Starting a Concerts, Sports Events, Magic Show Business in Singapore
Singapore is a great place for global events hence starting a concerts, sports events, magic show can be a good business deal. Starting such a business in Singapore requires the following:
- Setting up a company
- Applying for work pass
- Opening a customs account
- Applying for license and permits
- Obtaining tax certificate and paying the taxes
Step 1: Setting Up a Company
To begin a company in Singapore, a businessman or investor must incorporate a company first.
Step 2: Applying for a Work Pass
To perform in Singapore for a short period of time doesn’t require a work pass. Performing at concerts, sport events, magic shows for a shorter time can be done for 60 days through their visit passes. If you want to perform beyond this time period, you will have to obtain a work pass. The work pass doesn’t exempt the foreigners for performing or to comply with the Singaporeans legal requirement.
It is mandatory that all the performers must have an employment pass if they are going to perform more than 60 days.
It is important to notify MOM if you are carrying out work pass exempt activities, failing which you it is an offendable act under Employment of Foreign Manpower Act.
There are many local agents who will assist you in notifying MOM for work pass exempt activities, for obtaining employment passes for all the staff members.
The business can begin once work pass has been approved.
Step 3: Hiring Employees in Singapore
The salary that you must pay to the local employees in Singapore is S$50 per month. Register an CPF account where you must contribute around 16% and the employees must shell out 20%.
You must pay Skill developments levy which equals to 0.25% of $4,000 monthly renumeration, at least $2 for the full-time employees, part time employees, casual and temporary workers.
Pay roll accounts is one of the complex process of a business, hiring local service can maintain the payroll of the company.
Step 4: Registering with Custom Accounts
It is mandatory to register with the custom accounts to import and export goods from Singapore. It takes around one to two days for the custom accounts to activate once the application has been submitted. You will receive an approval letter from the customs and it is valid as long as the company exists.
Step 5: Register for Goods and Service Tax
Businesses that excess a turnover of $1 million annually needs to register with GST. The companies with a turnover of less than a $1 million per year need not register for GST.
Step 6: Deciding the Venue
For managing an event, venue is the most important task. An event management company should help you in planning, booking and hosting the event. Following are the factors which you must consider while deciding the venue:
- Accessibility by drive
- A nearby apartment where your staff can reside
- Storage for your tools and other items
- The rental rate of the venue
- Availability of the dates
- Accommodate all your needs
Step 7: Apply for License and Permits
Obtain a public entertainment or arts license under the Public Entertainment and Meetings (PEM) Act for entertainment activities which is accessible by the public.
Step 8: Selling the Tickets
SISTIC is the best provider for selling tickets in Singapore for more than 1000 events in a year. This leading ticket provider can sell ticket for all the entertainment events such as pop concerts, musical events, sport events and family entertainment.
Step 9: Obtaining Tax Clearance
After the event has ended, submit the accounts clearance to receive tax clearance before closing your company in Singapore. If the revenue of your company is SGD 5 million then it is mandatory to get your accounts audited or if there is any share holder in the company
Step 10: Closing the Company
After settling corporate tax and personal tax, you can proceed to close the company in Singapore.
There are several certificates and licenses which the company’s must apply for before beginning an entertainment business in Singapore. A local professional services can be a good option who can help you in setting up the company in this country.