Your Chosen Business Structure

The laws that apply to your business depend on which business structure you have chosen. You are required to comply with the rules in the relevant Acts, i.e. Business Registration Act, Companies Act etc.

For example, the requirements for renewal of business registrations and filing of returns differ according to whether you are a sole-proprietor or a company.

You can learn what you need to do by attending workshops and seminars on the Singapore Companies Act & Regulations conducted by business chambers and organisations like Singapore Business Federation (SBF) and Association of Small and Medium Enterprises (ASME).

Your Business Activities

The laws that apply to your business also depend on which industry you are in and the kind of activities you conduct.

Different industries are regulated by different government bodies. While some industries are not as heavily regulated as others, it would be important nonetheless to find out which Government agencies might be in charge of your industry.

For example, the telecommunications industry is regulated by the Infocomm Development Authority of Singapore (IDA), the media industry is regulated by the Media Development Authority (MDA), and the healthcare sector is regulated by the Ministry of Health (MOH) and the Health Sciences Authority (HSA).

Your business activities will also affect which laws apply to you. For example, if you wish to serve alcohol, you will need a Liquor licence from the Singapore Police Force. If you intend to sell second-hand goods like mobile phones, cameras, computers, or jewellery, you will need a Secondhand Goods Dealers Licence from the Singapore Police Force.

Your Tax Obligations

You have to pay others tax in addition to Income tax. Common taxes that businesses have to pay include Goods and Services Tax (GST), Stamp Duty, Property Tax and Withholding Tax. Take special note of the tax dates for submission and payment, as they vary for the different taxes.

Get a good understanding of tax deductions that you might be able to utilise to lower taxes you have to pay. These include:

• business expenses like rent, wages, directors’ fees
• capital allowances like machinery, furniture
• industrial building allowances
• unutilised losses, capital allowances and donations
• group relief & loss carry-back relief

Employing People

There are many legal obligations you need to pay attention to when it comes to hiring people. You need to follow guidelines as set out in the Employment Act, contribute to the Central Provident Fund (CPF) and Skills Development Levy (SDF).

Tax matters regarding preparation of the IR8A and Appendix 8A/B forms for your employees to file their taxes also need to be looked into.

Ensure you comply with occupational safety and health laws as well by adhering to the Workplace Safety and Health Act and Workmen’s Compensation Act.

Selling & Marketing Online

If you intend to sell or market online, you have to comply with certain regulations.

All online content providers must comply with the Internet Code of Practice set by the Media Development Authority (MDA).

TrustSG is the national trust mark for online merchants. Get this mark before selling your products online.

Take note of the Spam Control Act. You need to follow guidelines like adding an label when sending bulk advertising/promotional messages via email or SMS.