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Beginner’s Guide to Starting A Car Repair Business in Singapore
Singapore may have one of the best public transportation systems in the world, but there is no denying the convenience of owning a car. No queues, no buses or trains packed with people, and best of all, you don’t have to rush to catch your next mode of public transport. Some Singaporeans still enjoy owning a car of their own. Starting a car repair business is going to meet the needs of these car owners.
A car is always a useful asset. However, it also happens to be an asset that needs to be maintained and serviced regularly. A car repair business caters to that demand. If you have a love for cars and a passion for running your own business, a car repair business might just be the one for you. Our Singapore company registration services can certainly make that easier for you.
What Is a Car Repair Business?
A car repair business is also known as an automotive repair business. Sometimes, it might be called a workshop or a garage. It is a business that auto mechanics and technicians run, and they help the customers repair, service, and fix any car-related issues they have.
The auto mechanics and technicians will be responsible for providing electrical and mechanical repairs done on a variety of vehicles. Not only are the staff able to repair cars, but they also handle trucks, trailers, vans, and more. As long as people own cars on the road, there will always be a need for a car repair business just like yours. Without such businesses, Singaporeans would be hard-pressed to find a solution to their car problems.
Among some of the services that might be offered by a car repair business include the following:
- Repairing brakes
- Repairing powertrain
- Preventative maintenance
- Scheduled maintenance (per the car’s needs)
- Repairing electrical and heating systems
- Repairing mufflers and exhaust pipes
- Alignment and balancing
Car repair workshops also offer other maintenance and repair services as needed by the clients. If you are starting a car repair business in Singapore, these are some of the niche repair sectors you could specialize in.
What the Business Registration Process Entails
The Singapore company incorporation process is very simple and straightforward. With the help of expert incorporation specialists like 3E Accounting working with you, your business will be up and running in no time. Your company registration needs to be the first step before the rest of your business can fall into place. To do that, you will need to choose your company name.
When choosing your company name, it is important to do a quick check to make sure that name has not been taken. A check should also be done to ensure that the name is suitable and represents the nature of your business accurately. Per Singapore law, you must officially register your business name with the Accounting and Corporate Regulatory Authority (ACRA) Singapore.
Your business name should not be in violation of the Singapore Companies Act. Spending some time thinking about a suitable business name is a good idea to avoid rejection when you’re about to register your business. After you’ve decided on your business name, here are the next steps to take:
- Prepare and draft your incorporation documents. Our 3E Accounting specialists will be able to assist with that. These documents must have the business activity carefully detailed.
- File your documents with ACRA. You can do this with BizFile, ACRA’s online web portal. This makes the process much easier.
- Prepare the details and particulars of the directors and shareholders of the company. If you are a foreign entrepreneur, you will need to submit a copy of your passport and your address as proof of residence.
- Wait to receive your certificate of incorporation.
- Get the business licenses and permits you to need.
- Register for the Goods and Services Tax (GST).
- Prepare the necessary funding you need to run your business. This is a very crucial factor that a lot of new entrepreneurs tend to overlook. You should have enough funds to sustain your business for at least six to twelve months before you can turn a profit. Without adequate funding, you might find it very difficult to sustain your business for too long in the early stages when your business has yet to gain momentum.
The Licenses and Permits You Need
With the help of an expert corporate service provider in Singapore like 3E Accounting, your business should be registered and ready to go in no time. Once successfully registered, the next step is to subject your business to verification. This is done by the local authorities like the Urban and Redevelopment Authority. The reason is that the authorities need to make sure your business is adhering to the sewage requirements as per the law.
Once this step is done, you will then need to apply for a motor garage permit. Getting the permits you need is not complicated and can be done fairly quickly once your company has been registered. As the business owner, you must apply for every license that is required to ensure your business activities are carried out legally in Singapore.
The relevant licensing authorities in Singapore will be happy to supply you with what you need when you provide the necessary information and documentation. Do take note that if you are specializing in only foreign car repairs, you will need a special permit for this. You can begin to hire your employees after you’ve done all of these steps.
Let our company formation experts help you navigate your business start-up process with ease. For more information about our services, contact 3E Accounting and let our professionals take care of the rest.