Singapore is a great place for global events hence starting concerts, sports events, magic show can be a good business deal. Starting such a business in Singapore requires the following:
To begin a company in Singapore, a businessman or investor must incorporate a company first.
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 to do is an offendable act under the 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 the work pass has been approved.
The salary that you must pay to the local employees in Singapore is S$50 per month. Register a CPF account where you must contribute around 16% and the employees must shell out 20%.
You must pay Skill developments levy which equals 0.25% of $4,000 monthly remuneration, at least $2 for the full-time employees, part-time employees, casual and temporary workers.
Payroll accounts are one of the complex processes of a business, hiring local service can maintain the payroll of the company.
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.
Businesses that excess a turnover of $1 million annually need to register with GST. The companies with a turnover of less than $1 million per year need not register for GST.
For managing an event, the 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:
Obtain a public entertainment or arts license under the Public Entertainment and Meetings (PEM) Act for entertainment activities which are accessible by the public.
SISTIC is the best provider for selling tickets in Singapore for more than 1,000 events in a year. This leading ticket provider can sell a ticket for all the entertainment events such as pop concerts, musical events, sport events, and family entertainment.
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 shareholder in 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 must apply for before beginning an entertainment business in Singapore. Local professional services can be a good option who can help you in setting up the company in this country.