Many Singaporeans wish to start a food business in Singapore, the food capital of Asia. The guide below provides a high-level information to many food entrepreneurs who are interested to kick-start their exciting journey into the F&B industry in Singapore.
1) Sole proprietor Business
For Singaporeans, it is easy to register a business or sole proprietorship online. Using the Bizfile or Accounting and Corporate Regulatory website, you may register a business based in Singapore. During the process of registration, you will receive alerts to notify you if you need licenses to operate a business. The costs to register a simple business starts from S$60 excluding a $15 name registration fee. Visit Acra for more information and step by step guidance to set up your very own business.
2) A Private Incorporated Local Company
The procedures of setting up a private incorporated local company are more complicated than the process of setting up a business. However, it is still manageable if you choose to do it yourself, depending on the complexity and nature of your company. Name application is chargeable at S$15 and a further S$300 to register the company.
3) Other variations
For more complex and larger firms, there is an option to register as a Partnership, Limited Liability Partnership or as a Limited Partnership. However, most firms under these categories tend to be law firms.
4) Foreign Firms
A foreign company may register a branch in Singapore as long as it has one ordinary resident residing in Singapore, such as a Singapore citizen, Singapore PR or an EntrePass holder. You will need to register the company as a private limited company. The fees as the Private Incorporated apply.