Singapore Government Agencies Every Business Owner Must Know
You have to submit the necessary documents to various Singapore government agencies to run your company compliantly. And you have to do it within the deadline, as your credibility depends on it. Let us know about 7 prime government agencies in Singapore.
7 Prime Singapore Government Agencies
Running a business in Singapore and anywhere else is a complex task. It means forming a business, acquiring business licenses and permits, obtaining work passes for the company’s employees, updating books of accounts, filing accurate tax amounts, and complying with statutory requirements.
Fulfilling every aspect of your company’s compliance is an uphill task. It expects you to coordinate with various Singapore government agencies in a timely manner. You must know these agencies, even if you hire professionals like a bookkeeping services provider, to do it right.
1 ACRA (Accounting and Corporate Regulatory Authority)
ACRA is one of the most important Singapore government agencies for aspiring business owners. It acts as the Company Registrar of Singapore. And you must apply to ACRA to register your Singaporean business.
ACRA regulates businesses, public accountants, and corporate service providers in Singapore. This agency also plays a vital role in the development of companies and the field of public accountancy.
This agency runs a very informative web portal named BizFile+. You must browse it to get reliable information on the requirements and process of incorporating a Singapore company.
2 MOM (Singapore Ministry of Manpower)
As you know very well, you need a work visa or pass to relocate and work in Singapore. MOM grants Employment Pass, S Pass, and Personalised Employment Pass to qualified professionals. To secure such a pass, you have to go to MOM, Ministry of Manpower of Singapore.
In addition, you also need to apply to MOM for a Dependant’s Pass and Long-Term Visit Pass (LTVP) to relocate your family members to Singapore. Browse the MOM’ portal to know about the best employment practices and safety and health requirements in workplaces. This portal is also a reliable source of information about employment statistics, including rates of employment, blacklisted vendors, training facilities, Etc.
3 Enterprise Singapore
Enterprise Singapore is an initiative by the Singapore government. It was formed by merging two agencies: International Enterprise (IE) and SPRING Singapore. It is purposed to lend a helping hand to businesses through grants, loans, tax incentives, and insurance. It also provides them help in the form of business toolkits and access to startup hubs.
Enterprise Singapore, along with trade associations and chambers of commerce assists bussinesses improve their reach. It helps new businesses improve their networking potential and knowledge base. In addition, as the body overseeing national standards and accreditations in Singapore, it ensures safety and quality of local products and services.
4 EDB (Singapore Economic Development Board)
You should tap EDB for reliable information on chances and opportunities of grow your business in Singapore and the SouthEast Asia. This agency can also help you with the emerging trends and industries that you can explore to diversify your business.
EBD is always on the lookout to initiate and enlarge strategic activities and growth opportunities in Singapore. To this purpose, it collaborates with international businesses. It assists new businesses in spreading their roots by providing them with investment and business set-up schemes.
As an individual investore, you can also take EDB’s assistance and participte in Global Investor Programme to shift your base to Singapore. Your participation grants you priority in securing Singapore Permanent Residence and loans and schooling opportunites.
5 IRAS (Inland Revenue Authority of Singapore)
The IRAS is one of those formidable Singapore government agencies you must know about. IRAS is the tax collecting agency of Singapore. It works under Singapore’s Ministry of Finance.
You will need to register with IRAS and follow all its requirements to be tax-compliant. The agency collects individual income tax, company income tax, GST, and withholding taxes from taxpayers.
If you work and live in Singapore and want reliable information of other taxes you must pay, visit IRAS’ portal. Here you will find relevant information regarding taxes on properties, estate duty, shareholding, stamp duties, betting and sweepstakes duties, casino taxes, clubs and charities.
The portal also provides vital info on double tax treaties that Singapore has signed with its trading partner countries. Here, you also get to know schemes like Productivity and Innovation Credit, Etc.
6 SkillsFuture Singapore (SSG)
SkillFuture Singapore – SSG agency is highly useful to you if you employ local employees. This agency can help you provide better training to them. The agency runs lifelong learning, training, and development programs for them. It is purposed to improve the adaptability of the local workforce to changing job trends.
When you hire a local employee, you have to register your business for the SkillFuture Development Levy (SDL). These funds are used to run the training programs. When the need arises, you can ask for grants from SDL funds to help your employees take certified training courses.
If you run training and development courses in Singapore, register with SSG and be a SkillFutur Training Provider. With SkillFuture, you can organise practical internships and training programs for eligible students.
7 CPF (Central Provident Fund Board)
The CPF is a savings and pension fund established for Singaporeans and permanent residents. It assists them in bearing the cost of living after retirement.
The CPF Board runs under the Ministry of Manpower and regulates the fund and CPF contributions. You, as well as your employees, contribute to CPF funds as per the rates prescribed by the Board.
Visit the CPF’s website and register your employees and company for CPF. As an employer, you will also get information regarding your CPF obligations and MediSave fund.
Also, Know these Government Agencies in Singapore
Here is a list of additional Singapore government agencies you may need to interact with to run your business efficiently.
- Ministry of Education (Private Schools Dept): You may need to coordinate with this entity if the name of your business contains ‘school’, ‘education centre’, ‘learning centre’, or ‘training centre’ and is academic in its business activities
- MAS (Monetary Authority of Singapore): You need permission from MAS to start a new business related to finance, clearing house, futures exchange, securities, insurance and asset management field. MAS is the regulator and central bank of Singapore
- Ministry of Foreign Affairs: You must coordinate with this agency if your company name has ‘ASEAN’ in its name
- Ministry of Law: You must coordinate with this agency if your company provides legal services
- Ministry of Health: You must coordinate with this agency if you intend to run a hospital, medical services centre, clinic, and surgical or healthcare facilities
You have to constantly on the watch as ensuring the statutory compliance is a tough task. In addition, it is a non-core task of your business. It generates no money for you.
Many businesses use professional corporate service providers for the task. It allows them to focus on growing their business. Contact us at info@sbsgroup.com.sg or +65-6536 0036, if you need assistance to improve your coordination with one of the Singapore government agencies.
Also Read: How to Leverage Government Support and Grants for Foreign Entrepreneurs
