7 Singapore Government Agencies Every Business Owner Should Know

The registration process for any business can be quite a daunting and complicated expressly for business owners who are registering their business for the first time or those that may not be intimate with Singapore’s local incorporation process.

If you are a foreigner proposing to start a business in Singapore, there are numerous agencies in place to help you through. In this country, it’s not impossible to find yourself having to present multiple documents to various Singaporean government agencies for you to get the green light to proceed with your business registration.

It is also necessary that you acquaint yourself with the many forms of assistance which may either be monetary or non-monetary, that are funded by the government agencies to speed up the process and help you get your business on board. To help you get equipped, we have compiled seven major Singapore government agencies that you may need to go through when registering your business in the country.

Enterprise Singapore

Formed through the amalgamation of two government agencies of Singapore—SPRING Singapore and International Enterprise Singapore (IE), Enterprise Singapore provides enterprise assistance in the form of tax incentives, grants, insurance, and loans. It is a one-stop agency that you can also get non-financial support primarily with business toolkits and starts up hubs.

Enterprise Singapore works hand in hand with chambers and trade associations to facilitate knowledge transfers and networking sessions to businesses. It acts as the national standards and accreditation agency which works to support safety and quality for Singapore services and produced products.

Singapore ministry of manpower (MOM)

For all employment-related issues, you will have to liaise with the go-to-Singapore government’s Singapore Ministry of Manpower (MOM). If you are intending to apply for; an employment pass, an S Pass, work permit, Singapore work visa or a personalized employment pass, you will have to brush along with the Ministry of Manpower.

Regardless of whether you’re a Singapore employer looking to employ a foreign worker, a Singapore resident looking to hire a foreign domestic worker or simply a non-Singapore citizen looking to work or get workers in Singapore, the MOM is the only way through.

Apart from handing in work visas, the ministry of manpower also provides useful information and various guides on workplace safety, employment practices and health requirements. You can also find all the information you are looking for from statistics to the analysis of Singapore employment.

Central Provident Fund (CPF)

The Central Provident Fund (CPF) contributions are made by both employer and employee (through monthly salary deductions) at rates determined by the CPF board. The Central Provident Fund (CPF) is a national pension fund that aids Singapore residents and Singapore permanent residents funds for living costs upon retirement. This means that this money is intended to stay in the CPF holders’ account for very many years and mature therein to be withdrawn when one retires.

Depending on your age, you can invest in your retirement funds at an early age in Singapore and let the money grow with you as you age. The employer’s section in the CPF official site provides an online platform to register both employees and companies under the CPF programme as well as providing useful information on employer’s obligations with regards to CPF funding and its constituents.

Inland revenue authority of Singapore (IRAS)

All your tax filing or tax requirements of your business, Inland Revenue Authority of Singapore (IRAS) is the agency you will need to cooperate with. Such taxes include; corporate tax, goods and services tax, individual income tax and withholding taxes for non-resident companies.

IRAS provides all interested parties with useful information on taxes of individuals who work and live in Singapore. In simple terms, the agency offers all the information you may want to know about tax.

SkillsFuture Singapore (SSG)

Irrespective of whether the business owner is a Singapore resident or not, hiring a local staff is paramount. Through SkillsFuture Singapore (SSG), the Singaporean workforce stays up to date and develops adaptable changes suitable in the marketplace. SkillsFuture Singapore (SSG) is an important government agency that offers and facilitates lifelong training, learning and development programmes for Singapore local employees.

Once a local employee has been hired, it the business owners’ duty to consult SSG for Skills Future Development Levy that funds the programme Skills Development Fund which is in charge of upgrading the workforce programmes. SDL funds also offer grants to employers to send their workers for training courses in various institutions. SkillsFuture Singapore also grants opportunities to new businesses to provide internship and practical training programmes to college and university students.

Accounting and Corporate Regulatory Authority (ACRA)

All business registrations are done by the Accounting and Corporate Regulatory Authority (ACRA). Apparently, it is the first Singapore government agency, or the most common place business owners have to visit during the company incorporation process.

Apart from processing the company registration, Accounting and Corporate Regulatory Authority (ACRA) also provides other specialized services like professional advice to new business owners, legal information, and localized domains registration—.sg or .com through the Singapore Network Information Centre (SGNIC).

Singapore Economic Development Board (EDB)

It is quite essential to do some background research on various aspects like business growth potential, emerging industries in Singapore, the number of businesses in your area of specialization and many more. The Singapore government found it critical to come up with the Singapore Economic Development Board (EDB) to help you with this kind of research or rather aid you with all the information you need to push through with your business.

EDB works hand in hand with other international businesses to find growth opportunities in various regions for various industries in the country. It works to establish and thicken the numerous strategic activities in the country. It also offers foreign investors wishing to move to Singapore the Global Investor Programme (GIP) which enables the investors to apply and attain permanent residence in Singapore.

You may also like to read:

Technologies that Changed the World in 2018

Top 5 Most Successful Content Marketing Strategies in 2018

What Are The Best Ways To Pay For Big Ticket Items in Singapore?

(By Molly Joshi)

Related Articles
- Managing cash flow for your business
- Setting up a business in Singapore
- Doing business in South Africa: the different structures of business entities