The Singapore automotive industry has started picking up at the beginning of 2017 following an upward trend which is registered all over the world. The city-state’s status as one of the most advanced countries in the world in terms of innovation in connection to the latest developments in the electric cars industry has driven one of the most significant increases of this industry in the past year. Several reports indicate the automotive sector in Singapore has registered the highest growth in the last 10 years in 2016.
Investors seeking to start a business in the automotive industry which does not comprise only the manufacturing of car spare part can also set up taxi or even car rental companies in Singapore.
Considering the competitiveness in the car rental industry, one must consider the type of cars for rent, as well as the services included in the offer. Among the services a Singapore car rental company can offer are:
Our Singapore company formation specialists can offer information on the requirements to open a car rental business in the Lion City.
An entrepreneur who wants to open a Singapore company and offer car rental services through it has various options. After the company registration procedure is completed, the car rental business must register with the Land Transport Authority (LTA).
One of the advantages of setting up a car rental company in Singapore is that it can tailor its services to the request of its clients. Most Singapore citizens rent cars for everyday business trips, for going on vacations or for various special events. For some of these events the services will also mean hiring a driver.
Singapore car rental companies which also offer private hire driver must comply with a few requirements imposed by the LTA, among which:
Our Singapore company formation agents can assist with the incorporation process of the car rental company.
Starting a car rental business in Singapore is quite advantageous from a taxation point of view. Car rental services enter the same category as offering taxi services in the city-state and the Inland Revenue Authority provides for various tax allowances for these companies.
If you want to start a car rental business and need assistance, do not hesitate to contact us. You can rely on us for help with the company formation process in Singapore.