Besides incorporation of your company, you will also have to consider the following factors that may affect the operation of your company in Singapore.
Licenses and Permits
Some business activities in Singapore are subjected to regulation by government authorities. Even if your business firm has been registered you cannot begin operation unless you have the necessary approval or license from the relevant government authorities.
Private schools, video companies, travel agencies, liquor distributors, moneylenders, banks, childcare centres and importers, wholesales and retailers of liquor licenses are some examples of business that need permits to operate. It may take between 14 days to 2 months to get all the necessary licenses, permits and approvals for your business. Failure to register could result in fines and delays in operating your business.
Rikvin can help you with applications for permits and licenses. Submit the Singapore business license and permits enquiry online to discuss with us your needs in detail.
Custom Registration
If your business activities involve import, export and transhipment in and out of Singapore, you will need to register your company with the Singapore Customs and obtain a CR No., or commonly known as Custom Registration. Companies engaged in export, import or transhipment activities in Singapore are required to register the company with the Singapore Customs as an importer, exporter, common carrier and others. The Singapore Customs will issue a Central Registration Number (CR No.). The central registration number is mandatory for Singapore companies or organizations engaged in trading activities.
Singapore Goods and Services Tax Registration
Goods and Services Tax or GST is a tax on the supply of goods and services in Singapore and on the import of goods into Singapore. The current rate is 7%. Taxable supplies cover both goods and services supplied in Singapore. Goods exported from Singapore and international services provided from Singapore are exempt from GST.
Every Singapore business must register for GST if their annual taxable revenue is more than S$1 million, or currently making taxable supplies and the annual taxable revenue is expected to be more than S$1 million. The business is expected to register for GST within thirty days from the time it is deemed liable.
You may also choose to register for GST voluntarily. Approval for voluntary registration is at the discretion of the Comptroller in IRAS. Once approval is given, you must remain registered for at least two years.
Singapore Central Provident Registration (CPF)
The Central Provident Fund or CPF is a compulsory pension fund scheme in which the employer and employee contribute a percentage of the monthly salary.
Making Central Provident Fund (CPF) Contributions
CPF contribution by the employer is mandatory for all local employees who are citizens or permanent residents earning more than S$50 a month. The maximum CPF contribution rate for employer and employee is 14.5% and 20% respectively and can be lower depending on certain factors such as employee age, permanent resident status, etc. CPF contribution for foreign employees is not required.
