This post is also available in: 简体中文 (Chinese (Simplified))

Beginner’s Guide on Starting a Healthcare Business in Singapore

Starting a Healthcare Business in SingaporeSingapore has one of the greatest healthcare systems in South East Asia and the world. Furthermore, the industry has been growing, with an increasing number of hospitals, medical device makers, clinical trials, outsourcing firms, telemedicine providers, medical tourists, health insurance companies, and medical equipment manufacturers. Furthermore, with the perks that the Singaporean economy provides, it is always a great idea for starting a healthcare business in Singapore.

 

Healthcare Industry Trends in Singapore

The healthcare industry is extensively regulated to ensure that patients receive the best possible care while maintaining their privacy. There are various types of businesses one can open in the Singapore healthcare industry. Furthermore, there have been a lot of innovations and new ideas in the industry. Online pharmacies (PillPack), medical transportation businesses (Uber Health), midwives or doulas (Birth Freely Childbirth Services), nurse staffing agencies (LiquidAgents Healthcare), and wellness coaches (Primal Blueprint) are examples of healthcare businesses that innovators can take inspiration from.

To start your healthcare business, you must consider what kind of medical products or services you want to sell. For example, you may open a clinic or can import western medicine, Chinese medicine, or medical devices. Each of your offerings may have its own set of applications, requirements, and regulations. Therefore, it’s important for you to understand all the regulatory bodies of the healthcare system in Singapore before starting a healthcare business.

After you’ve decided on the type of healthcare business you want to start, you can move on to the next step. Read on for a guide to company registration in Singapore.

 

Registration Process for Starting a Healthcare Business in Singapore

The first and one of the most important things while starting a healthcare business is creating a business plan. Then you must strategically select your partners and investors. All healthcare businesses in Singapore will need to obtain approval from the Ministry of Health and the Health Sciences Authorities. When establishing a healthcare business in the city-state, you will also need special licenses. Let’s take a closer look at each of these steps.

Types of Entity

Sole proprietorships, partnerships, corporations, and limited liability companies (LLCs) are among the types of business structures in Singapore. Consider the number of owners, initial investment, liability, income tax rates, and funds before choosing one. You can register your company with the state after deciding on the type of business and completing your business plan. There will be 3 simple steps to register your healthcare business company in Singapore.

First would be getting a company name and logo with MOH’s approval and registering with ACRA. The name must be easy to remember, not offensive, and free of vulgar or obscene words. There are no copyright issues. Furthermore, It must include the terms “Medical/Dental Clinic, Medical/Dental Centre,” “Laboratory,” “Hospital,” and “Nursing Home,” as applicable to the type of license sought.

After your business name has been approved, it will be reserved for 60 days from the date of application. If your company’s incorporation takes longer than expected, a 60-day extension can be applied for on your behalf with ACRA.

Location

The second would be picking a location abiding by some regulations. Ensure building codes and fire safety protocols are current, and it is zoned for commercial use. Before occupying the building, you must obtain a Fire Safety Certification (FSC) from the Singapore Civil Defence Force (SCDF) via a registered architect or engineer. The Urban Redevelopment Authority must give its approval for medical operations (URA).

You need approval from the MOH’s Central Licensing Branch (CLB) for the design and layout. As part of the licensing process, there will be an on-site inspection. The Building and Construction Authority (BCA) needs to certify you for any construction work. If your clinic has an outdoor advertisement sign or signboard, you will need a BCA advertising license.

Third would be the preparation of documents to set up a Singapore company. Below is the list of documents: –

  • Company name registered with ACRA
  • A brief description of business activities
  • Details of Singapore registered address of the company
  • Shareholders’ Particulars
  • Directors’ Particulars
  • Company Secretary’s Particulars
  • Foreign Entrepreneurs must submit a copy of their passport and residential address proof (overseas)
  • Foreign Companies must submit Memorandum & Articles of Associations
  • Singapore Residents must submit a copy of their Singapore identity card

Once all the documents are ready, submit your application to the ARCA. You can file for company registration in Singapore once you have approval for your company name. If all of your documents are in order, the process should not take much time. Contact 3E Accounting and let us handle the procedures for you.

Business Plan and Finances

When it comes to starting a healthcare business, you need to determine what type of healthcare business you want to start. When starting out on your own, you can choose from three different strategies: solo, group, or takeover. Once you’ve decided which strategies to pursue, you can begin drafting a business plan that includes an Executive summary, company description, services, marketing plan, management and organization, operational plan, and Financial Plan

Starting a healthcare business can be quite costly in the early months, you’ll need to do research to find funding. Starting from the ground up is very costly. This includes rent, payroll, insurance, clinic software, and various other miscellaneous expenses. All these should be taken into consideration so you know where you stand financially. One piece of advice: be realistic! It will take some time for your business to start making money, so be patient and plan ahead.

Fulfilling the Requirements

Once you’ve registered your practice name and decided on a business structure you can begin incorporation preparations. You must meet some pre-registration requirements. Among them are appointing at least one director who is a Singapore resident, a corporate secretary, and an auditor, as well as deciding on your Financial Year End (FYE). Issued capital must be paid up and deposited into the company’s bank account for business use immediately after incorporation. You are now ready for incorporation if everything has been completed correctly.

 

Getting the Licenses

The next step after company incorporation is getting the licenses. HSA’s Product License is a requirement for all medicinal products imported or sold in Singapore. Importers who do not hold a Product License but are Authorized Agents of Product License holders can also apply for an Import License. The company applying for an Import Licence as an Authorized Agent must show that it complies with the HSA’s Good Distribution Practices (GDP) standards. Those who resell the products, on the other hand, require a Wholesale Dealer’s License. You must also follow the GDP standards in order to obtain this license. It is important to note that licensed manufacturers who sell to others for resale do not need a license.

While dealing with all of this, you should also consider the technical aspects of starting a healthcare business. However, hiring a corporate service provider can make the company registration process much easier. With our team of experts on hand, we will undoubtedly be able to assist you and ensure a smooth start-up process for your healthcare company.

Starting a Healthcare Business in Singapore