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Beginner’s Guide on Starting a Concert, Sport Event, Magic Show Business in Singapore
If you enjoy being part of the entertainment circuit, Singapore certainly has a few exciting opportunities. The city-state enjoys an international status as the art and entertainment hub of Southeast Asia. In fact, starting a concert, sport event, magic show business might be just the ticket for you. It’s especially suitable if you have a talent for organising events and revel in the entertainment buzz.
Pre-pandemic figures for the arts and cultural events sector were at an all-time high, with 15.6 million in attendance. Industry experts are confident these numbers will return as Singapore begins resumption of all activities. The advent of various media platforms and distribution channels are gearing up to spur greater interest in these activities.
The aim of this guide is to provide a knowledge base that enables the start of an entrepreneurial journey. You’ll get a broad overview of the business registration process and compliance that affects your enterprise. We also offer a few strategies that you can use to encourage business growth. For more specialised assistance, do get in touch with 3E Accounting Singapore.
What is a Concert, Sport Event, Magic Show Business?
Collectively, this is an art and music business with entertainment as the main objective of the event. Concerts, sports events, and magic shows fall under the category known as special events businesses. This type of business caters for celebrations, promotions, and civic or commemorative kind of events. Hence, it can be a corporate product launch or a social activity such as a parade or birthday, etc.
With the pandemic taking centre stage, events and entertainment businesses are changing tactics to stay current. Physical events are transitioning to the virtual arena as digital adoption increases and offers a chance to innovate. Live streaming may very well be the norm for the foreseeable future but can never truly replace live shows. Physical entertainment and events will become prevalent once again in a post-pandemic arena complemented with prudent safety protocols.
Why Start a Concert, Sport Event, Magic Show Business in Singapore?
Singapore is a world leader when it comes to entertainment and events. It is a unique global hub that embraces the east-west cultural dichotomy and deploys it with 21st-century innovation. Stable governance, a diverse talent pool, world-class facilities and infrastructure, and strong domestic consumption add to this accolade.
The entertainment industry encompasses the media sector as well and is a significant contributor to the global economy. In Singapore, the entertainment and media (E&M) industry is forecast to reach USD5.5 million in 2021. This positive estimate is indicative of a 5.3% rise in spending and a 2.8% compound annual growth rate (CAGR).
While the global pandemic has thrown a spanner in the works, it’s not all doom and gloom. Economic activity in the E&M industry is optimistic in bouncing back with innovative and novel landscapes. Emerging into a post-pandemic world, most analysts predict that consumer spending will reach a record high from 2022 onwards. Hence, the time is right for starting a concert, sport event, magic show business in Singapore.
What Does a Concert, Sport Event, Magic Show Business in Singapore Need?
One of the biggest draws about starting a concert, sport event, magic show business is its flexibility. The entrepreneurial nature of this business lets you decide on how much resources to spend on your business. Whether it’s time, budget, office space, etc., everything is according to your convenience – making it an ideal work-from-home setup. The Singapore Home Office Scheme is perfect for this – it facilitates home-based businesses and offers guidelines on compliance.
Whether you’re operating from home or splashing out on a proper office, you’ll need to register your business. Finding a suitable company structure from the very start is simply good business sense. Learn all about sole proprietorships, partnerships, limited companies, limited liability partnerships, subsidiaries, etc., before making your choice. 3E Accounting has a brilliant guide to company registration in Singapore that will help you with your due diligence.
Requirements to Start a Concert, Sport Event, Magic Show Business in Singapore
Singapore legally requires businesses to be registered, and you will need to log in to BizFile to do so. BizFile is the Accounting and Corporate Regulatory Authority’s (ACRA) online business registration platform, and access requires a Singpass account. The registration process can begin after you select your business structure and choose a name for it. Do ensure you follow ACRA’s company naming rules when submitting a business name for approval.
Upon receiving consent for your company name, fill out the online application and submit the relevant documents. This includes a business address, directors and shareholders information, Articles and Memorandum of Association, etc. You’ll need to pay the incorporation fees and register for taxes with the Inland Revenue Authority of Singapore (IRAS). If everything is in order, your company will be up and running within a few days.
The next steps will be opening a corporate bank account and investing in some business liability insurance. If you’re not operating from home, you’ll need to lease office premises, hire staff and basically set up shop. The whole process may seem daunting – if you need some assistance, get in touch with 3E Accounting Singapore. We offer fully customisable and comprehensive Singapore company incorporation solutions that can get the job done seamlessly.
Approvals for a Concert, Sport Event, Magic Show Business in Singapore
Licences and permits for a business in Singapore really depends on the type of its trade activity. Hence, generally, an entertainment or event business will not need approval, but some of its activities will. The following is a non-exhaustive look at some activities that require licencing:
- Arts Entertainment Licence, Radio or Television Service Licence, Film Exhibition Licence, etc. – from Infocomm Media Development Authority (IMDA).
- Fireworks Display Licence, Public Entertainment Licence, Establishment Licence and Public Entertainment Ad-Hoc Licence for street fairs or parties, etc. – from Singapore’s Police Force.
- Advertising or Signboard Licence – from the Building and Construction Authority (BCA).
- Copyright Licence to stream music and related content – from Singapore’s Composers and Authors Society (COMPASS).
- Food Retail, Food Shop or Temporary Fair Permit License if you plan to serve or sell food and beverages – from the Singapore Food Agency (SFA).
\You should also be familiar with talent engagement and staffing requirements. The Ministry of Manpower (MOM), the Employment Act and the Employment of Foreign Manpower Act address employment matters. All foreigners will need a valid pass or work visa unless engaging in an activity that is exempt. If you’re hiring Singaporeans or permanent residents as staff or performers, you’ll need to follow MOM’s employment practices rules.
You may also need to register with Singapore Customs if you plan to have import or export activities. Overall, it may expedite matters to engage a corporate service provider such as 3E Accounting Singapore. We have the expertise and experience to ensure that all relevant approvals are in order for full compliance.
How to Grow Your Concert, Sport Event, Magic Show Business
Concerts, sports events, and magic shows are events that people are willing to shell out serious money to experience. Tickets can sell out months in advance for football matches, a Penn & Teller show or K-Pop concerts. It’s big business, and staying ahead of the competition does take some innovative strategy.
The new norm requires embracing technology – hybrids of live and virtual shows are trending as ways to empower clients. Giving customers an opportunity to make a choice and still be a part of a show will boost engagement. It can build an excellent reputation for your business as one that is innovative and inclusive.
You can also consider what industry experts refer to as ‘inception events’ – this requires adding one event into another. Hence, your concert or sporting event can have a magic show to entertain clients during breaks or at half-time. It’s a fun and innovative way to connect with your audience and create a buzz around your business.
Focusing on creating an incredible experience for your clients is also essential. Make the show or event memorable with unique acts and wholesome engagement with the audience. This creates good future referrals, and you’ll also be topping the list in their social media feeds. It’s a great way to build brand awareness and market your business by going viral.
Starting a concert, sport event, magic show business in Singapore promises an exhilarating entrepreneurial journey. There’s never a dull moment and, with some strategic planning, success is very achievable indeed. For the hard-working entrepreneur, this type of business can open up novel revenue streams. Whether you decide to specialise or handle them all, 3E Accounting is ready to assist in the start-up process.
With more than a decade of experience, we are an award-winning corporate service provider with a proven track record. From incorporation to compliance, we’ve got the expertise that will get the job done seamlessly and hassle-free. For the best comprehensive and customisable business solutions in the market, contact 3E Accounting today.