Embarking on a business venture in Singapore requires understanding the costs and procedures associated with obtaining the necessary licences. Different industries have distinct licensing requirements, and the costs can vary widely. Here, we’ll explore what you need to know to budget effectively and ensure compliance with Singapore’s regulatory environment.
Before diving into the specifics of industry licences, it’s crucial to register your business with the Accounting and Corporate Regulatory Authority (ACRA). This foundational step must precede any licensing applications.
For an overview of the business registration process in Singapore, including selecting a company name and determining share capital, check out our essential documents guide.
If you’re entering the food and beverage sector, engaging with the Singapore Food Agency (SFA) is essential. The SFA mandates that premises are inspected and meet stringent food safety and hygiene standards. Costs for a food shop licence range from SGD 195 to SGD 2,400 annually, depending on the seating capacity and other factors. The application process, which includes document submission such as business registration certificates and food safety plans, typically spans 4 to 6 weeks.
For retail businesses, the Ministry of Trade and Industry (MTI) oversees the licensing. Requirements include premises inspections and adherence to specific regulations concerning the products sold. Licence costs vary based on the size of the premises and the nature of goods, with fees ranging from SGD 250 to SGD 500 per year. The application process duration is usually between 2 to 4 weeks.
The Building and Construction Authority (BCA) regulates the construction industry. Obtaining a construction permit involves demonstrating compliance with safety and project management standards. Costs for these permits can range significantly—from SGD 500 to SGD 10,000—depending on the project’s scope and complexity. The entire process can take approximately 6 to 8 weeks.
Certain professions require occupational licences, such as doctors, lawyers, and engineers. These licences are granted by respective authoritative bodies like the Singapore Medical Council or the Institute of Singapore Chartered Accountants. Requirements include recognised qualifications and registration with professional bodies.
For businesses in telecommunications, the Infocomm Media Development Authority (IMDA) issues various licences, such as the Facilities Based Operator License and Services Based Operator Licence. These licences are crucial for providing fixed-line, mobile, and internet services. The specific costs and requirements depend on the scope of services provided.
The Monetary Authority of Singapore (MAS) regulates the financial sector, requiring licenses for activities ranging from banking to insurance. The licensing process is rigorous, reflecting the complexity and sensitivity of financial services.
✅ For personalised assistance, consider reaching out to our expert team at Counto, where we specialise in helping businesses thrive in Singapore’s dynamic market environment.
Beyond licence fees, potential business owners must consider other expenses such as rental fees, renovation costs, and equipment purchases. It’s also wise to explore government grants or incentives that may offset initial costs, particularly if your business supports strategic sectors or innovative technologies. Check out our guide on Startup Tax Exemptions here.
Additionally, utilise resources like the GoBusiness Licensing portal to get recommendations for licences based on your business sector.
Setting up a company in Singapore can be challenging, but with professional support, it can be simple, Counto’s mission is to support your new business, take away the complexities of compliance, and save you time and money throughout the year. Speak to us directly on our chatbot, email us at [email protected], or contact us using this form.
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