A Foreigner Opening Restaurant in Singapore Will Certainly Succeed
Singapore is growing as an economy. Actually, it is accelerating forward and let us say that the rate is amazing. At this moment, any business you open in Singapore is likely to be a success if done in the right way and it goes the same for the food business. So, as a foreigner opening restaurant In Singapore, it is only natural that you’re a foreigner opening restaurant in Singapore and here are the steps how you could do so.
Incorporation and Registration
As you are a foreigner, first you will need to apply for an Entrepass with the Ministry of Manpower. Do it in this link. (http://www.mom.gov.sg/foreign-manpower/passes-visas/entrepass/before-you-apply/pages/default.aspx). After getting your entrepass, the next thing you will need to do is get your Singpass. Here is the link for that. ( https://www.singpass.gov.sg/). After getting both of these passes, you will need to head to the Bizfile portal of the Accounting and Corporate Regulatory Authorities. (http://www.bizfile.gov.sg/).
You must be able to register the type of the company your restaurant will be. Also, you will have to apply for the name of your company. There are some specific rules regarding this, and they are:
- The name of your company shouldn’t sound too similar to that of any existing ones.
- It should not be inappropriate or promoting anything wrong.
- The name should befit to the type of service you are providing.
After you apply for your company in Singapore, it might take some while to process the application. You could also hire a local agent to help you with it.
Looking for the Right Location
Depending on the size of your Food and Beverage business, you will need to look out for a good location; a site which will be both ideals for your business and appropriate according to the size. It might be simpler for you to hire a real estate agent for this and state your requirements clearly, as it could be confusing and time-consuming if you yourself do so. How most agents work is that they take a specific fee or ask for a month of rent as commission. Either way, you will have to look for the best deals.
As you are opening a food and beverage company, you will need to get the required licenses. It all depends on the size of your business and also, what you sell. Here are some of the licenses you might need for your company:
Food Shop License
This is the first license you will have to get before you can run your food business. For this, you will need to make sure that you have signed the required agreements and the interior layout of your restaurant is complete.
Your restaurant will be able to sell liquor or drinks only after you get this license.
If any of your food or ingredients are to be imported, you will need to have a license for importing food.
For serving Halal customers, you will need to get this License as well.
A license is a must; you will need to make sure that you have all the required permits for your food business. The process of getting the Licenses could be confusing to some, and if so, you could also hire a lawyer to help you with it.
Goods and Services Tax Registration
If your business generates a yearly income of S$1 million or more, you will need to apply for a Goods and Services Tax (GST) Registration within 30 days of the record. After this, you will need to pay an additional 7% tax from the profit you make.
Well, this was all you needed to know if you’re a foreigner opening restaurant in Singapore. I hope it helped you.