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Guide to Starting a Private Transportation Services Business in Singapore
Singapore has a very strategic location, which has made it a prime destination for many businesses. This includes private transportation services business. Because of its modern and world-class business infrastructure, demand for private transportation services have been in the rise. The country’s roads and motorways have been developed in the best manner, linking it with harbour routes, airports and connecting with every facet of the island state in the best possible manner.
Not just private transportation services businesses have been growing in demand though. Again, because of its strategic location and reputation as an international hub for business, various types of transportation companies have been established. This includes international freight companies, logistics and transportation companies. Singapore’s government works closely with the Land Transport Authority in Singapore to provide a highly attractive business environment for those who intend to establish a transportation services business in Singapore.
Transportation in Singapore makes travelling around the city state is easy, efficient and hassle free, thanks to the range of transportation services which are offered. If you are seeking to start a private transportation services business in Singapore, this guide is for you.
The Advantages of Doing Business in Singapore
Singapore has several advantages, which is why investors from around the world are keen to do business in the country. The country has been consistently been in the 2nd position by the world bank for the ease of doing business in the world, and number 3 as the world’s most competitive economy.
INSEAD has also ranked Singapore number 1 when it comes to global talent competitiveness, and as the number 1 country that is most open to trade. The World Bank has also rated the country number 1 as the most politically stable country in the world by the World Bank. All these factors combined together are what make Singapore an ideal business destination for any investor keen on pursuing their dreams of running a successful business.
When you start a private transportation services business in Singapore, here are the benefits that you stand to gain:
- Flat corporate tax rates of 17% on chargeable income
- No dividends or capital tax gains in Singapore
- No estate, inheritance or death tax in Singapore
- Personal tax rates which start at 0%
- The maximum amount for personal tax rates have a maximum total of 22% above $320,000.
- Pro-business environment
- Ease of setting up a company (only takes 1-2 days to successfully incorporate a company in Singapore)
- Government assistance provided along the way
If you need to relocate to Singapore to set up your private transportation services business, you’ll be glad to know that the country’s immigration policy facilitates the relocation of foreign nationals who would like to relocate. The Singapore government is encouraging towards investors who want to relocate, and have anticipated your needs and made appropriate work visa provisions to accommodate those needs.
How to Get Started on Your Private Transportation Services Business in Singapore
In Singapore, company incorporations are a statutory requirement. Your private transportation services business in Singapore must be incorporated and registered with ACRA before you can commence business operations. You would also need to obtain the necessary licenses based on your business activity. For example, a company that intends to set up a freight or logistics company would have different business activities than that of a private transportation services business.
Incorporating a company in Singapore is a quick and efficient process. You can either log onto the online portal run by the Singapore government known as www.bizfile.gov.sg, or you may engage the services of a professional firm like 3EAccounting who come with years of experience to handle the process for you on your behalf.
Your company must be registered with the Accounting and Corporate Regulatory Authority (ACRA) Singapore. Once your company name has been approved, you will then begin the process by submitting the following documents for your incorporation application:
- The name of your company
- A description of your business activities
- The details of the directors and shareholders of the company
- The intended registered address (no P.O. Boxes are allowed)
- The details of your Company Secretary
- The Memorandum and Articles of Association for your company
- Choose the intended business structure of your company
When you’ve completed the measures above, ACRA will generally provide you with an outcome with 3 working days from the date of your application. Processing times could be longer if there are issues with your application. Once successfully registered, you will be issued with a Unique Entity Number (UEN) which identifies your business entity. UEN’s are also used to transact with the government.
What Happens Next?
Your private transportation services business in Singapore, you will need to apply for certain licenses with the appropriate authorities. Again, this would depend on the specific nature of your transport business. For example, if your private transportation services business in Singapore was involved in providing taxi or bus services, you will need to apply for a Public Service License from the Land Transport Authority. If your private transportation services business in Singapore was providing postal services, you would need to apply for an Express Letter Services License and Postal Services Operator License from the Infocomm Development Authority of Singapore. You will then be able to start running and operating your private transportation services business in Singapore.
Ready to Start a Private Transportation Services Business in Singapore? We Can Help!
3E Accounting’s company formation experts are equipped with years of experience and industry knowledge, ready to guide you through the process of setting up the business if you have always dreamed of having. If you would like to set up your private transportation services business in Singapore, contact us today for more information on how to get started.