Are you considering starting a business in Singapore or already running one? Compliance with the country’s business licence regulations is a crucial factor you need for smooth operations. Failing to obtain the necessary licences can have significant consequences for your business. Let’s explore the specifics of business licences and their role in your business compliance.
Dive into “How Corporate Secretarial Services Can Streamline Your Singapore Company’s Operations” to learn more detailed information.
Singapore’s business licence regulations
Understanding Singapore’s business licence regulations is crucial for anyone starting or running a business there. Various types of licences are required, depending on the nature of your business activities. These licences are divided into three main categories:
1. Compulsory Licences
These are business licences in Singapore that must be obtained before operating. They include licences like the following:
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- Food Shop Licence
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- Supermarket Licence
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- Child Care Centre Licence
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- Liquor Licence
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- Hotel Licence
Failure to obtain these compulsory licences will result in penalties such as fines, imprisonment, or even the closure of the business. The requirements for obtaining these licences vary depending on the type of business activity.
For example, a food shop licence requires that the premises pass the Singapore Food Agency (SFA) inspection before issuing licences. It ensures that the business meets specific hygiene standards and the food served is safe for consumption.
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2. Occupational Licences
Certain professions require specific licences for companies that provide professional services before they can operate. These professions include:
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- Accountants
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- Architects
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- Doctors
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- Lawyers
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- Pilots
The licences for the professions mentioned are issued by their respective governing bodies, such as:
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- Institute of Singapore Chartered Accountants (ICSA)
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- Board of Architects
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- Singapore Medical Council
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- Ministry of Law
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- Civil Aviation Authority of Singapore (CAAS)
The requirements for obtaining these licences vary depending on the profession. For instance, becoming a licensed lawyer in Singapore requires completing a law degree from an approved university, relevant legal training, and passing the Singapore Bar Examinations. Failure to obtain the necessary occupational licence for professional services can result in severe consequences, such as suspension or revocation of the licence and legal action.
Foreigners are allowed to provide their professional services in Singapore. However, they need to meet specific professional qualifications required by the Singapore government first.
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3. Business Activity Licence & Permits
These business licences in Singapore are specific to certain business activities and industries. Depending on the nature of the business activity and industry, businesses may be required to obtain Compulsory and Industry Specific Licences simultaneously.
For example, suppose you are running a restaurant. In that case, you will need a Food Shop License (a Compulsory License), as well as a Liquor License (an Industry Specific Licence) if you plan to serve alcoholic beverages as well.
Failure to obtain the necessary Business Activity Licences & Permits can result in severe consequences, such as fines or imprisonment. Additionally, non-compliance with licensing regulations can damage a business’s reputation and lead to a loss of customers.
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Compliance with Singapore’s business licence regulations
Complying with Singapore’s business licence regulations is crucial for running a business legally in the country. Here are some tips to help you ensure compliance with these regulations:
Tips #1 Conducting proper research.
Determine the specific types of business licences in Singapore required for your business activities. You can consult with relevant government agencies or seek professional advice to ensure that you have a clear understanding of the licence requirements.
Tips #2 Keeping licences up-to-date and renewing them on time.
Keep your business licences in Singapore up-to-date and renew them on time to avoid any penalties. You can keep track of the licence renewal dates and set up reminders to ensure that you renew them on time.
Tips #3 Developing and implementing a compliance plan.
Developing a compliance plan can help you ensure that your business operations comply with all relevant regulations. This plan should outline your compliance objectives, responsibilities, and procedures for monitoring and reporting any compliance issues.
Other than researching business licences in Singapore, don’t know what else to prepare? Read our previous article, to learn more on how to launch your business successfully.
Incorporation Assistance
Are you an aspiring entrepreneur? Embarking on a business venture in Singapore’s dynamic landscape can be daunting, particularly if it’s your first time. Fortunately, Lanturn’s Launch programme is here to guide you through the incorporation process smoothly and professionally.
Our team of experts has over five years of experience in successfully setting up businesses in Singapore, and we’re excited to share our expertise with you. Our package offers high-quality incorporation services at a reasonable price.
Stay compliant without the hassle. Our programme comes with one year of corporate secretarial services to make sure your business stays on the right track.
At Lanturn, we’re passionate about helping you launch your business and achieve your dreams. Let us handle the incorporation process, so you can focus on running your business.
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