Starting a Private Education Institute (PEI) Business in Singapore
The strength of a country’s economy lies within its educated workforce. And Singapore is a country that is invested in 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 continue to develop to cement 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. Because of the sector’s lucrative potential and possibilities, there has been an increase in foreign investors and institutions that are looking to tap into this market by setting up education hubs in this space.
The Types of Educational Institutions in Singapore
Singapore’s education sector is divided into four main categories – childcare centers, preschools and kindergartens, academic education and non-academic education.
Childcare centers focus providing care and supervision for a group of more than five children at any given time. And these children are usually aged 7-years and below. Preschools and kindergartens cater towards children ages 3-6 years’ old.
Academic education focuses on theoretical, structured courses of formal education, which typically offer certificates, diplomas and degrees upon successful completion of this course. While non-academic schools focus primarily on education its students through practical, hands-on approach learning experiences.
How to Start a PEI Business in Singapore
Just like any other business plan, making the decision to venture into the education industry requires a well thought out and structured business plan. Taking on a new business is no easy task, and a 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 that are needed based on the type of education level they are planning to start. Market research needs to be done, prospective locations need to be identified, and the financial projections and the costs that are going to be incurred need to be calculated.
The next few steps of starting a PEI business in Singapore include:
- Getting the business incorporated. This is the first step before progressing any further.
- Finding a suitable premise of operation. Only premises that have been approved by the Urban Redevelopment Authority (URA) can be used.
- Source for the necessary, qualified staff. Because this is an educational institute, it is imperative that all the staff are highly qualified for the positions they are hired to do.
- Getting accredited. Getting the EduTrust Certificate and the Singapore Quality Class Certificate would boost the credibility of the business and inspire more confidence in potential students.
Getting the Licensing Needed
The type of license that is required would depend on the type of education establishment that is going to be 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). This would vary depending on the type of education establishment in question.
Read more about Guide to Starting a Private Education Institute (PEI) in Singaporefrom 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 and our panel of experts will be more than happy to assist you with any queries you have.