Starting a business can be an exciting venture, but it’s important to be aware of the costs involved in obtaining a business licence in Singapore. The fees for registering and licensing a business can vary depending on the type of business and the specific requirements. Understanding these costs will help you plan your budget accordingly and avoid any surprises along the way. So how much does a business licence cost in Singapore?
Requirements and Procedures to Obtain a Business Licence in Singapore
To operate legally in Singapore, some businesses may need to obtain proper licences and permits. The requirements depend on the nature and activities of your company. If your business activities need more supervision or regulation, you might require specific licences or permits for your industry. For example:
- Manufacturing companies need a manufacturing licence.
- Food and beverage companies need a food shop licence.
- Companies conducting regulated activities like telecommunications, banking, or healthcare need special licences.
The licences listed above are some of the most common licences that are required for businesses in Singapore.
The first step in obtaining a business licence is to register your business with the Accounting and Corporate Regulatory Authority (ACRA). For more information on the requirements and process for starting a business, check out our comprehensive guide on Singapore business registration.
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Singapore Business Licence Cost
Once your business is registered, you can proceed to apply for the necessary licences and permits specific to your industry. The cost of these licences varies depending on the nature of your business and the relevant agencies you need to apply to.
Curious about the range of business licence costs in Singapore? Let’s explore some examples from different industries:
Food and Beverage
For the food and beverage industry, you will need to engage with the Singapore Food Agency (SFA). They have specific requirements to ensure food safety and hygiene.
Requirements:
- The premises must be inspected and approved by SFA.
- The food must be prepared and handled in accordance with SFA regulations.
- The staff must be trained in food safety and hygiene.
To apply, you can either visit an SFA office or apply online. Prepare the necessary documents like your business registration certificate, tenancy agreement, application fee, and food safety plan. The cost of a food shop licence in Singapore varies depending on factors such as seating capacity, ranging from SGD 195 to SGD 2,400 per year. The application process typically takes around 4 to 6 weeks.
Retail
If you’re venturing into the retail industry, you’ll need to deal with the Ministry of Trade and Industry (MTI). MTI has specific requirements to ensure compliance with its regulations.
Requirements:
- The premises must be inspected and approved by MTI.
- The goods being sold must comply with MTI regulations.
To start the application process, you can either visit an MTI office or apply online. Prepare the required documents, including your business registration certificate, tenancy agreement, and a comprehensive list of the goods you’ll be selling. Remember to pay the application fee. The cost of a retail licence in Singapore depends on factors such as premises size and the type of goods sold, ranging from SGD 250 to SGD 500 per year. The application process usually takes around 2 to 4 weeks.
Construction
For those in the construction industry, you’ll need to work with the Building and Construction Authority (BCA). BCA has specific regulations to ensure that projects are designed and constructed properly. Additionally, contractors must hold a valid BCA licence.
To initiate the application process for a construction permit, you can apply online or visit a BCA office. The cost of a construction permit in Singapore varies depending on the project’s size and complexity, ranging from SGD 500 to SGD 10,000. The application process typically takes around 6 to 8 weeks.
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These are just a few examples, and the actual cost of a licence or permit will vary depending on the specific circumstances. In addition to the registration and licensing fees, there may be other costs associated with setting up your business. These can include rental fees for office space or commercial premises, renovation costs, and the purchase of equipment or inventory. It’s important to factor in these costs when planning your budget to ensure you have enough funds to cover all necessary expenses.
It’s worth noting that some businesses may be eligible for government grants or incentives, which can help offset the costs of obtaining a business licence. These grants and incentives are aimed at promoting entrepreneurship and supporting specific industries, so it’s worth exploring if your business qualifies for any of these programmes.
Unlock Success with Lanturn
Lanturn offers a comprehensive range of solutions tailored to meet your specific needs. From company registration to company secretary services and accounting, our end-to-end services ensure a seamless and successful start for your business. Whether you are a local entrepreneur or venturing from overseas, Lanturn’s incorporation services provide you with the expertise and guidance required to launch your business confidently. Our fusion of advanced technology and professional expertise empowers you to navigate corporate processes with ease, while our specialists guide you in acquiring the permits and licences necessary for your operations to commence.
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