The strength of a country’s economy lies within its educated workforce. And Singapore is a country that focuses on the development and growth of its people, and this development begins with education. One of Singapore’s potential growth sectors is its education sector, and it is important that this sector continues to develop. For the reason of maintaining Singapore’s growing reputation as an international private education Institute hub.
Within the education industry lies a plethora of opportunity for the savvy investor to be a part of. Due to the sector’s lucrative potential and possibilities, there has been an increase in foreign investors and institutions. Furthermore, they are looking to tap into this market by setting up education hubs in this space.
Singapore’s education sector has four main categories – childcare centers, preschools and kindergartens, academic education and non-academic education.
Childcare centers focus on providing care and supervision for a group of more than five children at any given time. And these children are usually 7-years and below. While, preschools and kindergartens cater to children ages 3-6 years’ old.
As for academic education, it focuses on theoretical and structured courses of formal education. They typically offer certificates, diplomas, and degrees upon successful completion of this course. While non-academic schools focus primarily on educating its students through a practical, hands-on approach learning experiences.
Just like any other business plan, making the decision to venture into the education industry requires a well thought out and structured business plan. Well, taking on a new business is no easy task, and business in the education sector is no different.
Before venturing into this business field, it is important that all potential investors understand all the regulatory requirements. Those requirements are needed based on the type of education level they are planning to start. First, you need to do market research. Second, you need to identify prospective locations. Finally, you need to calculate the financial projections and the costs that are going to be incurred.
The next few steps of starting a PEI business in Singapore include:
The type of required license would depend on the type of education establishment you will set up. Companies whose education centres consist of 10 or more people must be registered with either the Ministry of Education (MOE) or the Council for Private Education (CPE). Well, this would vary depending on the type of education establishment in question.
Hence, you can read more about Guide to Starting a Private Education Institute (PEI) in Singapore from 3E Accounting Pte Ltd, Singapore.
For more information and assistance on starting a PEI business in Singapore and the licensing types and procedures, contact Corporate Service Provider – 3E Accounting Pte Ltd, Singapore. Our panel of experts will be more than happy to assist you with any queries you have.