Starting an Employment Agency Business in Singapore
Singapore’s business environment is one that has international acclaim as one of the most vibrant and thriving business hubs in the Asian region. Companies in Singapore are always striving to meet their needs of finding the perfect candidate to fit the various roles within an organization, and that is where employment agency business come into play.
If you are thinking about starting an Employment Agency business in Singapore, this must-read guide is for you.
What Is an Employment Agency?
In Singapore, an Employment Agency is a company which has been established to help other companies fulfil and meet the demands of their staffing and recruitment needs. Employment Agency employees will usually serve as the middle person between the interviewee and the company, helping the company screen for potential employees and source for the best candidates to fit the roles. An Employment Agency can assist with both local and foreign candidates, and when it comes to position levels, the range can be anywhere from top-level positions to executives.
What Would I Need to Start an Employment Agency Business in Singapore?
Employment Agencies in Singapore must be in possession of what is known as an Employment Agency License or EAL for short before they can commence their business activities in Singapore.
This license is a mandatory requirement for any Employment Agency intending to dabble in the recruitment business. Employment Agencies in Singapore are governed by the Ministry of Manpower (MOM) Singapore. Irrespective of whether you intend to base your Employment Agency in Singapore or overseas, or whether your Employment Agency is going to deal with recruiting for jobs in Singapore or abroad, you are going to need an EAL before you can begin.
To successfully setup an Employment Agency in Singapore, you would need to fulfil the following requirements:
- Incorporate and register your business in Singapore
- Establish a business premise and office space
- Submit an application for the Employment Agency License
- Ensure that the security deposit has been paid
- Obtain a certification of employment agency personnel
- Register the employment agency personnel
- Meet the eligibility criteria for employment agency personnel (must either be a Singaporean citizen, a PR holder or hold a valid Singapore work visa)
If all your documents are in order, your Employment Agency License should be issued within 3-5 weeks.
What Sort of Business Activities Would Can I Conduct?
An Employment Agency in Singapore would generally cover the following scope of activities:
- Submitting Singapore work visa applications on behalf of the employers or candidates with whom they are dealing.
- Maintain communication with the prospective candidates in relation to their job application.
- Assisting with the collating of resumes of the prospective candidates who are seeking gainful employment.
- Assisting with the facilitating and placement of the qualified candidates with their employers.
If you are interested to start an employment agency business in Singapore, read more from local corporate service provider in Singapore who can assist you along the way.