By Vlad Cuc, specialist in company formation matters
Because of its strategic geographical location Singapore has become very attractive for international freight companies. During the last years Singapore has modernized its infrastructure which has led to an influx of foreign investors setting up transportation companies in the city-state. Singapore’s roads and motorways have been developed in the best manner in order to link with airport and harbor routes, and thus providing transportation operators with excellent connections. Moreover, the Government has worked very closely to the Land Transport Authority to provide an appealing environment to foreign transportation operators wanting to have an established presence in Singapore.
For information related to incentives in the transportation industry you can get in line with our consultants in Singapore company formation matters. We can also help local and foreign investors who want to open a company in Singapore with the purpose of operating in the transportation industry.
The video below also shows the main steps one needs to follow in order to open a transportation company:
In order to set up a transportation business an investor must first open a company in Singapore and then obtain the necessary licenses according to the company’s objects of activity. The first step will be to reserve a company name and then submit the Articles of Association with ACRA. The investor will also be required to appoint a local agent who will handle the company registration procedure. Our Singapore company formation experts can take care of the entire company registration procedure.
In order to open a company in Singapore as a transportation business one must apply for different licenses with the authorities. One will need the following:
If transporting dangerous goods, the Singapore transportation company must obtain a petroleum or flammable materials transportation license with the Singapore Civil Defense Force. Transportation companies must also hire drivers who have obtained the necessary driving licenses according to the type of vehicle they will be operating.
Those who open companies in the transportation field in Singapore can obtain various licenses, depending on the services they will provide. Apart from the licenses mentioned above, one can obtain the following vocational permits:
All licenses must be obtained with the Land Transport Authority in Singapore (LTA). Our company registration agents in Singapore can offer more information on these licenses.
An investor who wants to open a company in Singapore with the purpose of providing transportation services can apply for one or more licenses of those mentioned above. The procedure is slightly different for Singapore citizens and residents, as the following documents must be filed with the LTA:
Once the application is approved, the driver must complete the medical examination.
Our Singapore company formation consultants can help you register a business in the transportation industry.
According to SingStat, at the level of 2017, the Singapore transport industry:
The legislation for transportation companies is very strict so if you want to open a company in Singapore we invite you to contact our local company formation specialists in order to make sure you comply with all the legal requirements for setting up this type of business.