- April 30, 2017
- Posted by: UpVue
- Category: Food & Beverage, Industry Guide
For those first time food and beverage entrepreneurs who are interested in starting a restaurant, this guide will be highly valuable and useful information to consider. To execute and begin with a business in Singapore such as this, the very basics are highlighted below to run or operate one.
Plan the Food/Restaurant Business
It is always recommended to have a business plan even if it is one or two-pages long. It is a must to think through every step and come up with a meticulous and detailed plan. Included in the plan are as follows; hiring policies, suppliers list, operations, pricing plan, services standards and more. The contingency plan and the exit strategy are done a lot easier for many unexpected situations. Some business owners limit their budget, but of course you do not want to run out of funds just to complete the project.
Incorporate the Business
It is now a consideration to take the business legit. In the event that you are born to a foreign land, you still will be required to apply for “Entrepass with the Ministry of Manpower”. If you are a local resident and you have a Singpass, it is best to head down to the Bizfile portal of Accounting and Corporate Regulatory Authorities. Foreigners who already had an Entrepass now need to have a Singpass.
After the name of your company has been approved and all payments have been made, you now need to incorporate and pay the company with its reserved name under Bizfile. The registration fees can range from 50 dollars to 600 dollars, or 300 dollars to 1200 dollars for foreigners that depend on the company type.
Get the Registrations and Licenses
There are lots of mandatory licenses and business registration Singapore to apply for that will depend on your business idea- a bar, a restaurant or a café. All required licenses will need to be obtained like;
• Food Shop License- This will enable you to operate a stall, a food stall. This can be applied to after having signed the tenancy agreement and after having the interior layout plan finished.
• Basic Food Hygiene- There is a need to sign up in getting certified for food handlers.
• Halal license- This is required if you will be serving Halal customers
• Registration as an Employer to Central Provident Fund- The CPF is considered as a social security savings plan mandatory intended for Singapore employers. They need to further contribute 16% of their monthly salary.
• Registration for the Government Service Tax- This is likewise mandatory if ever the company’s annual turnover has reached 1 million dollar.
Hire for a Service Staff
This is simply considered as one of the headaches of the food and beverage scene now. Due to the low local demand and the foreign talent quotas, hiring labor is quite a difficult task. Firstly, it is required to offer rates above the industry just to attract good talents. Ensure to interview and screen them completely and get naturally friendly and amiable personalities.
Advertising is also a one way to get more interviews. Online job portals will also produce more foreign inquiries than the locals. For your business registration Singapore and accounting needs, feel free to visit our site now at https://upvuecpa.com!