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Beginner’s Guide on Starting a Land Transport Business in Singapore

Starting a Land Transport Business in SingaporeSingapore is popular for several reasons all over the world. The country is developed in both the tourism and the business sector. And therefore, many foreigners as well as domestic entrepreneurs are attracted to living and doing business in Singapore. As the flow of people is many, starting a land transport business can benefit a person in many ways.

In Singapore, you can find world-class roads, airports, bridges, highways, and infrastructure related to transportation facilities. The government has also worked a lot for maintaining world-class transportation services. So, you may also receive funding and incentives from the government if you’re thinking of starting a land transport business. This will be an added advantage to you for starting a business.

The advancement of technology has made the connection between the different countries easier in this era. Trade, business, and communication are carried out quickly and effectively. Hence, it’s not a matter of surprise that many land transport businesses are established and on demand for commercial matters. Such startups can bring effective competition in the market-leading effective services and ultimately support the economy of the country.

Also, the growing trend of urbanization over the globe is demanding better transport amenities. This surely creates new business opportunities for entrepreneurs willing to invest and make profits. However, there are some processes you must go through for starting and running a successful business. In this guide, you’ll learn everything you must know for starting a land transport business in Singapore.

 

Advantages of Starting a Land Transport Business in Singapore

Singapore attracts numerous entrepreneurs for its popularity in business and returns on investments. Singapore is a business-friendly environment, and you can obtain many advantages by doing business here. Following are some of the advantages of starting a land transport business in Singapore.

  • You can receive incentives and funding, and support from the government
  • You can quickly complete the registration process in Singapore
  • There are no dividends and capital tax gains
  • You can start a business at a personal tax of 0%
  • Your business becomes part of developing a world-class system of highways, roads, and harbors

 

Necessary Steps to Follow for Starting a Land Transport Business in Singapore

Every business person wants to be successful in their business, but many of them fail to achieve their goals. This can occur if you jump into the business without proper knowledge or business strategy. Here are some steps that will prevent your business from losing.

Choose the Business Structure

There are many business enterprises you can select from. Such as, you may start a business as a sole proprietorship, private limited, LLC, or as a partnership business. Selecting the business structure is important because it affects your later business processes, such as during registration and acquiring licenses.

Name Your Company

The name of the company should be unique to the existing company names. You’re not allowed to copy the business names. Keep the name attractive and easy so that it’s easy for the clients to remember.

Register Your Business

It’s the most important legal matter. It makes your business legal to conduct in Singapore and also keeps the standard of your business. The process is quick if you’ve all the required documents at hand.

Get the Necessary Licenses

Besides registering your business, you also need to have some licenses for running your business. Among them, a business license is the most important one. Apart from the business licenses, you may require more licenses and can get assistance from 3E Accounting for them. It provides you with overall company incorporation services and keeps you trouble-free.

Choose a Location

Now, you need to set up the premise to start the commercial activity. Usually, the location must be zoned for business purposes before you occupy the space. Of the total area, you can use 40 percent of it for office area, and canteen and a minimum of 60 percent can be used for warehouse purposes.

 

Registration Guides for Starting a Land Transport Business in Singapore

The registration process for starting a land transport business depends upon the type of your business enterprise. You may require several licenses and permits for registration. Also, you should submit the mandated documents to the Accounting and Corporate Regulatory Authority of Singapore (ACRA) for registration.

As mentioned earlier, you can start your business as a proprietorship, private limited, or partnership. However, many investors start as private limiteds as it secures the business from possible risks and threats. So, for registration, you need to submit the name of your business and a description of business activities to the authority. Also, you need to submit details of shareholders, company address, memorandum, and articles of association of the business.

After you have collected these documents, you should fill them with Singapore Accounting and Corporate Regulatory Authority. Then, ACRA will issue your business a unique entity number that identifies your company. This usually takes three working days.

3E Accounting is one of the leading business specialists in Singapore. We can provide you with a guide to company registration in Singapore and assist you in growing your business strategically.

 

Licenses and Permits Required for Starting a Land Transport Business in Singapore

The major license that you need for starting a land transport business is a business license. But, depending upon the needs and services of your business, you may require more licenses and permits. Some of these are permits for the premise, safety certificates, parking certificates, etc.

Business License

A business license is required for conducting business legally in the country. It assures your company has met all the requirements for running a business.

Premise Permit

You need a permit for your business premises. You should obtain it from the Department of Occupational Safety and Health Division of the Ministry of Manpower. It ensures that your premises are safe for work.

Fire Safety License

You should obtain the fire safety certificate from the Singapore Civil Defence force. You need to get this certificate before utilizing the premises for business.

Hazardous Material Transport Permit

This permit is required if you are transporting hazardous and harmful substances. You should apply for the licenses in the Singapore Civil Defence force.

Crane Operator License

If your business activities require lifting heavy goods, you should submit the application to the Ministry of Manpower (MOM). You’ll then receive a crane operator license from MOM.

Parking License

It’s required when your business owns a vehicle. You’ll also need a vehicle parking license (VPC) for registering and renewing your vehicle.

So, apart from business licenses, these are different licenses and permits that your business may require during the activities. You may find it bothersome to apply for these licenses, so type: corporate service provider near me and get the services at your door.

 

Conclusion

This is all you need to know about starting a land transport business in Singapore. If you’ve read this far, you must have gained an overall idea of business setup and regulatory procedure. For more details, please, contact us.

Starting a Land Transport Business in Singapore