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 business 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:
- In the business of carrying out building completion work
- Companies that operate on mixed construction activities
- Companies that are engaged in building construction work
- Companies that are involved in site preparation work
- Companies which specialize in other types of construction work in addition of constructing buildings
- Companies that do structural repair work
- Companies that offer specialised construction and other construction related activities
- Companies involved in leasing out construction equipment
- Companies that perform building installation work
Applying for the Professional Engineering Services License Procedure
To begin the application process for the Professional Engineering Services license, the following documents need to be prepared:
- A certified true copy of the company’s Constitution and a copy of the Professional Liability Insurance Policy. This policy needs to be accompanied by a written confirmation from the insurance company, giving confirmation that the submitted policy has met the criteria needed in Section 24 of the Professional Engineers Act.
- A list of all the company’s members and directors together with their work particulars
- A copy of the documents lodged with the Singapore Company Registrar, Accounting & Corporate Regulatory Authority (ACRA)
- A certified true copy of the Incorporation Certificate documents, the resolution passed by the board of directors’ documents and the latest Annual Return documents lodged with the ACRA.
Because of the amount of documentation and paperwork that needs to be prepared for the licensing process, it is highly advisable that the services of a professional company be enlisted to handle all administrative matters and the necessary paperwork.
Read more about Guide to Setting Up a Construction Company in Singapore from 3E Accounting Pte Ltd, Singapore.
3E Accounting Pte Ltd, Singapore – Corporate Service Provider is the leading expert in handling business affairs, incorporation’s, registrations and more and we are more than happy to assist you with your licensing and permit needs. Visit our website and get in touch with us today to find out more about the services we offer.