Starting a Travel Agency Business in Singapore
Singapore attracted about 17.4 million tourists last year, which shows how thriving the tourism industry in Singapore is. So, starting a travel agency business in Singapore is always a good idea- a promising investment that has a potential of a lot of returns. A travel agency is a company which provides services or goods related to tourism- and being a place with so many tourists visiting each year, I would say Singapore is a dreamland for people thinking of starting such a business.
And if you are one of them, literally all you need to do is get a Travel Agency License. It seems simple when we put it like this, but there is quite a lot behind it. Here, these are the prerequisites for you to get such a license in Singapore.
Registration of Your Company:
First off, your company should be registered- which needs to be verified. And for that, the registration must comply with the Standard Industrial Classification (SSIC) codes of
79101 – Travel agencies and tour operators (mainly inbound)
79102 – Travel agencies and tour operators (mainly outbound)
79103 – Ticketing agencies (including airline, tour bus and cruise ship)
For starting a travel agency business in Singapore, your company must have a paid-up capital of a minimum S$100,000 (About US$72,700) for General Licence and Niche Licence has lower minimum financial requirements of $50,000 (About US$36,350). This are the 2 types of travel agent licence.
You must appoint a Key Executive for your company, who will handle the daily travel agency business and he/ she must be a real person. The appointment of the key executive is to be approved by the Singapore Tourism Board. And to be approved, they must be a Singaporean citizen or a permanent resident. A person with an employment pass can also be appointed to the post. You will need to make sure that they are a person with good morale and character- for their background check could be required which may include a credit background check, character certificates, or a police clearance check.
A Work Office:
You will need to produce a proof of having an office space. And you will also have to make sure that the office is solely for the purpose of running the Travel Agency, it can’t be used for any other businesses. And on top of that, you will also need to have a signboard- one that explains the exact motive of your business- you will need to erect it on the business premises.
Anyway, if you are an individual travel agent and want to work from your apartment, you must acquire approval from the Housing Development Board or the Urban Redevelopment Authority of Singapore.
A Running Website With TRUST
You will need to have a running website for your company- it is a must in Singapore. Also, your website must be viewable in TRUST (Terms and Conditions for the Use of the Travel Related Users’ System), which is a website sanctioned by the state containing all the necessary information about the travel and tourism industry in Singapore.
The Application Process
First, you file an online application, where you will also need to mention any other shareholdings in other travel agencies(in case you have one). After this, the processing time is usually one week, and upon the approval of your application, the authorities send you an IPA- In-Principle Approval Letter. This application might contain some conditions that you will need to fulfill, and after doing so, you will receive your final approval license. This license is to be collected in person, and you will have to pay S$200~S$400 (About US$145~US$290) as the licensing fee. This license lasts for two years; you will also have to renew it in a timely matter.
Well, this was the information you needed to know before agency in Singapore. I hope this helped you.
If you are interested to start travel agency business in Singapore, read more from local corporate service provider in Singapore who can assist you along the way.