Singapore Industry-Specific Company Setup & Business Licenses Guide

Business licenses in Singapore can be difficult to navigate. Due to the top reasons for incorporating a company in Singapore like low corporate taxes, business-friendly environment, ease of doing business, and livable conditions, many entrepreneurs and investors are choosing the Singapore industry to set up their companies as well as start their company incorporation process.

Listed below are some general descriptions and guidelines of industry-specific licenses that must be obtained to run a particular business in Singapore. Generally, it may take 2 weeks to 2 months for a business license or permit to be fully processed.

What are the General Guidelines for Singapore Company Incorporation?

The steps to go about incorporating a new company in the Singapore industry are similar across all industries.

1. Company Name Check

Check if your desired company name is available using our free name checker.

2. Incorporation

After confirming that your ideal name is available, the next step is to incorporate and register your company with the Accounting and Corporate Regulatory Authority (ACRA).

3. Set up a Business Office

To start setting up your business office, or if your company does not require a physical office, you can consider having a virtual office in Singapore.

4. Apply for licenses (if any)

Some businesses require additional business licenses before you can start operating. Find out more about licenses here.

Setting Up an Employment Agency in Singapore

Singapore’s industry is pro-business and attracts foreign investments. Hence, this means hiring professionals locally and globally is an important aspect for businesses.

Employment Agency Licenses

There are two types of business licenses for employment agencies:

1. Select License – the requirement to apply for this license if your employment agency does placement for local or foreign candidates whose monthly base salaries are upwards of SGD7,000
2. Comprehensive License – to apply if you do not qualify for the Select License

Application Procedure

1. File and apply to the Ministry of Manpower
2. Processing takes about 1-3 weeks
3. Notification through email if approved, along with an in-principle approval (IPA) letter attached
4. Submission of these documents to obtain the Employment Agency license:
   • Security bond
   • Copies of ID/ Employment Pass
   • Recent passport-sized photograph
   • Latest copy of your agency’s business profile from ACRA
   • Copy of the IPA letter
   • Copy of certificate which states that you have passed the Certificate for Employment Intermediaries (CEI) course
   • Completed checklist form
   • Any additional document requested in your IPA letter

Setting Up a Singapore Trading Company

A Trading Company is a business that connects buyers and sellers, either within the same country or on the international trading market. Otherwise, it is famous as an import/export company or business.

Before you can import or export any goods in and out of the country, you will need to activate your account with Singapore Customs and get an IN and OUT permit through TradeNet.

Permits

1. IN Permit – needs to apply before the goods are imported into Singapore
2. OUT Permit – required to apply:
   • Before the goods are exported out of Singapore (if goods are transported via road or rail)
   • Within 3 days of exports (if goods are transported via air or sea)
   • Before exporting any goods that were previously imported under the Temporary Import Scheme; or
   • Before exporting any goods under the Temporary Import Scheme

Other Required Business Licenses

Certain licenses/certifications have to apply for various goods:

1. Permit for controlled goods – for import or export of controlled goods
2. Import Certificate and Delivery Verification – for import of high-technology goods
3. License for strategic goods – for export/ trans-shipment/ transit of strategic goods
4. Certificate of origin – for export of local goods
   • Ordinary Certificate of Origin – certifies that the products exported are wholly obtained, produced, or manufactured in Singapore
   • Preferential Certificate of Origin – enables buyers to claim preferential tariff treatment when they import goods under one of the Free Trade Agreements or Schemes of Preference

Setting Up a Real Estate Company in Singapore

Many foreigners are opting to live in Singapore. Thus, the Singapore industry is rich and has a plethora of good business opportunities when it comes to setting up a real estate company. Furthermore, for definition, a real estate agency, also known as a real estate brokerage, is an agency involved in the business of helping potential clients buy or sell houses.

Estate Agent License

Companies, partnerships, and non-individual sole proprietorships involved in the business of buying, selling, and leasing properties must apply for the estate agent license. This is issued by the Council for Estate Agencies (CEA) and needs to apply on the website.

The criteria for New Estate Agents are as follows, among others:

• Must be a registered entity with ACRA
• Must have a Key Executive Officer (KEO) who satisfies the requirements of the Estate Agents Act and Regulations (as below)
• Must not hold a moneylender’s license
• None of the estate agent’s directors or partners or sole-proprietor or KEO holds a moneylender’s license or is an employee, director, or partner of a licensed moneylender
• The estate agent’s KEO and all directors or partners or persons responsible for the management must fulfil the fit and proper criteria under the Estate Agents Act.
• CEA should determine if the person is fit and proper for registration after considering all relevant facts and matters. In the circumstances below, a person should not be fit and proper for registration, unless CEA determines otherwise:
  • If a court convicts a person of an offence involving dishonesty or fraud or any offence under the Estate Agents Act.
  • Where the person has had a judgment entered against them in civil proceedings that involve a finding of fraud, dishonesty or breach of fiduciary duties on his / her part
  • Where the person is an undischarged bankrupt or has made a composition or arrangement with his / her creditors
  • Where CEA takes the view that a person is not fit and proper after considering any other relevant facts or matters

As for the appointed KEO, they must fulfil these requirements, among others:

• Have a minimum of 4 GCE ‘O’ Levels passes or equivalent
• Possess a pass in the Real Estate Agency (REA) examination in the 2 years immediately before the application for a license
• Be a sole proprietor, director or partner of the estate agent
• Have at least 3 years experience in estate agency work
• Have concluded at least 30 transactions in the last 3 years as or on behalf of a licensed estate agent or have at least 3 years of experience in managing the business of a licensed estate agent as an executive director, a chief executive, key executive, key executive officer, partner or sole proprietor

Setting Up a Telecommunications Company in Singapore

The industry in Singapore is large. Singapore has one of the best telecom networks in the world. With the telecommunication service sector growing fast in the Asia-Pacific in the past few years, it’s no wonder why people are setting up a telecommunication company in Singapore. However, to operate in Singapore, one will need to obtain the business licenses necessary to offer such services.

Types of Telecommunication Licenses

1. Facilities Based Operator (FBO) License
2. License for In-Building Terrestrial Telecommunications Systems
3. Satellite Downlink License
4. Satellite Uplink/Downlink License for Broadcasting Purposes
5. Satellite Communication Station License
6. Portable Satellite Communication Terminal License
7. Earth Station License
8. Tracking, Telemetry and Command (TT&C) Earth Station License
9. Service-Based Operation (SBO) License
10. SBO Class Licenses
11. SBO Individual Licenses
12. Mobile Network Licenses
13. General Radio Communication License
14. Localised Private Network License
15. Localised Radio Communication License
16. Wide-area Private Network License
17. Telecommunication Dealers License
18. Experimental Station License
19. Permit for Road Occupation Management