Business Licenses in Singapore

Depending upon the type of financial services activities you plan to engage in, you are required to obtain either the Capital Markets Services license or Financial Advisers license. Note that you do not require both the licenses. Any one license will suffice.

Do you qualify for the Capital Markets Services (CMS) License?

If you engage in any of the following activities covered under the Securities and Futures Act, you qualify for the CMS license:

• Securities dealing,
• Futures contracts trading,
• Leveraged foreign exchange trading,
• Corporate finance advising,
• Fund management,
• Real Estate Investment Trust Management,
• Securities financing, or
• Custodial services for securities.

Do you qualify for the Financial Advisers License?

If you engage in any of the following activities covered under the Financial Advisers Act, you qualify for the Financial Advisers Licesne:

• Providing advice on investment products such as securities, futures contracts, foreign exchange, leveraged foreign exchange contracts, life insurance policies, and structured products,
• Issuing reports on investment products,
• Marketing unit trusts, or
• Dealing in life insurance products.

Note: Certain bodies such as banks, merchant banks, finance companies and insurance companies are exempt from the licensing requirement. Consequently, individuals who act on behalf of exempt institutions are also exempt from the licensing requirement.

Singapore is popularly referred to as the 'Food Capital of Asia' and is home to a thriving F&B industry. Starting a restaurant in Singapore can prove to be a lucrative business venture, given the industry's market potential.

Once you have incorporated your business by setting up a Singapore corporation, you must proceed to obtain the necessary permits or licenses before commencing business operations. The licensing requirements will depend on the nature of your establishment and the type of food or drinks you will be serving on your premises. Some of the basic licenses you may require include:

• Food Shop License: Issued by the National Environment Agency, the Food Shop License is required for selling food and drinks in your restaurant.
• Halal Certification: If you wish to serve halal food in your restaurant you must obtain Halal Certification from the Islamic Religious Council of Singapore (MUIS).
• Liquor License: Issued by the Liquor Licensing Board, the Liquor License must be obtained for selling liquor in your restaurant.
• Licenses for importing food ingredients: For import of fresh fruits and vegetables, processed food, meat, and seafood, the appropriate authorizations and import permit is required from the Agri-Food & Veterinary Authority of Singapore.

The licensing requirement varies depending upon the type of school you wish to setup in Singapore. The various licensing requirements are as follows:

• All private schools must first register themselves with the Companies Registrar, ACRA, by setting up a Singapore corporation.
• Academic private institutions offering: degrees, diplomas or full-time certification programmes; international curriculum based primary or secondary education, preparatory courses for entrance exams; online courses; and special education for the mentally and physically challenged must register themselves with the Council for Private Education before commencing operations. All other academic private schools and pre-schools/kindergartens must register the institution with the Singapore Ministry of Education (MOE) and obtain the 'Certificate of Registration of School'.
• If you wish to enroll international students in your school you must obtain EduTrust Certification. EduTrust Certification is a symbol of high student welfare standards being implemented by the respective school.
• You may also require certain other licences or permits  if you intend to engage in the following business activities:
  • Running a canteen/food court/food stall/coffee shop,
  • Placing TV sets in your premises,
  • Publishing an educational/school magazine,
  • Importing educational materials, or
  • Advertising the establishment.

In order to setup a trading company in Singapore, you must:

1. Register a Singapore LLC with the Companies Registrar in order to carry out trading activities.
2. Register with the Singapore Customs Department and obtain a Customs Registration Number.
3. Obtain an IN Permit from TradeNet (An electronic trading platform) for the import of all types of goods into Singapore. Note that the permit must be obtained prior to importation.
4. Obtain an OUT Permit from TradeNet for the export of all types of goods out of Singapore. Note that if the goods are exported by rail or road, the permit must be obtained before exportation. If the export channel is via sea or air, the permit must be acquired within 3 days of export.
5. For the import/export of controlled goods such as pharmaceuticals, films, videos, food ingredients, etc., you must obtain specialized permits/licenses or authorizations from the relevant "Controlling Agencies".
6. An Import Certificate and Delivery Verification (ICDV) issued by the exporter is required for the import of high technology items into Singapore.
7. A Strategic Goods Control (SGC) TradeNet Permit must be obtained for the export of strategic goods such as weapons.
8. When you are exporting 'made in Singapore' goods you may be required to produce a Certificate of Origin (CO) to prove that the goods being exported are manufactured in Singapore.

• You will need to obtain an IN Permit for importing wine into Singapore. Note that wine is a dutiable item and is subject to excise duty and Goods and Services Tax (GST).
• The amount of excise duty payable is calculated using the following formula:
  • Duty = Total quantity in litre x $70.00 x % of alcoholic strength
• The current GST rate in Singapore is 7%.
• Note that duty exemption and GST relief is available for up to 3 bottles of wine per label per day for each exhibitor and the main conference organizer for use at approved wine exhibitions and conference events approved under the Meetings, Incentives, Conventions & Exhibitions (MICE) Incentive Scheme administered by the Singapore Tourism Board.

The good news is that no special business license or permit is required for setting up a software/IT consultancy in Singapore. You can commence business operations once you have registered a Singapore LLC.

• You must obtain the 'AVA Licence for Import/Export and Transshipment of Meat Products and Fish Products' from Singapore's Agri-Food and Veterinary Authority (AVA) by applying via TradeNet (online import/export permits processing system).
• In order to obtain this permit you must first register a Singapore LLC.
• You are also required to register with Singapore Customs.
• Generally, a completed application will be processed within 1 full working day.  An application fee of S$21.50 and a license fee of S$84 per annum will apply.
• Note that meat products can only be imported from approved sources.
• Fish can be imported from any country, subject to the following restrictions:
  • The import of chilled shucked raw oyster, chilled cockle meat, chilled cooked prawn/shrimp and chilled crab meat is prohibited for food safety reasons.
  • Live oysters may only be imported from countries which meet AVA's requirements for a shellfish sanitation programme. The countries currently approved for such exports are Australia, Canada, France, Ireland, the Netherlands, New Zealand, United Kingdom and USA.
• Note that an import permit issued by AVA is required for every consignment of meat or fish products.
• Each consignment of meat, live/frozen oysters, frozen blood cockle meat, frozen cooked prawns or frozen raw/cooked crab meat must be accompanied by a Health Certificate issued by a veterinary authority of the exporting country, certifying that Singapore's animal health and food safety requirements have been complied with.
• Meat products must be shipped directly from the country of export.
• Every carton and basic packaging unit of meat and meat product imported must be labelled with certain particulars prescribed by the AVA.

Step 1: Incorporate a Singapore LLC. Prior to obtaining a business license for magazine publishing you are required to first register your Singapore corporation.

Step 2: Obtain a Printing Press Permit

• If you are going to operate a press for printing your magazine in Singapore, you must obtain a Printing Press License from the Media Development Authority of Singapore (MDA).
• You must first obtain permission from the Urban Redevelopment Authority of Singapore (URA) to use your proposed premises for operating a printing press.
• Once you have obtained approval from the URA, you can apply for the Printing Press License with the MDA, prior to commencing business operations.
• It takes 3 working days to process and issue a Printing Press Licence.
• No fees are required for a Printing Press Licence.

Step 3: Obtain a Newspaper Permit

• If you intend to publish a magazine in Singapore you must obtain a Newspaper Permit from the Media Development Authority of Singapore.
• The term "newspaper" refers to any publication containing news, intelligence, reports of occurrences, or any remarks, observations or comments, in relation to such news, intelligence, reports of occurrences, or to any other matter of public interest, printed in any language and published for sale or free distribution at regular intervals or otherwise, but does not include any publication published by or for the Government.
• The Newspaper Permit also covers publications such as current affairs news magazine, women’s magazine, fashion magazine, recreational and performing arts magazine, entertainment and leisure magazine, tourist guide or any lifestyle magazine.
• The Proprietor or Chief Editor of the magazine must obtain the permit prior to the commencement of sale or distribution of the magazine.
• The first issue of the magazine must be published within 3 months of the date of issuance of the Newspaper Permit.
• Note that the permit is non-transferable. Any change of the permit holders, name of the publication, nature of contents, or of the language or the frequency of publication would require a new Permit.
• The Newspaper Permit can be obtained with 15 days time.
• The Newspaper Permit is issued free of charge and is generally valid for 1 year from the date of issue.

You can obtain a Liquor License from the Liquor Licensing Board administered by the Singapore Police Force.

• A liquor license is issued for:
  • The retail sale of liquor for consumption on premises, such as a restaurant.
    • A Public House License is is issued for the sale of all types of liquor on premises.
    • A Beer House License is issued for the sale of only beer on premises.
  • The wholesale or retail sale of liquor for consumption off premises.
    • A Wholesale liquor or Retail liquor shop license is issued for the sale of all types of liquor for consumption off premises.
    • A Wholesale beer or Retail beer license is issued for the sale of only beer meant for consumption off the premises.
• Different classes of licenses are issued depending upon the operating hours of the establishment.
• Note that your are first required to register your business by setting up a Singapore LLC before you can obtain a liquor license.
• Liquor licences are issued for a period of 2 years.
• The licensing fee varies from S$200-S$1,600  depending on the type of license that is issued.
• Once a liquor licence is issued, you must comply with the terms of the licence.