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How to Start an Agricultural Business in Singapore
Singapore is a lucrative business destination for many ventures in several different industries. Agriculture is one of those industries which have made tremendous leaps and bounds over the years, especially with the support of government schemes which have been set up to help entrepreneurs venturing into this sector get all the advantage that they need.
In Singapore, there is a real need and demand for an agricultural sector which is bolder when it comes to embracing technologies and innovations to help the industry achieve the quantum leaps in productivity that it needs. Entrepreneurs who wish to be involved in the agricultural sector need to embrace and leverage on technology and innovation as the future of Singapore lies in the technologically-savvy farm sector fuelled by capable agricultural professionals.
Agriculture is one business sector in Singapore which has emerged in the past few years as a prime option for entrepreneurs, and if you are looking for a guide that will tell you how to set up an agricultural business in Singapore, you have come to the right place.
How Do I Go About Registering My Agricultural Business Company in Singapore?
Like every other business venture, entrepreneurs will need to go through the Accounting and Corporate Regulatory Authority (ACRA) of Singapore to register their company. This can only be done once you have chosen a type of business structure that you want to proceed with.
Once you have successfully completed the incorporation process and gone through the necessary steps, you will then need to submit the blueprints of the land plots and buildings where you intend to carry out your business activities to the Agri-food and Veterinary Authority (AVA) for approval.
If you intend to start an agricultural business in Singapore, you will be choosing from one of the following branches:
- Ornamental fish farming
- Growing ornamental plants
- Fish farming
- Crop and vegetation production
At 3E Accounting, our company formation experts will be able to guide you through the entire process of setting up a company and help you prepare the required incorporation documents that you will need to get started.
Why Should I Choose Singapore to Start My Business?
Singapore is an ideal business destination, not just for agriculture but any type of business industry. Singapore’s strong trade and investment makes it one of the most competitive countries in Asia. On top of that, it is one of the easiest places in the world to do business, with a network of over 50 comprehensive Double Taxation Avoidance Agreements. Business can quickly and easily be set up in Singapore, and with the stable economy, it is the idea business destination in all of Asia for businesses to thrive.
Do I Need Any Licenses to Run an Agricultural Business in Singapore?
Yes, a specialized license must be obtained to run your agricultural business in Singapore. You may obtain your license with AVA, and you will need to file the following documents to be considered for approval:
- A completed application license form
- A copy of the company’s business profile which has been issued by ACRA
- A copy of the GIRO account opening form
- A copy of the approval received from the Urban Redevelopment Authority which allows you to use the land you selected for agricultural purposes
- A copy of the documents related to the approval of the land plots which you intend to use for farming.
As for the types of farms which require licensing, you will need one if you are running any of the farming options below (do note that each category would have their own set of licensing conditions which need to be fulfilled):
- A poultry farm
- An ornamental birds farm
- A dairy cattle farm
- Businesses related to dog breeding and boarding
- Businesses related to animals and birds
- Businesses related to controlled plants
If I Start an Agricultural Business in Singapore, Can I Export My Products?
Yes, you can.
Is the Any Support Provided for Agricultural Companies in Singapore?
Yes, the agricultural industry is supported by the Plant Control Act and the Animals and Birds Rule. These acts provide and outline the requirements for entrepreneurs who are seeking to start an agricultural business.
Singapore has a well-known reputation as a country which has a smooth-running bureaucracy and inter-agency co-operation which all works seamlessly together to help business grow and thrive.
Some examples of government agencies which can be contacted should you need assistance with your business in Singapore include the following:
- ACRA– The Accounting and Corporate Regulatory Authority is responsible for overseeing all business registration that happens in Singapore. They are also responsible for regulating business entities and public accountants, while simultaneously providing information about new business structures, corporate governance practices and business compliance requirements.
- SMEPortal.sg – This one-stop EnterpriseOne portal is ideal for business enterprises which are looking to grow their business, sustain or even start, and conveniently features links to government information and services, industry help and even how-to guides.
- Economic Development Board – The EDB helps to provide a comprehensive support system for entrepreneurs to ensure that investors in Singapore only experience a first-rate and pro-business environment.
- Enterprise Singapore – This government agency helps to champion all enterprise developments which happen in Singapore.
How Do I Prepare Farm Plans or Development Plans?
Before beginning your agricultural business venture, you will need to get clearance and approval from AVA, which means that you would need to submit your farm development plans for clearance. It is highly recommended that you engage a qualified person like a professional engineer or an architect to assist you with the submission of these plans to ensure minimal errors.
Ready to Setup an Agricultural 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 an agricultural business in Singapore, contact us today for more information on how to get started.