatively simple and straightforward to set up a business in Singapore. However, there are business licensing procedures and regulations to comply with that may apply to certain industries. Navigating through the various licenses and permits on your own may not always be a good idea as it often may result in having to pay hefty fines. Professional corporate services providers are vastly available in Singapore. Approaching and engaging one may be a better alternative to help you save valuable time and resources.
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