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Beginner’s Guide on Starting a Home Improvement Business in Singapore

Starting a Home Improvement Business in SingaporeSeveral major advantages have piqued the interest of entrepreneurs in the home improvement sector in Singapore. Furthermore, world-class infrastructure and connectivity, competitive tax regimes, and Singapore’s reputation as an international business hub have enabled many to open a business in the city-state. In this article, we discuss the ‘whys’ and the process of starting a home improvement business in Singapore.

 

Home Improvement Business Trends

A home improvement business is one of those businesses that is unaffected by the state of the market. During the high season, homeowners looking to sell their property require home improvement services to get a higher price. Whereas new homeowners may be looking to improve on their newly bought house. And even if the housing market is not doing too well, existing homeowners may want to upgrade their homes instead.

Home improvement seems like a difficult task. However, recent trends have seen an increase in the transformation of traditional homes into sophisticated modern abodes. This demand emphasizes the potential of starting a home improvement business.

 

Registering Your Home Improvement Business

When it comes to a home improvement business, the first thing you should do is decide on the type of service your company wants to provide. For example, you could work as a home improvement installer, salesperson, or contractor. Once you’ve decided on the type of home improvement business you want to start, you can proceed with the company registration in Singapore.

Obtaining an ACRA-approved Company Name

To start the process of forming a new company, you must first obtain ACRA approval for its name. The name you choose must be distinct, meaningful, easy to remember, and devoid of vulgar or obscene words. There should be no issues with intellectual property and it must not infringe on any patents or trademarks. Once you have approval, you will get 60 days from the date of application for your company incorporation. If it takes a little longer than expected, we can file a request with ACRA for a 60-day extension on your behalf.

Choosing a Company

Sole proprietorship, partnership, and limited liability company (LLC), are the three types of business structures in Singapore. Consider the number of owners, initial investment, liability, income tax rates, and funding before choosing a structure. After that, you can move on to the other steps of company incorporation.

Gathering the Documents

Here’s the list of documents required for the formation of a Singapore company.

    • ACRA-registered company name
    • A brief description of the company’s operations
    • Details of the company’s registered address in SingaporeShareholders’ Particulars
    • Particulars of the Directors
    • Particulars of the Company Secretary
    • Foreign entrepreneurs must provide a copy of their passport as well as proof of their residential address (overseas)
    • Foreign corporations must file a Memorandum and Articles of Association.
    • Residents of Singapore must submit a copy of their Singapore identity card.
    • Submit an application to ARCA

 

Once you have approval from ACRA, you may file for company registration in Singapore. If you have all of your documents in order, the process should not take long.

Creating a Business Plan

The term “Home Improvement Business” refers to a broad category that encompasses all of the services associated with interior designing. To improve the company’s brand identity, it is critical to determine the type of services from the start.

Once you have this down, specify your target market and your unique selling point. On top of that, preparing a promotional strategy will help as well. Include your growth strategy, primary monthly and annual goals, and the promotional budget and channels. Don’t forget to plan your website and how you want to approach the contractors.

This may all seem overwhelming at the beginning and if it helps, you could enlist the help of a corporate service provider in Singapore, like 3E Accounting.

 

Licenses and Permits Required

In terms of business licenses and permits, if the company’s sole purpose is to upgrade or enhance its home styling, no special licenses or permits are required. However, to carry out renovations in HDB flats, you must be listed in the Directory of Renovation Contractors (DRC). You can submit your application to Google My Business once you have met their requirements and completed the necessary paperwork. You should also obtain general liability insurance to cover such costs in the event of an accident on the job site or home damage caused by your employee. Commercial and cyber breach insurance is also required for this type of operation.

Starting a home improvement business has great potential in Singapore. Even if the process can seem confusing to you, the technicalities can be handled by professionals like 3E Accounting. Contact us and let us assist you. With our team of experienced professionals, we will definitely be able to assist you and ensure a smooth process of starting a home improvement business in Singapore.

Starting a Home Improvement Business in Singapore