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Which Business Sectors Are Subject to Licensing in Singapore? A Broad List of Licenses in Singapore
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Which business sectors are subject to licensing in Singapore. A broad list of licenses in Singapore.
Besides imposing simple and direct company incorporation processes, Singapore also delivers the same treatment to business licensing procedures. However, not all businesses in Singapore are subjected to licensing. Majority of the businesses in the country can start their operations once their companies have been incorporated.
Some businesses that are subjected to business licensing conditions need to obtain licenses from relevant authorities before operating. We have classified and listed a few of them in this article.
Three primary types of licenses or permits are applicable to Singapore companies. This guide aims to shed a light on the right license or permit for your business.
Compulsory Licenses
Some businesses need to obtain licenses before operating. The license granted to these businesses is referred to as a compulsory license. For example:
Occupation Licenses
Occupational licenses are required in the practice of an occupation. These licenses are applicable to professionals, like doctors, lawyers, accountants, and architects. These licenses are granted by the professional organizations of the respective fields. For example:
Licenses Based on Business Activities
Some businesses need certain business licenses or permits to perform specific business operations, such as improving an office space, exporting goods, and setting up more fixtures to the façade of a building. For example:
What Is a Business License?
A business license is a permit provided by Singapore authorities to enable businesses to perform their operations.
Common Categories and list of licenses in as follows
Food and Beverages
Businesses that fall under the category of food and beverages are:
Retail Shops
Depending on the nature of goods and services being offered, retail shops also need business licenses or permits to operate. These retail shops include:
Services
Businesses that belong to the services sector are as follows:
Depending on the nature of goods and services being offered, retail shops also need business licenses or permits to operate. These retail shops include:
Monetary and Finance
The following sectors are covered by the monetary and finance sector:
Health Care
In the case of health care, the following sectors are covered:
Trading
A trading company has various procedures. In this case, many licenses such as import/export licenses are required. The trading sector covers the businesses listed below:
In a Nutshell
Generally, obtaining a business license or permit may take between two weeks to two months. Plan ahead when deciding to do so as some licenses take some time to be processed due to the need of approval from several authorities. Some may even require a physical site visit.Although some licenses and permits can be managed on your own, it is always best to take a business decision with the help of a corporate secretarial provider (CSP). Engaging with a CSP can also help you confirm if your business falls in a specific license category.
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