Starting a Construction Business in Singapore
Singapore as a country has grown and developed a great deal over the years. The strength of the Singapore economy is due to several factors, and one of these factors includes the construction industry. And thanks to projects like the MRT lines, public housing projects and private sector projects, Singapore’s construction sector continues to keep developing and growing at an impressive rate.
When a sector is growing and thriving, it is naturally going to attract attention from potential investors and industry players to want to set up something in Singapore. The Singapore company registration statistics have shown that the construction industry was among the top 10 industries that had some of the highest numbers in new company incorporation’s.
What you need to set up a construction business in Singapore
The first thing any investor that is looking to set up a construction business in Singapore needs is a license issued by the Professional Engineers Board (PEB). This is a required step under the Professional Engineers Act. Any investor that plans to have a business that supplies professional engineering services in Singapore must obtain this license.
Before applying for the Professional Engineering Services License, the business must first be registered either as a limited company, an unlimited company, a limited liability partnership or a multi-disciplinary partnership. The option of private limited company would be the recommended route to take as it offers numerous advantages such as legal entity status, credible image, tax incentives and limited liability to name just a few.
To obtain this license, these companies need to be: